Nabors Industries (NYSE:NBR) Hits New 12-Month High – Time to Buy?

Shares of Nabors Industries Ltd. (NYSE:NBR) reached a new 52-week high on Tuesday . The stock traded as high as $92.90 and last traded at $93.06, with a volume of 71976 shares traded. The stock had previously closed at $90.70.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the company. Royal Bank Of Canada reissued a “sector perform” rating and issued a $77.00 target price (up from $70.00) on shares of Nabors Industries in a research report on Friday, February 13th. Morgan Stanley reaffirmed an “overweight” rating and set a $100.00 price target (up from $80.00) on shares of Nabors Industries in a research note on Wednesday, April 15th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Nabors Industries in a report on Monday, December 29th. Susquehanna boosted their price objective on shares of Nabors Industries from $70.00 to $85.00 and gave the stock a “neutral” rating in a research report on Tuesday, April 7th. Finally, UBS Group set a $70.00 target price on shares of Nabors Industries in a research report on Friday, February 13th. Two investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $74.38.

Nabors Industries Price Performance

The stock has a market cap of $1.50 billion, a price-to-earnings ratio of 5.70 and a beta of 0.87. The company has a debt-to-equity ratio of 2.22, a quick ratio of 1.47 and a current ratio of 1.56. The company has a 50-day simple moving average of $81.06 and a two-hundred day simple moving average of $64.11.

Nabors Industries (NYSE:NBR) last released its quarterly earnings data on Wednesday, February 11th. The oil and gas company reported $0.17 EPS for the quarter, beating the consensus estimate of ($2.93) by $3.10. The company had revenue of $797.53 million during the quarter, compared to the consensus estimate of $795.82 million. Nabors Industries had a negative return on equity of 17.63% and a net margin of 8.92%.The firm’s revenue for the quarter was up 9.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($6.67) EPS. As a group, equities research analysts forecast that Nabors Industries Ltd. will post -5.91 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of NBR. American Century Companies Inc. lifted its stake in Nabors Industries by 10.3% in the 3rd quarter. American Century Companies Inc. now owns 354,901 shares of the oil and gas company’s stock valued at $14,505,000 after purchasing an additional 33,101 shares during the last quarter. Allianz Asset Management GmbH acquired a new position in Nabors Industries during the third quarter worth approximately $1,063,000. Highbridge Capital Management LLC raised its stake in Nabors Industries by 26.9% in the third quarter. Highbridge Capital Management LLC now owns 491,795 shares of the oil and gas company’s stock valued at $20,100,000 after buying an additional 104,219 shares during the period. Cibc World Market Inc. raised its stake in Nabors Industries by 10.6% in the third quarter. Cibc World Market Inc. now owns 489,507 shares of the oil and gas company’s stock valued at $20,006,000 after buying an additional 46,802 shares during the period. Finally, JPMorgan Chase & Co. lifted its position in shares of Nabors Industries by 77.6% in the third quarter. JPMorgan Chase & Co. now owns 67,313 shares of the oil and gas company’s stock valued at $2,751,000 after buying an additional 29,408 shares during the last quarter. 81.92% of the stock is currently owned by institutional investors and hedge funds.

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.