Wall Street Zen Upgrades Nabors Industries (NYSE:NBR) to Hold

Key Points

• Wall Street Zen upgraded Nabors Industries from “sell” to “hold.” Overall, analysts also have a consensus “hold” rating, with an average price target of $104.14.
• Analyst views vary: Piper Sandler raised its target to $145 and kept an “overweight” rating, while Citigroup cut its target to $100 and maintained “neutral.”
• Nabors reported quarterly revenue of $872.2 million, above estimates and up 6.6% year over year, but its loss of $1.24 per share was wider than the expected $0.14 loss.

Nabors Industries (NYSE:NBR - Get Free Report) was upgraded by analysts at Wall Street Zen from a "sell" rating to a "hold" rating in a research report issued on Saturday, Wall Street Zen reports.

A number of other equities research analysts also recently weighed in on the stock. Zacks Research downgraded shares of Nabors Industries from a "strong-buy" rating to a "hold" rating in a research note on Thursday, August 13th. Morgan Stanley set a $110.00 price objective on shares of Nabors Industries in a research report on Thursday, August 20th. Citigroup lowered their price objective on Nabors Industries from $110.00 to $100.00 and set a "neutral" rating on the stock in a research note on Wednesday. Susquehanna reiterated a "neutral" rating and issued a $91.00 price objective (up from $85.00) on shares of Nabors Industries in a report on Monday, October 5th. Finally, Piper Sandler increased their target price on Nabors Industries from $130.00 to $145.00 and gave the stock an "overweight" rating in a research note on Tuesday. Two analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $104.14.

Nabors Industries Stock Performance

Shares of NBR opened at $73.35 on Friday. The firm has a market cap of $1.17 billion, a PE ratio of -15.77 and a beta of 1.09. Nabors Industries has a 12 month low of $44.04 and a 12 month 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 stock has a fifty day moving average price of $83.65 and a 200-day moving average price of $84.54.

Nabors Industries (NYSE:NBR - Get Free Report) last announced its earnings results on Wednesday, October 28th. The oil and gas company reported ($1.24) EPS 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 business had revenue of $872.19 million during the quarter, compared to analyst estimates of $859.20 million. The business's revenue was up 6.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $16.85 earnings per share. Equities research analysts predict that Nabors Industries will post -3.87 earnings per share for the current fiscal year.

Insider Buying and Selling at Nabors Industries

In related news, Director David Tudor sold 3,200 shares of the firm's 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 sale, the director owned 5,264 shares of the company's stock, valued at approximately $485,867.20. This trade represents a 37.81% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 5.32% of the company's stock.

Institutional Investors Weigh In On Nabors Industries

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Russell Investments Group Ltd. boosted its stake in shares of Nabors Industries by 20.7% in 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 during the last quarter. Knights of Columbus Asset Advisors LLC grew its stake in shares of Nabors Industries by 0.5% in the third 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 acquiring an additional 137 shares during the period. Allspring Global Investments Holdings LLC increased its holdings in shares of Nabors Industries by 54.3% in 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 during the last quarter. Arlington Capital Management INC lifted its stake in 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 worth $3,012,000 after acquiring an additional 1,128 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. purchased a new stake in Nabors Industries in the third quarter valued at approximately $492,000. 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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