Nabors Industries (NYSE:NBR) Stock Price Down 6.7% – Time to Sell?

Shares of Nabors Industries Ltd. (NYSE:NBR) traded down 6.7% on Tuesday . The stock traded as low as $79.78 and last traded at $78.9920. 137,992 shares changed hands during mid-day trading, a decline of 64% from the average session volume of 381,397 shares. The stock had previously closed at $84.62.

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. Susquehanna boosted their price objective on Nabors Industries from $70.00 to $85.00 and gave the company a “neutral” rating in a research report on Tuesday, April 7th. Morgan Stanley reiterated an “overweight” rating and issued a $100.00 price objective (up from $80.00) on shares of Nabors Industries in a research report on Wednesday. Barclays boosted their price objective on Nabors Industries from $50.00 to $65.00 and gave the company an “underweight” rating in a research report on Wednesday, February 25th. Citigroup boosted their price objective on Nabors Industries from $85.00 to $89.00 and gave the company a “neutral” rating in a research report on Wednesday, April 1st. Finally, Piper Sandler reiterated an “overweight” rating and issued a $84.00 price objective (up from $80.00) on shares of Nabors Industries in a research report on Wednesday. Two research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $74.38.

Nabors Industries Stock Up 1.6%

The company has a quick ratio of 1.47, a current ratio of 1.56 and a debt-to-equity ratio of 2.22. The stock has a market cap of $1.20 billion, a P/E ratio of 4.98 and a beta of 0.87. The company has a 50-day simple moving average of $78.41 and a two-hundred day simple moving average of $61.59.

Nabors Industries (NYSE:NBR) last announced its earnings results on Wednesday, February 11th. The oil and gas company reported $0.17 EPS for the quarter, beating analysts’ consensus estimates of ($2.93) by $3.10. The company had revenue of $797.53 million during the quarter, compared to the consensus estimate of $795.82 million. Nabors Industries had a negative return on equity of 17.63% and a net margin of 8.92%.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 company earned ($6.67) earnings per share. On average, equities analysts forecast that Nabors Industries Ltd. will post -6.22 EPS for the current year.

Hedge Funds Weigh In On Nabors Industries

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Adage Capital Partners GP L.L.C. raised its holdings in shares of 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 valued at $68,418,000 after acquiring an additional 485,000 shares in the last quarter. Vanguard Group Inc. grew its stake in Nabors Industries by 1.6% in the fourth quarter. Vanguard Group Inc. now owns 871,047 shares of the oil and gas company’s stock worth $47,298,000 after purchasing an additional 13,424 shares during the period. Cibc World Market Inc. grew its stake in Nabors Industries by 2.0% in the fourth quarter. Cibc World Market Inc. now owns 499,147 shares of the oil and gas company’s stock worth $27,104,000 after purchasing an additional 9,640 shares during the period. Highbridge Capital Management LLC grew its stake in Nabors Industries by 26.9% in the third quarter. Highbridge Capital Management LLC now owns 491,795 shares of the oil and gas company’s stock worth $20,100,000 after purchasing an additional 104,219 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its stake in Nabors Industries by 15.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 485,346 shares of the oil and gas company’s stock worth $26,354,000 after purchasing an additional 66,640 shares during the period. Institutional investors own 81.92% of the company’s stock.

About Nabors Industries

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.