Nabors Industries (NYSE:NBR) Stock Price Target Lowered at Citigroup

Key Points

• Citigroup cut its Nabors Industries price target from $110 to $100 while maintaining a neutral rating; the new target implies 31.48% upside from the share price cited in the report.
• Analysts overall have a consensus Hold rating and an average price target of $104.14, with two Buy ratings and six Hold ratings.
• Nabors reported a quarterly loss of $1.24 per share, missing the $0.14 loss analysts expected, although revenue rose 6.6% year over year to $872.19 million.

Nabors Industries (NYSE:NBR - Get Free Report) had its target price reduced by Citigroup from $110.00 to $100.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The brokerage presently has a "neutral" rating on the oil and gas company's stock. Citigroup's price target would suggest a potential upside of 31.48% from the company's current price.

Several other analysts have also commented on NBR. Susquehanna reaffirmed a "neutral" rating and issued a $91.00 price target (up from $85.00) on shares of Nabors Industries in a research note on Monday, October 5th. Morgan Stanley set a $110.00 price objective on Nabors Industries in a research note on Thursday, August 20th. Barclays set a $93.00 price objective on Nabors Industries and gave the stock an "equal weight" rating in a research note on Wednesday, August 5th. Zacks Research cut Nabors Industries from a "strong-buy" rating to a "hold" rating in a report on Thursday, August 13th. Finally, Piper Sandler boosted their target price on shares of Nabors Industries from $130.00 to $145.00 and gave the company an "overweight" rating in a research note on Tuesday. Two investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $104.14.

Nabors Industries Price Performance

NYSE NBR traded down $5.16 on Wednesday, reaching $76.06. The company's stock had a trading volume of 403,137 shares, compared to its average volume of 306,695. Nabors Industries has a 52 week low of $44.04 and a 52 week high of $112.90. The company has a current ratio of 1.77, a quick ratio of 1.75 and a debt-to-equity ratio of 2.04. The firm has a market cap of $1.21 billion, a PE ratio of -16.36 and a beta of 1.09. The business has a 50-day moving average price of $84.56 and a 200 day moving average price of $84.37.

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 analysts' consensus estimates 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 for the quarter, compared to analyst estimates of $859.20 million. During the same period in the previous year, the firm posted $16.85 earnings per share. The firm's revenue for the quarter was up 6.6% compared to the same quarter last year. Sell-side analysts expect that Nabors Industries will post -3.54 EPS for the current year.

Insider Buying and Selling

In related 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 transaction of $295,360.00. Following the sale, the director directly owned 5,264 shares in the company, valued at $485,867.20. This represents a 37.81% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 5.32% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Nabors Industries

Institutional investors and hedge funds have recently bought and sold shares of the business. Allspring Global Investments Holdings LLC lifted its position in shares of Nabors Industries by 54.3% during the third quarter. Allspring Global Investments Holdings LLC now owns 6,138 shares of the oil and gas company's stock worth $490,000 after purchasing an additional 2,161 shares in the last quarter. Arlington Capital Management INC grew its stake in shares of Nabors Industries by 3.0% during 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 purchasing an additional 1,128 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Nabors Industries in the third quarter valued at approximately $492,000. Vise Technologies Inc. raised its position in Nabors Industries by 7.3% in the 3rd quarter. Vise Technologies Inc. now owns 8,996 shares of the oil and gas company's stock worth $703,000 after purchasing an additional 610 shares during the last quarter. Finally, State of Wyoming bought a new position in Nabors Industries in the 3rd quarter worth approximately $41,000. Institutional investors and hedge funds 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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