Nabors Industries (NYSE:NBR) Shares Gap Down – Here’s What Happened

Shares of Nabors Industries Ltd. (NYSE:NBR) gapped down prior to trading on Monday . The stock had previously closed at $85.67, but opened at $81.72. Nabors Industries shares last traded at $83.7240, with a volume of 37,098 shares.

Wall Street Analyst Weigh In

A number of research firms recently commented on NBR. Weiss Ratings reiterated a “hold (c-)” rating on shares of Nabors Industries in a research report on Friday. Barclays set a $93.00 price target on Nabors Industries in a research note on Wednesday. Susquehanna reduced their price target on shares of Nabors Industries from $105.00 to $85.00 and set a “neutral” rating for the company in a research report on Wednesday, July 8th. Zacks Research upgraded shares of Nabors Industries from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, July 15th. Finally, Citigroup raised their price objective on shares of Nabors Industries from $89.00 to $110.00 and gave the stock a “neutral” rating in a report on Friday, May 1st. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $101.14.

Nabors Industries Trading Down 1.0%

The company has a market capitalization of $1.23 billion, a P/E ratio of 6.21 and a beta of 0.98. The company has a debt-to-equity ratio of 2.24, a quick ratio of 1.82 and a current ratio of 1.89. The stock has a fifty day moving average of $86.81 and a 200 day moving average of $83.62.

Nabors Industries (NYSE:NBR) last released its quarterly earnings results on Tuesday, June 30th. The oil and gas company reported ($2.04) earnings per share (EPS) for the quarter. Nabors Industries had a net margin of 7.64% and a negative return on equity of 7.06%. The company had revenue of $814.79 million for the quarter. As a group, equities research analysts anticipate that Nabors Industries Ltd. will post -2.96 EPS for the current fiscal year.

Hedge Funds Weigh In On Nabors Industries

Large investors have recently added to or reduced their stakes in the company. Optiver Holding B.V. bought a new stake in shares of Nabors Industries during the 1st quarter valued at $309,000. Bank of America Corp DE boosted its stake in shares of Nabors Industries by 191.8% in the first quarter. Bank of America Corp DE now owns 151,922 shares of the oil and gas company’s stock worth $13,074,000 after acquiring an additional 99,852 shares during the period. EverSource Wealth Advisors LLC grew its position in shares of Nabors Industries by 29.3% during the first quarter. EverSource Wealth Advisors LLC now owns 622 shares of the oil and gas company’s stock worth $54,000 after purchasing an additional 141 shares in the last quarter. Royal Bank of Canada raised its stake in Nabors Industries by 11.6% during the 1st quarter. Royal Bank of Canada now owns 58,099 shares of the oil and gas company’s stock valued at $5,000,000 after purchasing an additional 6,057 shares during the period. Finally, Empowered Funds LLC lifted its holdings in Nabors Industries by 41.6% in the 1st quarter. Empowered Funds LLC now owns 65,665 shares of the oil and gas company’s stock worth $5,651,000 after purchasing an additional 19,286 shares in the last quarter. 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.