Nabors Industries (NYSE:NBR) Sets New 12-Month High – Here’s Why

Shares of Nabors Industries Ltd. (NYSE:NBR) hit a new 52-week high during trading on Monday . The company traded as high as $92.38 and last traded at $90.8250, with a volume of 33847 shares traded. The stock had previously closed at $89.60.

Analyst Ratings Changes

NBR has been the subject of several analyst reports. Morgan Stanley reissued an “overweight” rating and issued a $80.00 price target on shares of Nabors Industries in a research note on Wednesday, January 21st. Royal Bank Of Canada reaffirmed a “sector perform” rating and set a $77.00 price target (up from $70.00) on shares of Nabors Industries in a research report on Friday, February 13th. Piper Sandler reiterated an “overweight” rating and issued a $80.00 price objective (up from $65.00) on shares of Nabors Industries in a research report on Tuesday, February 17th. Citigroup reissued a “neutral” rating and set a $85.00 target price (up from $60.00) on shares of Nabors Industries in a research note on Tuesday, February 24th. Finally, Barclays upped their price target on Nabors Industries from $50.00 to $65.00 and gave the company an “underweight” rating in a research note on Wednesday, February 25th. Two equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, Nabors Industries presently has an average rating of “Hold” and a consensus target price of $69.00.

Nabors Industries Stock Performance

The firm’s fifty day moving average price is $75.13 and its 200 day moving average price is $58.54. The company has a current ratio of 1.56, a quick ratio of 1.47 and a debt-to-equity ratio of 2.22. The stock has a market capitalization of $1.26 billion, a price-to-earnings ratio of 5.22 and a beta of 0.89.

Nabors Industries (NYSE:NBR) last posted its earnings results on Wednesday, February 11th. The oil and gas company reported $0.17 earnings per share for the quarter, beating the consensus estimate of ($2.93) by $3.10. Nabors Industries had a net margin of 8.92% and a negative return on equity of 17.63%. The firm had revenue of $797.53 million during the quarter, compared to the consensus estimate of $795.82 million. During the same quarter last year, the firm earned ($6.67) EPS. The firm’s revenue for the quarter was up 9.0% on a year-over-year basis. Analysts forecast that Nabors Industries Ltd. will post -6.22 EPS for the current fiscal year.

Institutional Investors Weigh In On Nabors Industries

Institutional investors and hedge funds have recently modified their holdings of the company. Islay Capital Management LLC purchased a new position in Nabors Industries during the 4th quarter valued at about $26,000. Quarry LP acquired a new stake in shares of Nabors Industries during the fourth quarter worth about $33,000. CWM LLC lifted 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 worth $36,000 after purchasing an additional 631 shares in the last quarter. Ameritas Investment Partners Inc. boosted its stake in shares of Nabors Industries by 58.5% in the second 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 period. Finally, Aster Capital Management DIFC Ltd purchased a new position in shares of Nabors Industries in the fourth quarter valued at approximately $40,000. 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.