Nabors Industries (NYSE:NBR) Price Target Cut to $100.00 by Analysts at Citigroup

Nabors Industries (NYSE:NBR) had its price target reduced by Citigroup from $110.00 to $100.00 in a research report issued on Wednesday, Benzinga reports. The firm presently has a “neutral” rating on the oil and gas company’s stock. Citigroup‘s price target indicates a potential upside of 31.48% from the stock’s current price.

Several other equities research analysts have also recently commented on NBR. Susquehanna reiterated a “neutral” rating and set a $91.00 price target (up from $85.00) on shares of Nabors Industries in a research report on Monday, October 5th. Morgan Stanley set a $110.00 price objective on shares of Nabors Industries in a report on Thursday, August 20th. Zacks Research cut shares of Nabors Industries from a “strong-buy” rating to a “hold” rating in a research note on Thursday, August 13th. Wall Street Zen lowered shares of Nabors Industries from a “hold” rating to a “sell” rating in a report on Saturday, August 1st. Finally, Piper Sandler upped their target price on shares of Nabors Industries from $130.00 to $145.00 and gave the company an “overweight” rating in a research report on Tuesday. Two analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat, Nabors Industries currently has an average rating of “Hold” and an average price target of $104.14.

Nabors Industries Trading Down 6.4%

NBR stock traded down $5.16 during midday trading on Wednesday, reaching $76.06. The stock had a trading volume of 403,137 shares, compared to its average volume of 306,695. The firm has a market cap of $1.21 billion, a price-to-earnings ratio of -16.36 and a beta of 1.09. Nabors Industries has a twelve month low of $44.04 and a twelve month high of $112.90. The company has a quick ratio of 1.75, a current ratio of 1.77 and a debt-to-equity ratio of 2.04. The business has a fifty day simple moving average of $84.56 and a two-hundred day simple moving average of $84.37.

Nabors Industries (NYSE:NBR) last released its earnings results on Wednesday, October 28th. The oil and gas company reported ($1.24) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.14) by ($1.10). The business had revenue of $872.19 million for the quarter, compared to analyst estimates of $859.20 million. Nabors Industries had a negative net margin of 1.17% and a negative return on equity of 3.98%. The business’s revenue for the quarter was up 6.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $16.85 earnings per share. As a group, research analysts expect that Nabors Industries will post -3.54 EPS for the current fiscal year.

Insider Transactions at Nabors Industries

In other Nabors Industries news, Director David Tudor sold 3,200 shares of the company’s stock in a transaction that occurred on Friday, August 28th. The shares were sold at an average price of $92.30, for a total value of $295,360.00. Following the completion of the sale, the director owned 5,264 shares of the company’s stock, valued at approximately $485,867.20. This represents a 37.81% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 5.32% of the company’s stock.

Institutional Trading of Nabors Industries

A number of large investors have recently made changes to their positions in NBR. Allspring Global Investments Holdings LLC raised its stake in Nabors Industries by 54.3% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 6,138 shares of the oil and gas company’s stock worth $490,000 after buying an additional 2,161 shares during the period. Arlington Capital Management INC lifted its holdings in Nabors Industries by 3.0% during the third quarter. Arlington Capital Management INC now owns 38,557 shares of the oil and gas company’s stock worth $3,012,000 after acquiring an additional 1,128 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. acquired a new position in Nabors Industries in the third quarter valued at about $492,000. Vise Technologies Inc. grew its stake in Nabors Industries by 7.3% in the third quarter. Vise Technologies Inc. now owns 8,996 shares of the oil and gas company’s stock valued at $703,000 after acquiring an additional 610 shares during the period. Finally, State of Wyoming bought a new stake in shares of Nabors Industries in the third quarter worth about $41,000. Institutional investors own 81.92% of the company’s stock.

Nabors Industries Company Profile

Nabors Industries Ltd. is a global provider of drilling and well-construction services to the oil and gas industry. The company operates land-based drilling rigs and offshore drilling units, serving exploration and production companies developing conventional and unconventional oil and natural gas resources.

Its services and products include contract drilling, directional drilling, measurement-while-drilling and logging-while-drilling technologies, wellbore placement, and drilling-related equipment.