Nabors Industries (NYSE:NBR) Stock Breaks Above 50 Day Moving Average – What’s Next?

Shares of Nabors Industries Ltd. (NYSE:NBR) crossed above its 50 day moving average during trading on Thursday. The stock has a 50 day moving average of $82.52 and traded as high as $83.56. Nabors Industries shares last traded at $83.2350, with a volume of 234,277 shares trading hands.

Analysts Set New Price Targets

A number of research analysts recently issued reports on NBR shares. Susquehanna reiterated a “neutral” rating and set a $91.00 price objective (up from $85.00) on shares of Nabors Industries in a research note on Monday, October 5th. Piper Sandler upped their target price on shares of Nabors Industries from $130.00 to $145.00 and gave the stock an “overweight” rating in a report on Tuesday, November 3rd. Weiss Ratings cut Nabors Industries from a “hold (c)” rating to a “sell (d+)” rating in a report on Monday. Barclays cut their target price on Nabors Industries from $93.00 to $85.00 and set an “equal weight” rating for the company in a research report on Monday. Finally, Citigroup lowered their price target on Nabors Industries from $110.00 to $100.00 and set a “neutral” rating on the stock in a report on Wednesday, November 4th. Two investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $103.00.

Nabors Industries Stock Performance

The stock has a market capitalization of $1.26 billion, a PE ratio of -17.90 and a beta of 1.09. The business’s 50 day moving average is $82.52 and its 200 day moving average is $84.82. 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 (NYSE:NBR) last announced its earnings results on Wednesday, October 28th. The oil and gas company reported ($1.24) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.14) by ($1.10). The business had revenue of $872.19 million for the quarter, compared to analysts’ expectations of $859.20 million. Nabors Industries had a negative net margin of 1.17% and a negative return on equity of 3.98%. The firm’s quarterly revenue was up 6.6% on a year-over-year basis. During the same quarter last year, the firm earned $16.85 EPS. On average, equities research analysts predict that Nabors Industries Ltd. will post -3.87 earnings per share for the current fiscal year.

Insider Buying and Selling

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

Hedge Funds Weigh In On Nabors Industries

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. IFP Advisors Inc grew its holdings in Nabors Industries by 106.6% during the 2nd quarter. IFP Advisors Inc now owns 436 shares of the oil and gas company’s stock worth $37,000 after acquiring an additional 225 shares in the last quarter. State of Alaska Department of Revenue purchased a new stake in Nabors Industries in the third quarter valued at about $41,000. State of Wyoming acquired a new stake in Nabors Industries in the 3rd quarter worth approximately $41,000. EverSource Wealth Advisors LLC grew 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 valued at $54,000 after buying an additional 141 shares during the last quarter. Finally, Allworth Financial LP increased its holdings 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. Institutional investors own 81.92% of the company’s stock.

Nabors Industries Company Profile

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.