Nabors Industries (NYSE:NBR) Given New $85.00 Price Target at Barclays

Key Points

• Barclays lowered its price target for Nabors Industries to $85 from $93 and maintained an “equal weight” rating, implying about 13% upside from the cited share price.
• Analyst sentiment is broadly neutral: two analysts rate the stock a Buy and six a Hold, with a consensus price target of $103.
• Nabors reported a quarterly loss of $1.24 per share, missing estimates of a $0.14 loss, though revenue rose 6.6% year over year to $872.19 million.

Nabors Industries (NYSE:NBR - Get Free Report) had its price objective cut by Barclays from $93.00 to $85.00 in a research report issued to clients and investors on Monday, Benzinga reports. The firm presently has an "equal weight" rating on the oil and gas company's stock. Barclays's price objective points to a potential upside of 12.95% from the stock's current price.

Other equities research analysts have also recently issued reports about the stock. Zacks Research cut shares of Nabors Industries from a "strong-buy" rating to a "hold" rating in a report on Thursday, August 13th. Weiss Ratings raised shares of Nabors Industries from a "hold (c-)" rating to a "hold (c)" rating in a research note on Thursday, August 13th. Piper Sandler upped their price objective on shares of Nabors Industries from $130.00 to $145.00 and gave the company an "overweight" rating in a report on Tuesday, November 3rd. Susquehanna reiterated a "neutral" rating and set a $91.00 price objective (up from $85.00) on shares of Nabors Industries in a report on Monday, October 5th. Finally, Morgan Stanley set a $110.00 price objective on shares of Nabors Industries in a research report on Thursday, August 20th. Two investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $103.00.

Nabors Industries Trading Up 2.8%

Shares of Nabors Industries stock traded up $2.06 on Monday, reaching $75.25. 32,413 shares of the company's stock were exchanged, compared to its average volume of 305,528. The company has a market capitalization of $1.14 billion, a P/E ratio of -16.26 and a beta of 1.09. Nabors Industries has a 52 week low of $44.04 and a 52 week high of $112.90. The company has a debt-to-equity ratio of 2.04, a quick ratio of 1.64 and a current ratio of 1.77. The firm's 50-day moving average is $83.65 and its two-hundred day moving average is $84.54.

Nabors Industries (NYSE:NBR - Get Free Report) last released its quarterly earnings data on Wednesday, October 28th. The oil and gas company reported ($1.24) earnings per share for the quarter, missing the consensus estimate of ($0.14) by ($1.10). Nabors Industries had a negative net margin of 1.17% and a negative return on equity of 3.98%. The company had revenue of $872.19 million during the quarter, compared to the consensus estimate of $859.20 million. During the same quarter in the prior year, the firm earned $16.85 EPS. The business's revenue was up 6.6% compared to the same quarter last year. Sell-side analysts predict that Nabors Industries will post -3.87 EPS for the current fiscal year.

Insider Activity at Nabors Industries

In other news, Director David Tudor sold 3,200 shares of the stock in a transaction that occurred on Friday, August 28th. The stock was sold at an average price of $92.30, for a total value of $295,360.00. Following the completion of the sale, the director directly owned 5,264 shares of the company's stock, valued at $485,867.20. This represents a 37.81% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 5.32% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Russell Investments Group Ltd. lifted its position in shares of Nabors Industries by 20.7% during the 3rd quarter. Russell Investments Group Ltd. now owns 10,177 shares of the oil and gas company's stock worth $795,000 after buying an additional 1,743 shares in the last quarter. Knights of Columbus Asset Advisors LLC boosted its stake in shares of Nabors Industries by 0.5% in the 3rd quarter. Knights of Columbus Asset Advisors LLC now owns 28,678 shares of the oil and gas company's stock worth $2,240,000 after buying an additional 137 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its stake in shares of Nabors Industries by 54.3% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 6,138 shares of the oil and gas company's stock worth $490,000 after buying an additional 2,161 shares during the last quarter. Arlington Capital Management INC grew its holdings in shares of Nabors Industries by 3.0% in the third quarter. Arlington Capital Management INC now owns 38,557 shares of the oil and gas company's stock valued at $3,012,000 after acquiring an additional 1,128 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Nabors Industries in the third quarter valued at approximately $492,000. Hedge funds and other institutional investors own 81.92% of the company's stock.

About Nabors Industries

Nabors Industries Ltd. is a global provider of drilling and well-construction services to the oil and gas industry. The company operates land-based drilling rigs and offshore drilling units, serving exploration and production companies developing conventional and unconventional oil and natural gas resources.

Its services and products include contract drilling, directional drilling, measurement-while-drilling and logging-while-drilling technologies, wellbore placement, and drilling-related equipment.

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