Nabors Industries (NYSE:NBR) Announces Quarterly Earnings Results, Beats Expectations By $3.10 EPS

Nabors Industries (NYSE:NBR) posted its quarterly earnings data on Wednesday. The oil and gas company reported $0.17 EPS for the quarter, topping the consensus estimate of ($2.93) by $3.10, Zacks reports. Nabors Industries had a negative return on equity of 30.85% and a net margin of 7.08%.The company had revenue of $797.53 million during the quarter, compared to analyst estimates of $795.82 million. During the same period in the previous year, the business earned ($6.67) EPS. Nabors Industries’s quarterly revenue was up 9.0% on a year-over-year basis.

Nabors Industries Trading Down 9.3%

NBR stock traded down $6.61 during trading on Thursday, reaching $64.27. 231,430 shares of the stock were exchanged, compared to its average volume of 352,859. The business has a 50 day moving average price of $60.15 and a 200-day moving average price of $48.15. Nabors Industries has a 1 year low of $23.27 and a 1 year high of $72.06. The company has a current ratio of 2.09, a quick ratio of 1.93 and a debt-to-equity ratio of 2.50. The firm has a market capitalization of $935.78 million, a price-to-earnings ratio of 6.60 and a beta of 0.99.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Public Employees Retirement System of Ohio raised its position in Nabors Industries by 23.0% in the third quarter. Public Employees Retirement System of Ohio now owns 1,545 shares of the oil and gas company’s stock valued at $63,000 after purchasing an additional 289 shares during the period. State of Wyoming increased its position in shares of Nabors Industries by 106.3% during the fourth quarter. State of Wyoming now owns 1,314 shares of the oil and gas company’s stock valued at $71,000 after acquiring an additional 677 shares during the last quarter. Russell Investments Group Ltd. raised its stake in shares of Nabors Industries by 153.9% in the 3rd quarter. Russell Investments Group Ltd. now owns 3,222 shares of the oil and gas company’s stock valued at $132,000 after acquiring an additional 1,953 shares during the period. Osaic Holdings Inc. lifted its holdings in shares of Nabors Industries by 720.6% in the 2nd quarter. Osaic Holdings Inc. now owns 5,703 shares of the oil and gas company’s stock worth $160,000 after acquiring an additional 5,008 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Nabors Industries by 41.6% during the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 7,744 shares of the oil and gas company’s stock worth $217,000 after purchasing an additional 2,277 shares during the period. 81.92% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have recently issued reports on NBR shares. Piper Sandler raised Nabors Industries from an “underweight” rating to an “overweight” rating and lifted their price target for the stock from $32.00 to $65.00 in a research note on Thursday, December 18th. Barclays set a $50.00 price objective on Nabors Industries and gave the company a “neutral” rating in a report on Wednesday, December 17th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Nabors Industries in a report on Monday, December 29th. Morgan Stanley reiterated an “overweight” rating and issued a $80.00 target price on shares of Nabors Industries in a research report on Wednesday, January 21st. Finally, Royal Bank Of Canada reissued a “sector perform” rating and issued a $70.00 price target on shares of Nabors Industries in a research note on Thursday, January 15th. Two analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $59.14.

Nabors Industries Company Profile

Nabors Industries Ltd. is a global oil and gas drilling contractor that provides land and offshore drilling rigs, drilling equipment and related services to energy companies around the world. The company’s operations span two core segments: drilling and evaluation, which includes land‐based and platform drilling rigs as well as wellbore survey services, and wellbore technologies, offering pressure control equipment, downhole tools and specialized maintenance services. Nabors’ integrated model combines rig operations with engineered products and field support, positioning it as a full‐service provider in the upstream sector.

The company maintains a diverse, modern fleet of automated and conventional drilling rigs and has pioneered advanced drilling technologies, including automated drilling controls and managed pressure drilling systems.