Nabors Industries (NYSE:NBR) Share Price Passes Above 200-Day Moving Average – Here’s Why

Nabors Industries Ltd. (NYSE:NBR)’s stock price crossed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $87.35 and traded as high as $91.57. Nabors Industries shares last traded at $90.55, with a volume of 219,282 shares traded.

Analysts Set New Price Targets

A number of research analysts have recently commented on NBR shares. Morgan Stanley set a $110.00 price target on shares of Nabors Industries in a report on Thursday, August 20th. Susquehanna lowered their target price on Nabors Industries from $105.00 to $85.00 and set a “neutral” rating for the company in a report on Wednesday, July 8th. Barclays set a $93.00 price target on Nabors Industries and gave the stock an “equal weight” rating in a research report on Wednesday, August 5th. Weiss Ratings upgraded Nabors Industries from a “hold (c-)” rating to a “hold (c)” rating in a research note on Thursday, August 13th. Finally, Piper Sandler restated an “overweight” rating and issued a $130.00 price objective (up from $120.00) on shares of Nabors Industries in a report on Thursday, July 30th. Two analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $102.57.

Nabors Industries Price Performance

The company has a market cap of $1.45 billion, a PE ratio of 6.74 and a beta of 1.00. The company has a quick ratio of 1.75, a current ratio of 1.89 and a debt-to-equity ratio of 2.24. The firm has a 50 day simple moving average of $85.56 and a 200-day simple moving average of $87.35.

Nabors Industries (NYSE:NBR) last released its quarterly earnings results on Tuesday, June 30th. The oil and gas company reported ($2.04) EPS for the quarter. Nabors Industries had a net margin of 7.64% and a negative return on equity of 7.06%. The firm had revenue of $814.79 million for the quarter. As a group, research analysts predict that Nabors Industries Ltd. will post -3.69 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director David Tudor sold 3,200 shares of the stock in a transaction that occurred on Friday, August 28th. The shares were sold at an average price of $92.30, for a total value of $295,360.00. Following the completion of the transaction, the director directly owned 5,264 shares of the company’s stock, valued at $485,867.20. This trade represents a 37.81% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 5.32% of the company’s stock.

Hedge Funds Weigh In On Nabors Industries

A number of institutional investors have recently modified their holdings of the stock. Islay Capital Management LLC acquired a new position in Nabors Industries in the fourth quarter valued at approximately $26,000. Quarry LP acquired a new stake in shares of Nabors Industries during the 4th quarter worth approximately $33,000. Aster Capital Management DIFC Ltd acquired a new stake in shares of Nabors Industries during the 4th quarter worth approximately $40,000. EverSource Wealth Advisors LLC increased its holdings 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 in the last quarter. Finally, Public Employees Retirement System of Ohio increased its holdings in shares of 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. Hedge funds and other institutional investors 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.