Nabors Industries (NYSE:NBR) Shares Gap Up – Here’s What Happened

Nabors Industries Ltd. (NYSE:NBR) shares gapped up before the market opened on Thursday . The stock had previously closed at $90.54, but opened at $92.95. Nabors Industries shares last traded at $89.10, with a volume of 14,115 shares trading hands.

Wall Street Analyst Weigh In

NBR has been the subject of a number of analyst reports. Susquehanna reduced their target price on shares of Nabors Industries from $105.00 to $85.00 and set a “neutral” rating for the company in a research note on Wednesday, July 8th. Morgan Stanley set a $110.00 price target on shares of Nabors Industries in a research note on Thursday, August 20th. Zacks Research downgraded shares of Nabors Industries from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 13th. Barclays set a $93.00 price objective on shares of Nabors Industries and gave the company an “equal weight” rating in a research note on Wednesday, August 5th. Finally, Piper Sandler reiterated an “overweight” rating and issued a $130.00 price objective (up from $120.00) on shares of Nabors Industries in a report on Thursday, July 30th. Two research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Nabors Industries presently has an average rating of “Hold” and an average target price of $102.57.

Nabors Industries Stock Down 1.0%

The stock has a market cap of $1.43 billion, a P/E ratio of 6.67 and a beta of 1.00. The company has a current ratio of 1.89, a quick ratio of 1.75 and a debt-to-equity ratio of 2.24. The firm’s fifty day moving average is $86.12 and its 200 day moving average is $87.83.

Nabors Industries (NYSE:NBR) last released its quarterly earnings results on Tuesday, June 30th. The oil and gas company reported ($2.04) earnings per share (EPS) for the quarter. Nabors Industries had a net margin of 7.64% and a negative return on equity of 7.06%. The firm had revenue of $814.79 million for the quarter. As a group, equities research analysts forecast that Nabors Industries Ltd. will post -3.69 EPS for the current year.

Insiders Place Their Bets

In related news, Director David Tudor sold 3,200 shares of the stock in a transaction that occurred on Friday, August 28th. The stock was sold at an average price of $92.30, for a total transaction of $295,360.00. Following the completion of the sale, the director owned 5,264 shares in the company, valued at $485,867.20. This represents a 37.81% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 5.32% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. EverSource Wealth Advisors LLC lifted 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 worth $54,000 after buying an additional 141 shares during the last quarter. Allworth Financial LP grew its stake in shares of Nabors Industries by 16.9% in the second quarter. Allworth Financial LP now owns 1,134 shares of the oil and gas company’s stock worth $95,000 after acquiring an additional 164 shares during the last quarter. Kestra Advisory Services LLC grew its stake in shares of 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 acquiring an additional 168 shares during the last quarter. Vanguard Personalized Indexing Management LLC increased its position in Nabors Industries by 2.0% during the fourth quarter. Vanguard Personalized Indexing Management LLC now owns 8,634 shares of the oil and gas company’s stock worth $469,000 after acquiring an additional 173 shares during the period. Finally, IFP Advisors Inc increased its position in Nabors Industries by 106.6% during the second quarter. IFP Advisors Inc now owns 436 shares of the oil and gas company’s stock worth $37,000 after acquiring an additional 225 shares during the period. 81.92% of the stock is owned by institutional investors.

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.