Nabors Industries (NYSE:NBR) Reaches New 12-Month Low Following Weak Earnings

Shares of Nabors Industries Ltd. (NYSE:NBR) hit a new 52-week low during trading on Thursday following a dissappointing earnings announcement. The company traded as low as $44.00 and last traded at $46.97, with a volume of 508554 shares changing hands. The stock had previously closed at $53.49.

The oil and gas company reported ($6.67) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.86) by ($4.81). Nabors Industries had a negative return on equity of 25.68% and a negative net margin of 4.69%.

Analysts Set New Price Targets

NBR has been the subject of a number of recent research reports. Barclays lowered their target price on Nabors Industries from $110.00 to $88.00 and set an “equal weight” rating for the company in a research note on Wednesday, October 16th. Evercore ISI reduced their target price on shares of Nabors Industries from $94.00 to $85.00 and set an “in-line” rating on the stock in a research report on Thursday, October 24th. Citigroup raised their price target on shares of Nabors Industries from $75.00 to $80.00 and gave the company a “neutral” rating in a report on Thursday, October 31st. Royal Bank of Canada reiterated a “sector perform” rating and issued a $102.00 price objective on shares of Nabors Industries in a report on Wednesday, October 16th. Finally, Susquehanna dropped their target price on Nabors Industries from $79.00 to $77.00 and set a “neutral” rating on the stock in a research report on Thursday, October 24th. Six investment analysts have rated the stock with a hold rating, According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $86.40.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. US Bancorp DE grew its holdings in shares of Nabors Industries by 234.9% during the fourth quarter. US Bancorp DE now owns 720 shares of the oil and gas company’s stock valued at $41,000 after purchasing an additional 505 shares during the last quarter. nVerses Capital LLC acquired a new position in shares of Nabors Industries during the third quarter valued at $45,000. R Squared Ltd acquired a new position in shares of Nabors Industries during the fourth quarter valued at $70,000. Signaturefd LLC grew its position in shares of Nabors Industries by 52.9% during the third quarter. Signaturefd LLC now owns 1,364 shares of the oil and gas company’s stock worth $88,000 after acquiring an additional 472 shares during the last quarter. Finally, KLP Kapitalforvaltning AS acquired a new stake in shares of Nabors Industries in the 4th quarter worth about $97,000. 81.92% of the stock is owned by institutional investors and hedge funds.

Nabors Industries Price Performance

The company has a debt-to-equity ratio of 5.43, a quick ratio of 1.63 and a current ratio of 1.88. The stock has a market capitalization of $498.18 million, a price-to-earnings ratio of -2.53 and a beta of 2.02. The business’s 50 day simple moving average is $60.41 and its 200-day simple moving average is $70.27.

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.