Nabors Industries (NYSE:NBR) Trading Up 6.2%

Nabors Industries Ltd. (NYSE:NBR)’s share price shot up 6.2% during mid-day trading on Tuesday . The company traded as high as $68.32 and last traded at $68.09. 166,067 shares traded hands during trading, a decline of 36% from the average session volume of 260,332 shares. The stock had previously closed at $64.13.

Analyst Ratings Changes

NBR has been the subject of several recent analyst reports. Citigroup downgraded shares of Nabors Industries from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $110.00 to $75.00 in a research report on Friday. Royal Bank of Canada restated a “sector perform” rating and issued a $114.00 price target on shares of Nabors Industries in a report on Thursday, July 25th. Six analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, Nabors Industries presently has an average rating of “Hold” and a consensus price target of $104.50.

Nabors Industries Price Performance

The business has a 50-day moving average price of $79.97 and a two-hundred day moving average price of $77.81. The company has a quick ratio of 1.57, a current ratio of 1.82 and a debt-to-equity ratio of 5.01. The company has a market capitalization of $729.34 million, a price-to-earnings ratio of -4.93 and a beta of 2.12.

Nabors Industries (NYSE:NBR) last released its quarterly earnings data on Tuesday, July 23rd. The oil and gas company reported ($4.29) earnings per share for the quarter, missing the consensus estimate of ($1.77) by ($2.52). The business had revenue of $742.98 million for the quarter, compared to analyst estimates of $737.91 million. Nabors Industries had a negative return on equity of 28.10% and a negative net margin of 4.73%. The business’s quarterly revenue was down 4.6% on a year-over-year basis. During the same quarter in the previous year, the company posted ($2.26) EPS. As a group, research analysts anticipate that Nabors Industries Ltd. will post -11.98 EPS for the current year.

Hedge Funds Weigh In On Nabors Industries

Several large investors have recently added to or reduced their stakes in the business. Quadrant Capital Group LLC raised its position in Nabors Industries by 202.4% in the 4th quarter. Quadrant Capital Group LLC now owns 750 shares of the oil and gas company’s stock valued at $61,000 after buying an additional 502 shares during the last quarter. Russell Investments Group Ltd. grew its stake in shares of Nabors Industries by 2,022.2% in the 1st quarter. Russell Investments Group Ltd. now owns 764 shares of the oil and gas company’s stock worth $67,000 after acquiring an additional 728 shares in the last quarter. GAMMA Investing LLC raised its holdings in shares of Nabors Industries by 29.1% in the first quarter. GAMMA Investing LLC now owns 1,474 shares of the oil and gas company’s stock valued at $127,000 after purchasing an additional 332 shares during the last quarter. SG Americas Securities LLC bought a new position in shares of Nabors Industries during the second quarter valued at about $159,000. Finally, The Manufacturers Life Insurance Company boosted its holdings in Nabors Industries by 5.3% during the second quarter. The Manufacturers Life Insurance Company now owns 3,567 shares of the oil and gas company’s stock worth $254,000 after purchasing an additional 181 shares during the last quarter. Institutional investors own 81.92% of the company’s stock.

Nabors Industries Company Profile

Nabors Industries Ltd. provides drilling and drilling-related services for land-based and offshore oil and natural gas wells in the United States and internationally. The company operates through four segments: U.S. Drilling, International Drilling, Drilling Solutions, and Rig Technologies. It provides tubular running services, including casing and tubing running, and torque monitoring; managed pressure drilling services; and drilling-bit steering systems and rig instrumentation software.