Nabors Industries (NYSE:NBR) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Nabors Industries (NYSE:NBR) from a sell rating to a hold rating in a research note published on Saturday morning,Wall Street Zen reports.

Several other equities research analysts also recently weighed in on NBR. Barclays set a $93.00 price objective on Nabors Industries and gave the company an “equal weight” rating in a report on Wednesday, August 5th. Zacks Research lowered shares of Nabors Industries from a “strong-buy” rating to a “hold” rating in a research report on Thursday, August 13th. Citigroup cut their target price on shares of Nabors Industries from $110.00 to $100.00 and set a “neutral” rating on the stock in a report on Wednesday, November 4th. Morgan Stanley set a $110.00 price target on shares of Nabors Industries in a research report on Thursday, August 20th. Finally, Susquehanna reiterated a “neutral” rating and set a $91.00 price target (up from $85.00) on shares of Nabors Industries in a research note on Monday, October 5th. Two investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, Nabors Industries has an average rating of “Hold” and an average price target of $103.00.

Nabors Industries Price Performance

Nabors Industries stock opened at $76.87 on Friday. The stock has a market cap of $1.23 billion, a P/E ratio of -16.53 and a beta of 1.09. The company has a fifty day simple moving average of $83.35 and a 200-day simple moving average of $84.60. Nabors Industries has a 12-month low of $44.04 and a 12-month high of $112.90. The company has a current ratio of 1.77, a quick ratio of 1.75 and a debt-to-equity ratio of 2.04.

Nabors Industries (NYSE:NBR) last announced its quarterly 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). Nabors Industries had a negative net margin of 1.17% and a negative return on equity of 3.98%. The business had revenue of $872.19 million during the quarter, compared to analyst estimates of $859.20 million. During the same period last year, the company earned $16.85 earnings per share. The business’s revenue for the quarter was up 6.6% compared to the same quarter last year. Equities analysts expect that Nabors Industries will post -3.87 EPS for the current fiscal year.

Insider Buying and Selling at Nabors Industries

In other news, Director David Tudor sold 3,200 shares of the stock in a transaction dated 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 transaction, the director owned 5,264 shares in the company, valued at $485,867.20. This trade represents a 37.81% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 5.32% of the stock is currently owned by company insiders.

Institutional Trading of Nabors Industries

Institutional investors have recently added to or reduced their stakes in the stock. Knights of Columbus Asset Advisors LLC lifted its stake in shares of Nabors Industries by 0.5% during the 3rd quarter. Knights of Columbus Asset Advisors LLC now owns 28,678 shares of the oil and gas company’s stock worth $2,240,000 after purchasing an additional 137 shares during the period. EverSource Wealth Advisors LLC boosted 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 purchasing an additional 141 shares during the last quarter. Allworth Financial LP grew its position 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 valued at $95,000 after purchasing an additional 164 shares during the period. Kestra Advisory Services LLC grew its position 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 valued at $2,146,000 after purchasing an additional 168 shares during the period. Finally, IFP Advisors Inc grew its position in shares of Nabors Industries by 106.6% in the second quarter. IFP Advisors Inc now owns 436 shares of the oil and gas company’s stock valued at $37,000 after purchasing an additional 225 shares during the period. Hedge funds and other institutional investors own 81.92% of the company’s stock.

About Nabors Industries

Nabors Industries is an international drilling contractor that provides services and technology to the oil and natural gas industry. Its operations include land-based drilling rigs and offshore platform rigs, which it supplies to exploration and production companies.

The company also offers services and technologies used to plan and carry out drilling operations. These include directional drilling, measurement-while-drilling systems, wellbore placement services, and software and automation tools designed to support drilling performance.

Nabors serves customers in multiple regions, including North America and international markets.