Nabors Industries (NYSE:NBR) Trading Down 7.6% – What’s Next?

Nabors Industries Ltd. (NYSE:NBR)’s share price dropped 7.6% during mid-day trading on Wednesday . The stock traded as low as $81.41 and last traded at $79.5360. Approximately 77,313 shares traded hands during mid-day trading, a decline of 80% from the average daily volume of 383,010 shares. The stock had previously closed at $86.06.

Analyst Upgrades and Downgrades

NBR has been the topic of several research reports. Weiss Ratings reissued a “hold (c-)” rating on shares of Nabors Industries in a research note on Monday, December 29th. Susquehanna restated a “neutral” rating and issued a $70.00 price target (up from $64.00) on shares of Nabors Industries in a research note on Friday, February 13th. UBS Group set a $70.00 price objective on Nabors Industries in a research report on Friday, February 13th. Barclays boosted their target price on Nabors Industries from $50.00 to $65.00 and gave the stock an “underweight” rating in a report on Wednesday, February 25th. Finally, Piper Sandler reissued an “overweight” rating and issued a $80.00 target price (up from $65.00) on shares of Nabors Industries in a research note on Tuesday, February 17th. 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’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $69.00.

Nabors Industries Trading Down 8.9%

The firm’s 50 day moving average price is $75.13 and its 200-day moving average price is $58.54. The company has a debt-to-equity ratio of 2.22, a current ratio of 1.56 and a quick ratio of 1.47. The stock has a market cap of $1.15 billion, a P/E ratio of 4.78 and a beta of 0.89.

Nabors Industries (NYSE:NBR) last announced its quarterly 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. Nabors Industries had a net margin of 8.92% and a negative return on equity of 17.63%. The company had revenue of $797.53 million during the quarter, compared to the consensus estimate of $795.82 million. During the same quarter last year, the firm earned ($6.67) earnings per share. The firm’s quarterly revenue was up 9.0% compared to the same quarter last year. As a group, equities research analysts forecast that Nabors Industries Ltd. will post -6.22 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of NBR. Adage Capital Partners GP L.L.C. lifted its holdings in shares of Nabors Industries by 62.6% during the fourth 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 holdings in Nabors Industries by 54.2% in 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 buying an additional 228,787 shares in the last quarter. Two Sigma Investments LP raised its position in Nabors Industries by 232.2% in 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 buying an additional 129,904 shares during the last quarter. Geode Capital Management LLC raised its position in Nabors Industries by 59.5% in 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 buying an additional 126,243 shares during the last quarter. Finally, Marshall Wace LLP lifted its stake 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 acquiring an additional 108,447 shares during the period. Hedge funds and other institutional investors own 81.92% of the company’s stock.

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.