Nabors Industries (NYSE:NBR) Raised to “Buy” at Wall Street Zen

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

A number of other equities analysts have also recently issued reports on NBR. Piper Sandler upgraded shares of Nabors Industries from an “underweight” rating to an “overweight” rating and upped their price target for the stock from $32.00 to $65.00 in a research note on Thursday, December 18th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Nabors Industries in a research note on Monday, December 29th. Barclays set a $50.00 price target on shares of Nabors Industries and gave the company a “neutral” rating in a research report on Wednesday, December 17th. Morgan Stanley set a $65.00 price objective on shares of Nabors Industries in a report on Monday, December 15th. Finally, Royal Bank Of Canada set a $66.00 target price on Nabors Industries and gave the company a “sector perform” rating in a research note on Thursday, October 30th. Two investment 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. According to data from MarketBeat, Nabors Industries currently has an average rating of “Hold” and an average price target of $56.43.

Nabors Industries Stock Performance

Shares of NBR opened at $63.41 on Friday. The company has a quick ratio of 1.93, a current ratio of 2.09 and a debt-to-equity ratio of 2.50. The stock has a market cap of $923.24 million, a P/E ratio of 6.57 and a beta of 0.94. The business’s 50 day moving average price is $52.80 and its 200-day moving average price is $42.74. Nabors Industries has a 52 week low of $23.27 and a 52 week high of $69.20.

Nabors Industries (NYSE:NBR) last announced its quarterly earnings data on Tuesday, October 28th. The oil and gas company reported ($3.67) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 company had revenue of $825.51 million for the quarter, compared to analysts’ expectations of $824.61 million. During the same quarter in the previous year, the firm posted ($6.86) EPS. The firm’s quarterly revenue was up 11.8% compared to the same quarter last year. Equities research analysts anticipate that Nabors Industries will post -6.22 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Nabors Industries

Several hedge funds and other institutional investors have recently modified their holdings of NBR. MQS Management LLC purchased a new position in shares of Nabors Industries in the second quarter worth approximately $262,000. Monaco Asset Management SAM purchased a new stake in Nabors Industries during the second quarter valued at approximately $210,000. Vanguard Personalized Indexing Management LLC bought a new position in Nabors Industries in the second quarter worth approximately $203,000. Geode Capital Management LLC boosted its stake in shares of Nabors Industries by 59.5% during the 2nd quarter. Geode Capital Management LLC now owns 338,566 shares of the oil and gas company’s stock worth $9,488,000 after acquiring an additional 126,243 shares during the last quarter. Finally, American Century Companies Inc. boosted its stake in shares of Nabors Industries by 7.6% during the 2nd quarter. American Century Companies Inc. now owns 321,800 shares of the oil and gas company’s stock worth $9,017,000 after acquiring an additional 22,594 shares during the last quarter. 81.92% of the stock is owned by institutional investors.

Nabors Industries Company Profile

Nabors Industries Ltd. is a global oil and gas drilling contractor that provides land and offshore drilling rigs, drilling equipment and related services to energy companies around the world. The company’s operations span two core segments: drilling and evaluation, which includes land‐based and platform drilling rigs as well as wellbore survey services, and wellbore technologies, offering pressure control equipment, downhole tools and specialized maintenance services. Nabors’ integrated model combines rig operations with engineered products and field support, positioning it as a full‐service provider in the upstream sector.

The company maintains a diverse, modern fleet of automated and conventional drilling rigs and has pioneered advanced drilling technologies, including automated drilling controls and managed pressure drilling systems.