Nabors Industries (NYSE:NBR) Hits New 12-Month High – Here’s What Happened

Nabors Industries Ltd. (NYSE:NBR) shares hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $83.16 and last traded at $82.66, with a volume of 27902 shares changing hands. The stock had previously closed at $79.97.

Wall Street Analyst Weigh In

Several research analysts have weighed in on NBR shares. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Nabors Industries in a research note on Monday, December 29th. UBS Group set a $70.00 price target on shares of Nabors Industries in a research note on Friday, February 13th. Susquehanna reaffirmed a “neutral” rating and set a $70.00 price objective (up from $64.00) on shares of Nabors Industries in a research report on Friday, February 13th. Citigroup reiterated a “neutral” rating and issued a $85.00 target price (up from $60.00) on shares of Nabors Industries in a report on Tuesday, February 24th. Finally, Barclays boosted their target price 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 research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $69.00.

Nabors Industries Trading Up 4.4%

The company’s 50 day moving average price is $71.60 and its 200 day moving average price is $56.23. The company has a debt-to-equity ratio of 2.22, a current ratio of 1.56 and a quick ratio of 1.47. The firm has a market cap of $1.22 billion, a PE ratio of 5.07 and a beta of 0.89.

Nabors Industries (NYSE:NBR) last announced its earnings results on Wednesday, February 11th. The oil and gas company reported $0.17 earnings per share for the quarter, topping the consensus estimate of ($2.93) by $3.10. The firm had revenue of $805.13 million for the quarter, compared to the consensus estimate 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 period in the prior year, the firm earned ($6.67) EPS. As a group, analysts forecast that Nabors Industries Ltd. will post -6.22 EPS for the current fiscal year.

Institutional Trading of Nabors Industries

A number of large investors have recently modified their holdings of NBR. Islay Capital Management LLC acquired a new stake in Nabors Industries in the fourth quarter valued at $26,000. Quarry LP acquired a new position in shares of Nabors Industries during the 4th quarter worth about $33,000. Aster Capital Management DIFC Ltd purchased a new position in shares of Nabors Industries in the 4th quarter valued at about $40,000. CWM LLC increased its holdings in shares of Nabors Industries by 244.6% in the 3rd quarter. CWM LLC now owns 889 shares of the oil and gas company’s stock valued at $36,000 after acquiring an additional 631 shares during the last quarter. Finally, State of Wyoming raised its position in shares of Nabors Industries by 106.3% during the 4th quarter. State of Wyoming now owns 1,314 shares of the oil and gas company’s stock worth $71,000 after acquiring an additional 677 shares in the last quarter. Hedge funds and other institutional investors own 81.92% of the company’s stock.

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.