Nabors Industries (NYSE:NBR) Hits New 1-Year High – Here’s Why

Nabors Industries Ltd. (NYSE:NBR) shares reached a new 52-week high on Tuesday . The company traded as high as $82.53 and last traded at $82.88, with a volume of 55669 shares trading hands. The stock had previously closed at $81.13.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. Morgan Stanley restated an “overweight” rating and set a $80.00 price target on shares of Nabors Industries in a research note on Wednesday, January 21st. Wall Street Zen downgraded Nabors Industries from a “buy” rating to a “hold” rating in a research note on Saturday, February 21st. 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. Citigroup restated a “neutral” rating and issued a $85.00 target price (up from $60.00) on shares of Nabors Industries in a research note on Tuesday, February 24th. Finally, Barclays upped their price target on Nabors Industries from $50.00 to $65.00 and gave the company an “underweight” rating in a research report on Wednesday, February 25th. Two investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $69.00.

Nabors Industries Stock Up 1.7%

The stock’s 50 day moving average is $68.01 and its 200 day moving average is $53.56. The company has a market capitalization of $1.21 billion, a PE ratio of 4.99 and a beta of 0.89. The company has a debt-to-equity ratio of 2.22, a quick ratio of 1.47 and a current ratio of 1.56.

Nabors Industries (NYSE:NBR) last released its quarterly earnings data on Wednesday, February 11th. The oil and gas company reported $0.17 earnings per share for the quarter, beating analysts’ consensus estimates of ($2.93) by $3.10. The business 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%. Nabors Industries’s revenue was up 9.0% compared to the same quarter last year. During the same period in the previous year, the business earned ($6.67) EPS. On average, sell-side analysts anticipate that Nabors Industries Ltd. will post -6.22 EPS for the current fiscal year.

Institutional Trading of Nabors Industries

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Personalized Indexing Management LLC grew its stake in Nabors Industries by 2.0% in the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 8,634 shares of the oil and gas company’s stock worth $469,000 after buying an additional 173 shares in the last quarter. Public Employees Retirement System of Ohio raised its position in shares of Nabors Industries by 23.0% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 1,545 shares of the oil and gas company’s stock valued at $63,000 after buying an additional 289 shares in the last quarter. Quadrant Capital Group LLC raised its position in shares of Nabors Industries by 24.1% during the 4th quarter. Quadrant Capital Group LLC now owns 1,754 shares of the oil and gas company’s stock valued at $95,000 after buying an additional 341 shares in the last quarter. Nebula Research & Development LLC lifted its holdings in shares of Nabors Industries by 2.5% during the 2nd quarter. Nebula Research & Development LLC now owns 17,697 shares of the oil and gas company’s stock worth $496,000 after acquiring an additional 428 shares during the last quarter. Finally, Islay Capital Management LLC purchased a new position in Nabors Industries in the fourth quarter worth $26,000. 81.92% of the stock is currently 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.