Nabors Industries (NYSE:NBR) Shares Gap Down – Here’s What Happened

Nabors Industries Ltd. (NYSE:NBR) shares gapped down before the market opened on Monday . The stock had previously closed at $85.67, but opened at $81.72. Nabors Industries shares last traded at $83.7240, with a volume of 37,098 shares traded.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on NBR shares. Morgan Stanley reissued an “overweight” rating and issued a $100.00 target price (up from $80.00) on shares of Nabors Industries in a research note on Wednesday, April 15th. Wall Street Zen downgraded Nabors Industries from a “hold” rating to a “sell” rating in a report on Saturday. Piper Sandler reiterated an “overweight” rating and issued a $130.00 price target (up from $120.00) on shares of Nabors Industries in a research note on Thursday. Zacks Research upgraded Nabors Industries from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, July 15th. Finally, Barclays raised shares of Nabors Industries from an “underweight” rating to an “equal weight” rating and raised their target price for the company from $65.00 to $99.00 in a research note on Thursday, May 7th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, Nabors Industries currently has an average rating of “Moderate Buy” and an average target price of $102.00.

Nabors Industries Stock Performance

The firm has a market cap of $1.23 billion, a price-to-earnings ratio of 6.19 and a beta of 0.96. The company has a current ratio of 1.89, a quick ratio of 1.82 and a debt-to-equity ratio of 2.24. The stock’s 50 day moving average is $87.61 and its 200 day moving average is $83.32.

Nabors Industries (NYSE:NBR) last released its quarterly earnings results on Tuesday, June 30th. The oil and gas company reported ($2.04) earnings per share for the quarter. Nabors Industries had a negative return on equity of 7.06% and a net margin of 7.64%.The firm had revenue of $814.79 million for the quarter. Analysts anticipate that Nabors Industries Ltd. will post -2.96 earnings per share for the current year.

Institutional Trading of Nabors Industries

Several large investors have recently modified their holdings of the stock. Adage Capital Partners GP L.L.C. lifted its position in Nabors Industries by 62.6% during the fourth quarter. Adage Capital Partners GP L.L.C. now owns 1,260,000 shares of the oil and gas company’s stock worth $68,418,000 after purchasing an additional 485,000 shares during the period. Vanguard Group Inc. boosted its holdings in shares of Nabors Industries by 1.6% during the 4th quarter. Vanguard Group Inc. now owns 871,047 shares of the oil and gas company’s stock valued at $47,298,000 after acquiring an additional 13,424 shares in the last quarter. Cibc World Market Inc. boosted its stake in shares of Nabors Industries by 2.0% during the fourth quarter. Cibc World Market Inc. now owns 499,147 shares of the oil and gas company’s stock valued at $27,104,000 after purchasing an additional 9,640 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in Nabors Industries by 15.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 485,346 shares of the oil and gas company’s stock worth $26,354,000 after buying an additional 66,640 shares during the period. Finally, Dimensional Fund Advisors LP grew its holdings in Nabors Industries by 42.1% during the 1st quarter. Dimensional Fund Advisors LP now owns 447,833 shares of the oil and gas company’s stock worth $38,545,000 after acquiring an additional 132,747 shares during the last quarter. 81.92% of the stock is 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.