Zacks Research Comments on Nabors Industries Ltd.’s Q2 2024 Earnings (NYSE:NBR)

Nabors Industries Ltd. (NYSE:NBR) – Investment analysts at Zacks Research upped their Q2 2024 EPS estimates for Nabors Industries in a research report issued on Tuesday, May 21st. Zacks Research analyst R. Department now forecasts that the oil and gas company will post earnings of ($1.97) per share for the quarter, up from their prior estimate of ($2.12). The consensus estimate for Nabors Industries’ current full-year earnings is ($5.10) per share. Zacks Research also issued estimates for Nabors Industries’ Q3 2024 earnings at ($1.54) EPS, Q4 2024 earnings at ($1.00) EPS, FY2024 earnings at ($9.67) EPS, Q4 2025 earnings at $1.57 EPS and FY2026 earnings at $10.38 EPS.

A number of other analysts also recently commented on the stock. Benchmark reissued a “hold” rating on shares of Nabors Industries in a report on Thursday, April 25th. Morgan Stanley cut their price objective on shares of Nabors Industries from $160.00 to $150.00 and set an “overweight” rating for the company in a research report on Monday, February 12th. Finally, Susquehanna cut their price objective on shares of Nabors Industries from $88.00 to $79.00 and set a “neutral” rating for the company in a research report on Friday, April 26th. Five research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to MarketBeat.com, Nabors Industries currently has a consensus rating of “Hold” and an average price target of $124.75.

Nabors Industries Trading Down 0.9 %

Shares of Nabors Industries stock opened at $72.90 on Thursday. The firm has a market cap of $780.03 million, a price-to-earnings ratio of -5.28 and a beta of 2.37. Nabors Industries has a 52-week low of $70.25 and a 52-week high of $141.47. The company’s 50-day simple moving average is $80.03 and its 200-day simple moving average is $82.24. The company has a quick ratio of 1.53, a current ratio of 1.78 and a debt-to-equity ratio of 4.81.

Nabors Industries (NYSE:NBR) last issued its quarterly earnings results on Wednesday, April 24th. The oil and gas company reported ($5.16) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($2.24) by ($2.92). Nabors Industries had a negative return on equity of 23.52% and a negative net margin of 3.45%. The firm had revenue of $743.91 million for the quarter, compared to analyst estimates of $730.59 million.

Institutional Investors Weigh In On Nabors Industries

Several large investors have recently made changes to their positions in the business. Vanguard Group Inc. increased its position in shares of Nabors Industries by 5.1% in the first quarter. Vanguard Group Inc. now owns 819,113 shares of the oil and gas company’s stock worth $70,550,000 after acquiring an additional 40,078 shares in the last quarter. Gendell Jeffrey L boosted its stake in shares of Nabors Industries by 10.1% in the first quarter. Gendell Jeffrey L now owns 436,442 shares of the oil and gas company’s stock valued at $37,591,000 after purchasing an additional 40,141 shares during the period. Goldman Sachs Group Inc. boosted its stake in shares of Nabors Industries by 111.6% in the fourth quarter. Goldman Sachs Group Inc. now owns 397,102 shares of the oil and gas company’s stock valued at $32,415,000 after purchasing an additional 209,450 shares during the period. Apollo Management Holdings L.P. boosted its stake in shares of Nabors Industries by 64.6% in the first quarter. Apollo Management Holdings L.P. now owns 335,091 shares of the oil and gas company’s stock valued at $28,861,000 after purchasing an additional 131,490 shares during the period. Finally, Dimensional Fund Advisors LP boosted its stake in shares of Nabors Industries by 4.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 295,256 shares of the oil and gas company’s stock valued at $24,102,000 after purchasing an additional 13,324 shares during the period. Institutional investors and hedge funds own 81.92% of the company’s stock.

About Nabors Industries

Nabors Industries Ltd. provides drilling and drilling-related services for land-based and offshore oil and natural gas wells in the United States and internationally. The company operates through four segments: U.S. Drilling, International Drilling, Drilling Solutions, and Rig Technologies. It provides tubular running services, including casing and tubing running, and torque monitoring; managed pressure drilling services; and drilling-bit steering systems and rig instrumentation software.