Nabors Industries (NYSE:NBR) Raised to “Strong-Buy” at Zacks Research

Nabors Industries (NYSE:NBR) was upgraded by stock analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research note issued to investors on Wednesday,Zacks.com reports.

Several other analysts also recently weighed in on NBR. Royal Bank Of Canada lifted their price objective on Nabors Industries from $91.00 to $120.00 and gave the company a “sector perform” rating in a report on Thursday, April 30th. Citigroup raised their target price on shares of Nabors Industries from $89.00 to $110.00 and gave the company a “neutral” rating in a research report on Friday, May 1st. Piper Sandler boosted their price target on shares of Nabors Industries from $84.00 to $120.00 and gave the company an “overweight” rating in a report on Thursday, April 30th. Barclays upgraded shares of Nabors Industries from an “underweight” rating to an “equal weight” rating and boosted their price target for the company from $65.00 to $99.00 in a report on Thursday, May 7th. Finally, Weiss Ratings cut shares of Nabors Industries from a “hold (c)” rating to a “hold (c-)” rating in a research report on Monday, May 4th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $100.57.

Nabors Industries Trading Up 0.4%

Shares of NYSE NBR opened at $82.78 on Wednesday. The company has a quick ratio of 1.82, a current ratio of 1.97 and a debt-to-equity ratio of 2.22. The business has a fifty day simple moving average of $92.40 and a two-hundred day simple moving average of $81.46. The firm has a market cap of $1.23 billion, a PE ratio of 6.48 and a beta of 0.96. Nabors Industries has a twelve month low of $29.50 and a twelve month high of $112.90.

Nabors Industries (NYSE:NBR) last issued its earnings results on Tuesday, April 28th. The oil and gas company reported ($1.54) earnings per share for the quarter, topping the consensus estimate of ($2.49) by $0.95. Nabors Industries had a negative return on equity of 8.66% and a net margin of 7.32%.The business had revenue of $783.55 million during the quarter, compared to analysts’ expectations of $769.33 million. During the same period in the prior year, the business earned $2.18 EPS. The business’s revenue for the quarter was up 6.4% compared to the same quarter last year. Analysts expect that Nabors Industries will post -3.12 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Nabors Industries

A number of large investors have recently made changes to their positions in NBR. Vanguard Group Inc. boosted its position in shares of Nabors Industries by 1.6% in the 4th quarter. Vanguard Group Inc. now owns 871,047 shares of the oil and gas company’s stock worth $47,298,000 after purchasing an additional 13,424 shares in the last quarter. JPMorgan Chase & Co. increased its position in Nabors Industries by 77.6% during the 3rd 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 in the last quarter. De Lisle Partners LLP acquired a new position in Nabors Industries during the 4th quarter valued at about $1,542,000. Jennison Associates LLC acquired a new position in Nabors Industries during the 4th quarter valued at about $1,029,000. Finally, UBS Group AG raised its stake in Nabors Industries by 8.7% in the fourth quarter. UBS Group AG now owns 72,764 shares of the oil and gas company’s stock valued at $3,951,000 after buying an additional 5,830 shares during the last quarter. 81.92% of the stock is owned by institutional investors and hedge funds.

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.