Brokerages Set Nabors Industries Ltd. (NYSE:NBR) Price Target at $56.43

Shares of Nabors Industries Ltd. (NYSE:NBR) have been given an average recommendation of “Hold” by the eight brokerages that are currently covering the company, Marketbeat reports. One investment analyst has rated the stock with a sell recommendation, five have given a hold recommendation and two have assigned a buy recommendation to the company. The average 12-month price target among analysts that have issued ratings on the stock in the last year is $56.4286.

NBR has been the subject of a number of research analyst reports. Wall Street Zen upgraded shares of Nabors Industries from a “hold” rating to a “buy” rating in a report on Saturday, January 10th. Piper Sandler raised shares of Nabors Industries from an “underweight” rating to an “overweight” rating and lifted their price target for the company from $32.00 to $65.00 in a research note on Thursday, December 18th. Royal Bank Of Canada set a $66.00 price target on Nabors Industries and gave the company a “sector perform” rating in a report on Thursday, October 30th. Weiss Ratings restated a “hold (c-)” rating on shares of Nabors Industries in a report on Monday, December 29th. Finally, Barclays set a $50.00 target price on Nabors Industries and gave the company a “neutral” rating in a research report on Wednesday, December 17th.

Nabors Industries Price Performance

NBR opened at $63.26 on Friday. The business has a fifty day moving average of $53.37 and a 200 day moving average of $43.35. The stock has a market cap of $921.07 million, a P/E ratio of 6.56 and a beta of 0.94. The company has a quick ratio of 1.93, a current ratio of 2.09 and a debt-to-equity ratio of 2.50. Nabors Industries has a 52-week low of $23.27 and a 52-week high of $69.20.

Nabors Industries (NYSE:NBR) last released its earnings results on Tuesday, October 28th. The oil and gas company reported ($3.67) earnings per share for the quarter, missing the consensus estimate of ($2.37) by ($1.30). The business had revenue of $825.51 million for the quarter, compared to the consensus estimate of $824.61 million. Nabors Industries had a negative return on equity of 30.85% and a net margin of 7.08%.The firm’s revenue for the quarter was up 11.8% compared to the same quarter last year. During the same quarter last year, the business posted ($6.86) earnings per share. As a group, sell-side analysts anticipate that Nabors Industries will post -6.22 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. Adage Capital Partners GP L.L.C. lifted its position in shares of Nabors Industries by 25.0% in the 2nd 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 purchasing an additional 150,000 shares during the period. Apollo Management Holdings L.P. raised its stake in Nabors Industries by 54.2% in the second 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 in the last quarter. Highbridge Capital Management LLC lifted its holdings in Nabors Industries by 26.9% during the third quarter. Highbridge Capital Management LLC now owns 491,795 shares of the oil and gas company’s stock worth $20,100,000 after buying an additional 104,219 shares during the period. Cibc World Market Inc. lifted its holdings in Nabors Industries by 10.6% during the third quarter. Cibc World Market Inc. now owns 489,507 shares of the oil and gas company’s stock worth $20,006,000 after buying an additional 46,802 shares during the period. Finally, American Century Companies Inc. boosted its position in Nabors Industries by 10.3% during the 3rd quarter. American Century Companies Inc. now owns 354,901 shares of the oil and gas company’s stock valued at $14,505,000 after acquiring an additional 33,101 shares in the last quarter. Hedge funds and other 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.