Nabors Industries (NYSE:NBR) Stock Price Down 6.3% – Here’s Why

Nabors Industries Ltd. (NYSE:NBR)’s stock price was down 6.3% during trading on Monday . The stock traded as low as $95.00 and last traded at $95.2250. Approximately 183,037 shares traded hands during trading, a decline of 49% from the average daily volume of 358,308 shares. The stock had previously closed at $101.63.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on NBR shares. Citigroup boosted their price target on shares of Nabors Industries from $89.00 to $110.00 and gave the stock a “neutral” rating in a research report on Friday, May 1st. Piper Sandler boosted their price target on shares of Nabors Industries from $84.00 to $120.00 and gave the stock an “overweight” rating in a research report on Thursday, April 30th. Wall Street Zen downgraded shares of Nabors Industries from a “buy” rating to a “hold” rating in a research report on Saturday, February 21st. Susquehanna restated a “neutral” rating and issued a $105.00 price target (up from $85.00) on shares of Nabors Industries in a research report on Thursday, April 30th. Finally, Barclays upgraded shares of Nabors Industries from an “underweight” rating to an “equal weight” rating and boosted their price target for the stock from $65.00 to $99.00 in a research report on Thursday, May 7th. Two research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $103.43.

Nabors Industries Stock Performance

The firm has a market capitalization of $1.41 billion, a PE ratio of 7.44 and a beta of 0.96. The company has a debt-to-equity ratio of 2.22, a current ratio of 1.97 and a quick ratio of 1.82. The company’s fifty day simple moving average is $94.31 and its 200 day simple moving average is $76.31.

Nabors Industries (NYSE:NBR) last released its quarterly earnings data on Tuesday, April 28th. The oil and gas company reported ($1.54) EPS for the quarter, beating the consensus estimate of ($2.49) by $0.95. Nabors Industries had a net margin of 7.32% and a negative return on equity of 8.66%. The business had revenue of $783.55 million for the quarter, compared to the consensus estimate of $769.33 million. During the same period in the prior year, the firm earned $2.18 earnings per share. The company’s revenue was up 6.4% compared to the same quarter last year. As a group, equities research analysts expect that Nabors Industries Ltd. will post -3.32 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of NBR. Islay Capital Management LLC bought a new position in Nabors Industries during the fourth quarter valued at approximately $26,000. Quarry LP purchased a new position in Nabors Industries during the fourth quarter valued at $33,000. Aster Capital Management DIFC Ltd purchased a new position in Nabors Industries during the fourth quarter valued at $40,000. EverSource Wealth Advisors LLC lifted its position in Nabors Industries by 29.3% during the first quarter. EverSource Wealth Advisors LLC now owns 622 shares of the oil and gas company’s stock valued at $54,000 after buying an additional 141 shares during the period. Finally, Public Employees Retirement System of Ohio raised its position in shares of Nabors Industries by 23.0% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 1,545 shares of the oil and gas company’s stock worth $63,000 after purchasing an additional 289 shares during the last quarter. 81.92% of the stock is currently owned by institutional investors.

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.