Nabors Industries (NYSE:NBR) Trading Down 7.6% – Here’s What Happened

Nabors Industries Ltd. (NYSE:NBR) dropped 7.6% during trading on Wednesday . The stock traded as low as $81.41 and last traded at $79.5360. Approximately 77,313 shares were traded during mid-day trading, a decline of 80% from the average daily volume of 383,010 shares. The stock had previously closed at $86.06.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on NBR. Weiss Ratings reissued a “hold (c-)” rating on shares of Nabors Industries in a research report on Monday, December 29th. Royal Bank Of Canada reaffirmed a “sector perform” rating and set a $77.00 price objective (up from $70.00) on shares of Nabors Industries in a research note on Friday, February 13th. Citigroup reiterated a “neutral” rating and set a $85.00 target price (up from $60.00) on shares of Nabors Industries in a report on Tuesday, February 24th. Piper Sandler reissued an “overweight” rating and issued a $80.00 target price (up from $65.00) on shares of Nabors Industries in a research note on Tuesday, February 17th. Finally, Barclays boosted their price target on Nabors Industries from $50.00 to $65.00 and gave the company an “underweight” rating in a report on Wednesday, February 25th. Two research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $69.00.

Nabors Industries Stock Performance

The company’s 50-day moving average price is $75.13 and its 200 day moving average price is $58.54. The company has a debt-to-equity ratio of 2.22, a quick ratio of 1.47 and a current ratio of 1.56. The stock has a market capitalization of $1.15 billion, a PE ratio of 4.78 and a beta of 0.89.

Nabors Industries (NYSE:NBR) last announced its quarterly earnings results on Wednesday, February 11th. The oil and gas company reported $0.17 earnings per share (EPS) for the quarter, beating the consensus estimate of ($2.93) by $3.10. Nabors Industries had a net margin of 8.92% and a negative return on equity of 17.63%. The company had revenue of $797.53 million for the quarter, compared to analysts’ expectations of $795.82 million. During the same quarter in the previous year, the company earned ($6.67) earnings per share. Nabors Industries’s quarterly revenue was up 9.0% on a year-over-year basis. On average, equities research analysts expect that Nabors Industries Ltd. will post -6.22 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Islay Capital Management LLC bought a new stake in shares of Nabors Industries during the fourth quarter valued at approximately $26,000. Quarry LP bought a new position in Nabors Industries in the fourth quarter worth $33,000. CWM LLC lifted its position in Nabors Industries by 244.6% during the third quarter. CWM LLC now owns 889 shares of the oil and gas company’s stock valued at $36,000 after buying an additional 631 shares during the period. Ameritas Investment Partners Inc. lifted its position in Nabors Industries by 58.5% during the second quarter. Ameritas Investment Partners Inc. now owns 1,444 shares of the oil and gas company’s stock valued at $40,000 after buying an additional 533 shares during the period. Finally, Aster Capital Management DIFC Ltd bought a new stake in shares of Nabors Industries during the 4th quarter valued at $40,000. 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.