Nabors Industries (NYSE:NBR) Price Target Cut to $85.00 by Analysts at Susquehanna

Nabors Industries (NYSE:NBR) had its target price cut by stock analysts at Susquehanna from $105.00 to $85.00 in a research report issued on Wednesday,Benzinga reports. The firm presently has a “neutral” rating on the oil and gas company’s stock. Susquehanna’s price objective indicates a potential upside of 8.84% from the company’s previous close.

Several other equities research analysts also recently weighed in on NBR. Barclays raised shares of Nabors Industries from an “underweight” rating to an “equal weight” rating and raised their price target for the company from $65.00 to $99.00 in a research report on Thursday, May 7th. Citigroup upped their price objective on Nabors Industries from $89.00 to $110.00 and gave the company a “neutral” rating in a research report on Friday, May 1st. Morgan Stanley reissued an “overweight” rating and issued a $100.00 target price (up from $80.00) on shares of Nabors Industries in a report on Wednesday, April 15th. Weiss Ratings cut Nabors Industries from a “hold (c)” rating to a “hold (c-)” rating in a research report on Monday, May 4th. 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 research report on Thursday, April 30th. Two analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, Nabors Industries presently has an average rating of “Hold” and an average target price of $100.57.

Nabors Industries Stock Performance

Shares of Nabors Industries stock opened at $78.10 on Wednesday. Nabors Industries has a 1 year low of $29.50 and a 1 year high of $112.90. The firm’s 50-day moving average is $94.74 and its 200 day moving average is $79.98. The stock has a market cap of $1.16 billion, a price-to-earnings ratio of 6.12 and a beta of 0.96. The company has a debt-to-equity ratio of 2.22, a current ratio of 1.97 and a quick ratio of 1.82.

Nabors Industries (NYSE:NBR) last released its quarterly earnings data on Tuesday, April 28th. The oil and gas company reported ($1.54) earnings per share for the quarter, beating analysts’ consensus estimates of ($2.49) by $0.95. The business had revenue of $783.55 million during the quarter, compared to analyst estimates of $769.33 million. Nabors Industries had a net margin of 7.32% and a negative return on equity of 8.66%. Nabors Industries’s revenue was up 6.4% compared to the same quarter last year. During the same period last year, the business earned $2.18 EPS. Sell-side analysts anticipate that Nabors Industries will post -3.12 EPS for the current fiscal year.

Hedge Funds Weigh In On Nabors Industries

A number of institutional investors and hedge funds have recently modified their holdings of the company. Islay Capital Management LLC bought a new stake in shares of Nabors Industries in the fourth quarter worth $26,000. Quarry LP purchased a new position in Nabors Industries in the fourth quarter worth about $33,000. EverSource Wealth Advisors LLC grew its stake in shares of Nabors Industries by 29.3% during the 1st quarter. EverSource Wealth Advisors LLC now owns 622 shares of the oil and gas company’s stock valued at $54,000 after purchasing an additional 141 shares during the period. Aster Capital Management DIFC Ltd bought a new position in shares of Nabors Industries in the 4th quarter worth approximately $40,000. Finally, State of Wyoming lifted its stake in shares of Nabors Industries by 106.3% in the 4th quarter. State of Wyoming now owns 1,314 shares of the oil and gas company’s stock worth $71,000 after purchasing an additional 677 shares during the period. 81.92% of the stock is currently owned by hedge funds and other institutional investors.

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.