Nabors Industries (NYSE:NBR) Given New $89.00 Price Target at Citigroup

Nabors Industries (NYSE:NBR) had its price objective hoisted by research analysts at Citigroup from $85.00 to $89.00 in a research note issued on Wednesday,Benzinga reports. The brokerage currently has a “neutral” rating on the oil and gas company’s stock. Citigroup’s target price indicates a potential upside of 11.69% from the stock’s current price.

A number of other equities analysts have also issued reports on NBR. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Nabors Industries in a research report on Monday, December 29th. Piper Sandler reissued an “overweight” rating and issued a $80.00 price target (up from $65.00) on shares of Nabors Industries in a report on Tuesday, February 17th. UBS Group set a $70.00 price target on shares of Nabors Industries in a research report on Friday, February 13th. Royal Bank Of Canada reaffirmed a “sector perform” rating and set a $77.00 price objective (up from $70.00) on shares of Nabors Industries in a research report on Friday, February 13th. Finally, Morgan Stanley reiterated an “overweight” rating and issued a $80.00 target price on shares of Nabors Industries in a research note on Wednesday, January 21st. Two equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $69.50.

Nabors Industries Stock Performance

NBR stock traded down $6.38 during mid-day trading on Wednesday, reaching $79.68. 650,705 shares of the stock traded hands, compared to its average volume of 393,413. The firm has a market capitalization of $1.17 billion, a PE ratio of 4.83 and a beta of 0.89. The business has a 50-day moving average of $75.13 and a two-hundred day moving average of $58.54. Nabors Industries has a 52 week low of $23.27 and a 52 week high of $92.38. The company has a quick ratio of 1.47, a current ratio of 1.56 and a debt-to-equity ratio of 2.22.

Nabors Industries (NYSE:NBR) last announced its earnings results on Wednesday, February 11th. The oil and gas company reported $0.17 earnings per share for the quarter, beating the consensus estimate of ($2.93) by $3.10. The firm had revenue of $797.53 million during the quarter, compared to the consensus estimate of $795.82 million. Nabors Industries had a negative return on equity of 17.63% and a net margin of 8.92%.The firm’s revenue for the quarter was up 9.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($6.67) EPS. As a group, equities analysts predict that Nabors Industries will post -6.22 EPS for the current fiscal year.

Institutional Investors Weigh In On Nabors Industries

A number of institutional investors have recently bought and sold shares of NBR. Adage Capital Partners GP L.L.C. boosted its stake in shares of Nabors Industries by 62.6% in the 4th quarter. Adage Capital Partners GP L.L.C. now owns 1,260,000 shares of the oil and gas company’s stock valued at $68,418,000 after purchasing an additional 485,000 shares in the last quarter. Apollo Management Holdings L.P. increased its position in shares of Nabors Industries by 54.2% during the 2nd quarter. Apollo Management Holdings L.P. now owns 650,623 shares of the oil and gas company’s stock worth $18,230,000 after purchasing an additional 228,787 shares in the last quarter. Two Sigma Investments LP increased its position in shares of Nabors Industries by 232.2% during the 3rd quarter. Two Sigma Investments LP now owns 185,841 shares of the oil and gas company’s stock worth $7,595,000 after purchasing an additional 129,904 shares in the last quarter. Geode Capital Management LLC lifted its holdings in 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 valued at $9,488,000 after purchasing an additional 126,243 shares during the last quarter. Finally, Marshall Wace LLP lifted its holdings in Nabors Industries by 446.9% during the 4th quarter. Marshall Wace LLP now owns 132,715 shares of the oil and gas company’s stock valued at $7,206,000 after purchasing an additional 108,447 shares during the last quarter. Institutional investors and hedge funds own 81.92% of the company’s stock.

About Nabors Industries

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.