Nabors Industries (NYSE:NBR) Price Target Raised to $60.00

Nabors Industries (NYSE:NBR) had its target price upped by Citigroup from $58.00 to $60.00 in a report published on Tuesday morning,Benzinga reports. They currently have a neutral rating on the oil and gas company’s stock.

NBR has been the topic of a number of other reports. Piper Sandler upgraded Nabors Industries from an “underweight” rating to an “overweight” rating and increased their target price for the stock from $32.00 to $65.00 in a report on Thursday, December 18th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Nabors Industries in a research note on Monday, December 29th. Wall Street Zen downgraded shares of Nabors Industries from a “buy” rating to a “hold” rating in a research report on Monday, December 22nd. Morgan Stanley set a $65.00 target price on shares of Nabors Industries in a report on Monday, December 15th. Finally, Susquehanna reiterated a “neutral” rating and set a $56.00 price target on shares of Nabors Industries in a research note on Thursday, October 30th. Two equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Nabors Industries currently has an average rating of “Hold” and an average price target of $56.43.

Nabors Industries Price Performance

NBR stock opened at $64.36 on Tuesday. The company has a debt-to-equity ratio of 2.50, a current ratio of 2.09 and a quick ratio of 1.93. The company’s 50-day moving average is $52.50 and its 200-day moving average is $42.32. The stock has a market capitalization of $937.08 million, a PE ratio of 6.67 and a beta of 0.94. Nabors Industries has a 1 year low of $23.27 and a 1 year high of $69.20.

Nabors Industries (NYSE:NBR) last posted its quarterly earnings results on Tuesday, October 28th. The oil and gas company reported ($3.67) earnings per share for the quarter, missing analysts’ consensus estimates of ($2.37) by ($1.30). Nabors Industries had a negative return on equity of 30.85% and a net margin of 7.08%.The firm had revenue of $825.51 million for the quarter, compared to analyst estimates of $824.61 million. During the same period last year, the company posted ($6.86) earnings per share. The firm’s quarterly revenue was up 11.8% compared to the same quarter last year. Equities research analysts expect that Nabors Industries will post -6.22 EPS for the current fiscal year.

Hedge Funds Weigh In On Nabors Industries

A number of hedge funds and other institutional investors have recently modified their holdings of NBR. CWM LLC increased its position in shares of Nabors Industries by 244.6% during the third quarter. CWM LLC now owns 889 shares of the oil and gas company’s stock valued at $36,000 after acquiring an additional 631 shares during the last quarter. Ameritas Investment Partners Inc. increased its position in shares of Nabors Industries by 58.5% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 1,444 shares of the oil and gas company’s stock valued at $40,000 after purchasing an additional 533 shares during the last quarter. Public Employees Retirement System of Ohio raised its stake 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 worth $63,000 after purchasing an additional 289 shares during the period. Police & Firemen s Retirement System of New Jersey boosted its holdings in shares of Nabors Industries by 47.7% in the 2nd quarter. Police & Firemen s Retirement System of New Jersey now owns 3,231 shares of the oil and gas company’s stock worth $91,000 after buying an additional 1,044 shares during the last quarter. Finally, Russell Investments Group Ltd. grew its position in Nabors Industries by 153.9% during the third quarter. Russell Investments Group Ltd. now owns 3,222 shares of the oil and gas company’s stock valued at $132,000 after buying an additional 1,953 shares during the period. 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.