Nabors Industries (NYSE:NBR) Hits New 52-Week High – Here’s Why

Nabors Industries Ltd. (NYSE:NBR) shares reached a new 52-week high on Monday . The stock traded as high as $78.26 and last traded at $79.1410, with a volume of 353017 shares changing hands. The stock had previously closed at $76.61.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the company. Piper Sandler reissued an “overweight” rating and issued a $80.00 price objective (up previously from $65.00) on shares of Nabors Industries in a research note on Tuesday, February 17th. Morgan Stanley reissued an “overweight” rating and issued a $80.00 price target on shares of Nabors Industries in a research report on Wednesday, January 21st. Wall Street Zen downgraded shares of Nabors Industries from a “buy” rating to a “hold” rating in a report on Saturday. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Nabors Industries in a research note on Monday, December 29th. Finally, Citigroup boosted their target price on shares of Nabors Industries from $58.00 to $60.00 and gave the stock a “neutral” rating in a research report on Tuesday, January 6th. Two research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $64.00.

Nabors Industries Stock Down 0.9%

The stock has a 50 day moving average price of $62.27 and a 200 day moving average price of $50.13. 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 market capitalization of $1.14 billion, a P/E ratio of 4.71 and a beta of 0.99.

Nabors Industries (NYSE:NBR) last posted its quarterly 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. The company had revenue of $805.13 million during the quarter, compared to analyst estimates of $795.82 million. Nabors Industries had a net margin of 8.92% and a negative return on equity of 17.63%. The firm’s revenue for the quarter was up 9.0% on a year-over-year basis. During the same quarter in the prior year, the business earned ($6.67) earnings per share. Equities research analysts forecast that Nabors Industries Ltd. will post -6.22 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Nabors Industries

Several institutional investors and hedge funds have recently bought and sold shares of NBR. AQR Capital Management LLC raised its stake in shares of Nabors Industries by 97.1% in the first quarter. AQR Capital Management LLC now owns 16,770 shares of the oil and gas company’s stock valued at $699,000 after buying an additional 8,260 shares during the period. Dynamic Technology Lab Private Ltd increased its holdings in Nabors Industries by 11.5% in the 1st quarter. Dynamic Technology Lab Private Ltd now owns 5,540 shares of the oil and gas company’s stock worth $231,000 after acquiring an additional 570 shares during the last quarter. Vanguard Personalized Indexing Management LLC purchased a new stake in Nabors Industries in the 2nd quarter worth about $203,000. Ethic Inc. bought a new stake in Nabors Industries in the 2nd quarter valued at about $220,000. Finally, MQS Management LLC purchased a new stake in Nabors Industries during the second quarter valued at about $262,000. 81.92% of the stock is owned by institutional investors.

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.