Nabors Industries (NYSE:NBR) Stock Passes Above 200 Day Moving Average – Here’s What Happened

Shares of Nabors Industries Ltd. (NYSE:NBR) crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $78.55 and traded as high as $84.62. Nabors Industries shares last traded at $84.1890, with a volume of 210,383 shares traded.

Wall Street Analyst Weigh In

Several brokerages have weighed in on NBR. Weiss Ratings cut Nabors Industries from a “hold (c)” rating to a “hold (c-)” rating in a report on Monday, May 4th. Susquehanna restated a “neutral” rating and set a $105.00 price objective (up from $85.00) on shares of Nabors Industries in a research report on Thursday, April 30th. Citigroup raised their price objective on Nabors Industries from $89.00 to $110.00 and gave the company a “neutral” rating in a research note on Friday, May 1st. Piper Sandler lifted their target price on Nabors Industries from $84.00 to $120.00 and gave the company an “overweight” rating in a research report on Thursday, April 30th. Finally, Morgan Stanley reissued an “overweight” rating and set a $100.00 target price (up from $80.00) on shares of Nabors Industries in a research note on Wednesday, April 15th. Two research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, Nabors Industries has an average rating of “Hold” and a consensus target price of $103.43.

Nabors Industries Price Performance

The company has a fifty day simple moving average of $95.39 and a 200 day simple moving average of $78.57. The stock has a market capitalization of $1.21 billion, a price-to-earnings ratio of 6.42 and a beta of 0.96. The company has a debt-to-equity ratio of 2.22, a quick ratio of 1.82 and a current ratio of 1.97.

Nabors Industries (NYSE:NBR) last issued its quarterly earnings results on Tuesday, April 28th. The oil and gas company reported ($1.54) earnings per share for the quarter, beating the consensus estimate of ($2.49) by $0.95. The company had revenue of $783.55 million during the quarter, compared to analysts’ expectations of $769.33 million. Nabors Industries had a negative return on equity of 8.66% and a net margin of 7.32%.The business’s quarterly revenue was up 6.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.18 earnings per share. Equities research analysts forecast that Nabors Industries Ltd. will post -3.32 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Adage Capital Partners GP L.L.C. increased its position 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 worth $68,418,000 after buying an additional 485,000 shares during the period. Dimensional Fund Advisors LP grew its holdings in Nabors Industries by 42.1% during the 1st quarter. Dimensional Fund Advisors LP now owns 447,833 shares of the oil and gas company’s stock worth $38,545,000 after acquiring an additional 132,747 shares during the period. Two Sigma Investments LP raised its position in shares of Nabors Industries by 232.2% in the 3rd quarter. Two Sigma Investments LP now owns 185,841 shares of the oil and gas company’s stock worth $7,595,000 after acquiring an additional 129,904 shares in the last quarter. Marshall Wace LLP lifted its stake in shares of Nabors Industries by 446.9% in the 4th quarter. Marshall Wace LLP now owns 132,715 shares of the oil and gas company’s stock valued at $7,206,000 after purchasing an additional 108,447 shares during the period. Finally, Millennium Management LLC lifted its stake in shares of Nabors Industries by 846.5% in the 3rd quarter. Millennium Management LLC now owns 112,106 shares of the oil and gas company’s stock valued at $4,582,000 after purchasing an additional 100,262 shares during the period. Institutional investors and hedge funds 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.