Nabors Industries (NYSE:NBR) Rating Lowered to Hold at Wall Street Zen

Nabors Industries (NYSE:NBR) was downgraded by Wall Street Zen from a “buy” rating to a “hold” rating in a research note issued to investors on Saturday.

NBR has been the topic of several other reports. Royal Bank Of Canada set a $66.00 price objective on shares of Nabors Industries and gave the stock a “sector perform” rating in a report on Thursday, October 30th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Nabors Industries in a research note on Monday, December 1st. Morgan Stanley set a $55.00 price objective on Nabors Industries and gave the stock an “overweight” rating in a research note on Friday, October 17th. Susquehanna reiterated a “neutral” rating and set a $56.00 price objective on shares of Nabors Industries in a research note on Thursday, October 30th. Finally, Citigroup restated a “neutral” rating and set a $58.00 target price (up from $38.00) on shares of Nabors Industries in a research note on Monday, November 3rd. One equities research analyst has rated the stock with a Buy rating, four have assigned a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Reduce” and an average target price of $48.14.

Nabors Industries Price Performance

NYSE:NBR opened at $58.28 on Friday. The company’s 50-day moving average is $46.80 and its two-hundred day moving average is $38.33. The company has a current ratio of 2.09, a quick ratio of 1.93 and a debt-to-equity ratio of 2.50. The firm has a market cap of $848.60 million, a price-to-earnings ratio of 6.04 and a beta of 0.97. Nabors Industries has a 12-month low of $23.27 and a 12-month high of $70.14.

Nabors Industries (NYSE:NBR) last issued its quarterly earnings results on Tuesday, October 28th. The oil and gas company reported ($3.67) earnings per share for the quarter, missing the consensus estimate of ($2.37) by ($1.30). Nabors Industries had a net margin of 7.08% and a negative return on equity of 30.85%. The business had revenue of $825.51 million during the quarter, compared to analyst estimates of $824.61 million. During the same quarter last year, the firm posted ($6.86) earnings per share. The company’s revenue was up 11.8% on a year-over-year basis. Research analysts expect that Nabors Industries will post -6.22 EPS for the current year.

Insider Transactions at Nabors Industries

In other Nabors Industries news, major shareholder Varde Partners Inc sold 312,378 shares of Nabors Industries stock in a transaction on Thursday, September 11th. The shares were sold at an average price of $41.04, for a total value of $12,819,993.12. Following the completion of the transaction, the insider owned 1,406,052 shares of the company’s stock, valued at $57,704,374.08. The trade was a 18.18% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. 7.29% of the stock is owned by company insiders.

Institutional Investors Weigh In On Nabors Industries

Several institutional investors and hedge funds have recently bought and sold shares of NBR. Coldstream Capital Management Inc. bought a new position in shares of Nabors Industries during the third quarter valued at approximately $479,000. Voleon Capital Management LP bought a new stake in Nabors Industries in the 3rd quarter valued at about $270,000. Verition Fund Management LLC acquired a new stake in shares of Nabors Industries in the third quarter valued at approximately $421,000. Susquehanna Advisors Group Inc. boosted its position in shares of Nabors Industries by 3.4% during the third quarter. Susquehanna Advisors Group Inc. now owns 102,136 shares of the oil and gas company’s stock worth $4,174,000 after buying an additional 3,383 shares during the period. Finally, Public Employees Retirement System of Ohio increased its position in Nabors Industries by 23.0% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 1,545 shares of the oil and gas company’s stock valued at $63,000 after acquiring an additional 289 shares during the period. Institutional investors and hedge funds own 81.92% of the company’s stock.

Nabors Industries Company Profile

Nabors Industries Ltd. provides drilling and drilling-related services for land-based and offshore oil and natural gas wells in the United States and internationally. The company operates through four segments: U.S. Drilling, International Drilling, Drilling Solutions, and Rig Technologies. It provides tubular running services, including casing and tubing running, and torque monitoring; managed pressure drilling services; and drilling-bit steering systems and rig instrumentation software.