Nabors Industries (NYSE:NBR) Trading 6.3% Higher – Time to Buy?

Nabors Industries Ltd. (NYSE:NBR) rose 6.3% during mid-day trading on Monday . The stock traded as high as $111.28 and last traded at $111.9120. Approximately 78,184 shares changed hands during trading, a decline of 79% from the average daily volume of 371,326 shares. The stock had previously closed at $105.27.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the company. Royal Bank Of Canada increased their target price on Nabors Industries from $91.00 to $120.00 and gave the stock a “sector perform” rating in a research report on Thursday, April 30th. Susquehanna restated a “neutral” rating and set a $105.00 price target (up from $85.00) on shares of Nabors Industries in a research note on Thursday, April 30th. Weiss Ratings downgraded Nabors Industries from a “hold (c)” rating to a “hold (c-)” rating in a report on Monday, May 4th. Barclays raised Nabors Industries from an “underweight” rating to an “equal weight” rating and lifted their price objective for the company from $65.00 to $99.00 in a research note on Thursday, May 7th. Finally, Piper Sandler boosted their target price on Nabors Industries from $84.00 to $120.00 and gave the stock an “overweight” rating in a report on Thursday, April 30th. Two research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Nabors Industries presently has a consensus rating of “Hold” and a consensus target price of $93.63.

Nabors Industries Price Performance

The company’s fifty day moving average is $86.82 and its two-hundred day moving average is $69.11. The company has a debt-to-equity ratio of 2.22, a quick ratio of 1.82 and a current ratio of 1.97. The firm has a market cap of $1.64 billion, a price-to-earnings ratio of 8.70 and a beta of 1.01.

Nabors Industries (NYSE:NBR) last released its quarterly earnings data on Tuesday, April 28th. The oil and gas company reported ($1.54) EPS for the quarter, beating the consensus estimate of ($2.49) by $0.95. The company had revenue of $783.55 million for the quarter, compared to analyst estimates of $769.33 million. Nabors Industries had a negative return on equity of 8.66% and a net margin of 7.32%.The firm’s revenue was up 6.4% compared to the same quarter last year. During the same period last year, the company posted $2.18 earnings per share. Equities research analysts forecast that Nabors Industries Ltd. will post -3.52 EPS for the current year.

Institutional Investors Weigh In On Nabors Industries

Several hedge funds have recently modified their holdings of NBR. Islay Capital Management LLC acquired a new stake in Nabors Industries in the fourth quarter valued at approximately $26,000. Quarry LP acquired a new position in shares of Nabors Industries during the fourth quarter worth $33,000. CWM LLC boosted its stake in shares of Nabors Industries by 244.6% in the third quarter. CWM LLC now owns 889 shares of the oil and gas company’s stock valued at $36,000 after purchasing an additional 631 shares during the period. Aster Capital Management DIFC Ltd purchased a new position in shares of Nabors Industries in the fourth quarter valued at $40,000. Finally, Public Employees Retirement System of Ohio grew its holdings in Nabors Industries by 23.0% during 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 purchasing an additional 289 shares in the last quarter. 81.92% of the stock is currently owned by hedge funds and other 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.