Nabors Industries (NYSE:NBR) Stock Gets Price Target Reduction from Barclays

Nabors Industries (NYSE:NBR) had its price objective reduced by Barclays from $93.00 to $85.00 in a research note released on Monday morning,Benzinga reports. They currently have an equal weight rating on the oil and gas company’s stock.

NBR has been the topic of several other research reports. Weiss Ratings raised shares of Nabors Industries from a “hold (c-)” rating to a “hold (c)” rating in a report on Thursday, August 13th. Susquehanna reaffirmed a “neutral” rating and set a $91.00 target price (up from $85.00) on shares of Nabors Industries in a research note on Monday, October 5th. Citigroup reduced their price target 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. Zacks Research downgraded shares of Nabors Industries from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 13th. Finally, Morgan Stanley set a $110.00 price target on shares of Nabors Industries in a research note on Thursday, August 20th. Two research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $103.00.

Nabors Industries Stock Up 4.1%

NYSE NBR opened at $80.45 on Monday. The stock’s 50 day moving average is $82.77 and its 200 day moving average is $84.73. The company has a current ratio of 1.77, a quick ratio of 1.64 and a debt-to-equity ratio of 2.04. Nabors Industries has a 12 month low of $44.04 and a 12 month high of $112.90. The stock has a market cap of $1.22 billion, a PE ratio of -17.30 and a beta of 1.09.

Nabors Industries (NYSE:NBR) last posted its quarterly earnings results on Wednesday, October 28th. The oil and gas company reported ($1.24) earnings per share for the quarter, missing the consensus estimate of ($0.14) by ($1.10). Nabors Industries had a negative return on equity of 3.98% and a negative net margin of 1.17%. The business had revenue of $872.19 million during the quarter, compared to the consensus estimate of $859.20 million. During the same quarter in the previous year, the company earned $16.85 earnings per share. The company’s revenue for the quarter was up 6.6% compared to the same quarter last year. Research analysts predict that Nabors Industries will post -3.87 EPS for the current fiscal year.

Insider Transactions at Nabors Industries

In other Nabors Industries news, Director David Tudor sold 3,200 shares of Nabors Industries stock in a transaction that occurred on Friday, August 28th. The stock was sold at an average price of $92.30, for a total value of $295,360.00. Following the sale, the director owned 5,264 shares of the company’s stock, valued at $485,867.20. The trade was a 37.81% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 5.32% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Voya Investment Management LLC raised its stake in Nabors Industries by 81.3% during the third quarter. Voya Investment Management LLC now owns 5,143 shares of the oil and gas company’s stock valued at $402,000 after purchasing an additional 2,307 shares in the last quarter. Cibc World Market Inc. lifted its position in Nabors Industries by 0.6% during the third quarter. Cibc World Market Inc. now owns 266,297 shares of the oil and gas company’s stock valued at $20,803,000 after purchasing an additional 1,575 shares during the last quarter. Edgestream Partners L.P. purchased a new position in shares of Nabors Industries in the 3rd quarter worth $239,000. Russell Investments Group Ltd. grew its stake in shares of Nabors Industries by 20.7% in the 3rd quarter. Russell Investments Group Ltd. now owns 10,177 shares of the oil and gas company’s stock worth $795,000 after buying an additional 1,743 shares in the last quarter. Finally, Knights of Columbus Asset Advisors LLC grew its stake in shares of Nabors Industries by 0.5% in 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 buying an additional 137 shares in the last quarter. 81.92% of the stock is currently owned by institutional investors.

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.