Nabors Industries (NYSE:NBR) Shares Gap Down – Should You Sell?

Nabors Industries Ltd. (NYSE:NBR)’s share price gapped down before the market opened on Thursday . The stock had previously closed at $70.88, but opened at $66.50. Nabors Industries shares last traded at $66.95, with a volume of 103,895 shares traded.

Analyst Ratings Changes

A number of research firms have recently commented on NBR. Piper Sandler raised shares of Nabors Industries from an “underweight” rating to an “overweight” rating and upped their price objective for the company from $32.00 to $65.00 in a research note on Thursday, December 18th. Wall Street Zen raised shares of Nabors Industries from a “hold” rating to a “buy” rating in a research report on Saturday, January 10th. Citigroup increased their price target on Nabors Industries from $58.00 to $60.00 and gave the stock a “neutral” rating in a report on Tuesday, January 6th. Royal Bank Of Canada reissued a “sector perform” rating and issued a $70.00 price objective on shares of Nabors Industries in a research note on Thursday, January 15th. Finally, Morgan Stanley restated an “overweight” rating and set a $80.00 target price on shares of Nabors Industries in a research report on Wednesday, January 21st. Two analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $59.14.

Nabors Industries Stock Down 10.0%

The company has a debt-to-equity ratio of 2.50, a quick ratio of 1.93 and a current ratio of 2.09. The stock’s fifty day moving average is $60.15 and its two-hundred day moving average is $48.15. The company has a market cap of $928.72 million, a price-to-earnings ratio of 6.61 and a beta of 0.99.

Nabors Industries (NYSE:NBR) last released its quarterly earnings results on Wednesday, February 11th. The oil and gas company reported $0.17 earnings per share for the quarter, beating analysts’ consensus estimates of ($2.93) by $3.10. Nabors Industries had a net margin of 7.08% and a negative return on equity of 30.85%. The company had revenue of $797.53 million for the quarter, compared to analyst estimates of $795.82 million. During the same period last year, the firm earned ($6.67) earnings per share. The firm’s revenue was up 9.0% on a year-over-year basis. Sell-side analysts predict that Nabors Industries Ltd. will post -6.22 earnings per share for the current fiscal year.

Institutional Trading of Nabors Industries

Several hedge funds and other institutional investors have recently modified their holdings of NBR. Apollo Management Holdings L.P. boosted its holdings in Nabors Industries by 54.2% in the 2nd quarter. Apollo Management Holdings L.P. now owns 650,623 shares of the oil and gas company’s stock worth $18,230,000 after buying an additional 228,787 shares during the period. Adage Capital Partners GP L.L.C. lifted its position in shares of Nabors Industries by 25.0% during the second quarter. Adage Capital Partners GP L.L.C. now owns 750,000 shares of the oil and gas company’s stock worth $21,015,000 after acquiring an additional 150,000 shares in the last quarter. Two Sigma Investments LP lifted its position in shares of Nabors Industries by 232.2% during the third quarter. Two Sigma Investments LP now owns 185,841 shares of the oil and gas company’s stock worth $7,595,000 after acquiring an additional 129,904 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of Nabors Industries by 59.5% in the second quarter. Geode Capital Management LLC now owns 338,566 shares of the oil and gas company’s stock worth $9,488,000 after acquiring an additional 126,243 shares during the period. Finally, Highbridge Capital Management LLC grew its position in shares of Nabors Industries by 26.9% in the third quarter. Highbridge Capital Management LLC now owns 491,795 shares of the oil and gas company’s stock valued at $20,100,000 after purchasing an additional 104,219 shares in the last quarter. Institutional investors own 81.92% of the company’s stock.

About Nabors Industries

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.