Nabors Industries (NYSE:NBR) Upgraded to “Strong-Buy” at Zacks Research

Zacks Research upgraded shares of Nabors Industries (NYSE:NBR) from a hold rating to a strong-buy rating in a research report report published on Wednesday,Zacks.com reports.

Other equities research analysts have also issued reports about the company. Piper Sandler increased their target price on Nabors Industries from $84.00 to $120.00 and gave the stock an “overweight” rating in a research report on Thursday, April 30th. Citigroup boosted their price target on shares of Nabors Industries from $89.00 to $110.00 and gave the company a “neutral” rating in a report on Friday, May 1st. Weiss Ratings lowered shares of Nabors Industries from a “hold (c)” rating to a “hold (c-)” rating in a research report on Monday, May 4th. Barclays raised shares of Nabors Industries from an “underweight” rating to an “equal weight” rating and increased their price objective for the stock from $65.00 to $99.00 in a report on Thursday, May 7th. Finally, Susquehanna cut their price objective on shares of Nabors Industries from $105.00 to $85.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 8th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $100.57.

Nabors Industries Stock Up 0.4%

NYSE:NBR opened at $82.78 on Wednesday. The firm has a market capitalization of $1.23 billion, a PE ratio of 6.48 and a beta of 0.96. The stock has a 50 day moving average of $92.40 and a 200-day moving average of $81.46. Nabors Industries has a 52 week low of $29.50 and a 52 week high of $112.90. The company has a current ratio of 1.97, a quick ratio of 1.82 and a debt-to-equity ratio of 2.22.

Nabors Industries (NYSE:NBR) last announced its quarterly earnings results on Tuesday, April 28th. The oil and gas company reported ($1.54) earnings per share (EPS) for the quarter, topping the consensus estimate of ($2.49) by $0.95. Nabors Industries had a negative return on equity of 8.66% and a net margin of 7.32%.The business had revenue of $783.55 million for the quarter, compared to the consensus estimate of $769.33 million. During the same quarter last year, the business posted $2.18 EPS. The business’s revenue was up 6.4% on a year-over-year basis. Analysts predict that Nabors Industries will post -3.12 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. EverSource Wealth Advisors LLC increased its holdings in shares of 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 purchasing an additional 141 shares during the period. Kestra Advisory Services LLC lifted its holdings in Nabors Industries by 0.7% in the first quarter. Kestra Advisory Services LLC now owns 24,937 shares of the oil and gas company’s stock worth $2,146,000 after purchasing an additional 168 shares during the period. Vanguard Personalized Indexing Management LLC grew its position in Nabors Industries by 2.0% in the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 8,634 shares of the oil and gas company’s stock valued at $469,000 after buying an additional 173 shares in the last quarter. Public Employees Retirement System of Ohio grew its position in 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 valued at $63,000 after buying an additional 289 shares in the last quarter. Finally, Quadrant Capital Group LLC increased its stake in Nabors Industries by 24.1% during the 4th quarter. Quadrant Capital Group LLC now owns 1,754 shares of the oil and gas company’s stock valued at $95,000 after buying an additional 341 shares during the period. Institutional investors own 81.92% of the company’s stock.

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.