Nabors Industries (NYSE:NBR) Announces Earnings Results, Misses Expectations By $1.10 EPS

Key Points

• Nabors Industries reported an adjusted loss of $1.24 per share, missing analysts’ estimate of a $0.14 loss by $1.10. Quarterly revenue reached $872.19 million, exceeding expectations of $859.20 million.
• The stock fell 1.3% to $81.19 in midday trading, while the company reported a $1.30 billion market capitalization and a debt-to-equity ratio of 2.24.
• Analysts maintain a consensus “Hold” rating with an average price target of $103.43; targets range from $93 to $130. A company director also sold 3,200 shares, reducing his ownership by 37.81%.

Nabors Industries (NYSE:NBR - Get Free Report) posted its quarterly earnings data on Tuesday. The oil and gas company reported ($1.24) earnings per share for the quarter, missing analysts' consensus estimates of ($0.14) by ($1.10), FiscalAI reports. The company had revenue of $872.19 million during the quarter, compared to analyst estimates of $859.20 million. Nabors Industries had a net margin of 7.64% and a negative return on equity of 7.06%.

Nabors Industries Stock Down 1.3%

NBR traded down $1.10 during midday trading on Tuesday, reaching $81.19. 240,914 shares of the company were exchanged, compared to its average volume of 305,569. The company has a debt-to-equity ratio of 2.24, a quick ratio of 1.75 and a current ratio of 1.89. The company's fifty day moving average price is $85.34 and its 200 day moving average price is $83.66. The company has a market cap of $1.30 billion, a price-to-earnings ratio of 6.04 and a beta of 1.11. Nabors Industries has a one year low of $44.04 and a one year high of $112.90.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on NBR shares. Weiss Ratings upgraded Nabors Industries from a "hold (c-)" rating to a "hold (c)" rating in a research report on Thursday, August 13th. Morgan Stanley set a $110.00 target price on shares of Nabors Industries in a research report on Thursday, August 20th. Zacks Research lowered shares of Nabors Industries from a "strong-buy" rating to a "hold" rating in a report on Thursday, August 13th. Piper Sandler restated an "overweight" rating and issued a $130.00 price target (up from $120.00) on shares of Nabors Industries in a research report on Thursday, July 30th. Finally, Barclays set a $93.00 price objective on shares of Nabors Industries and gave the stock an "equal weight" rating in a research report on Wednesday, August 5th. Two equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $103.43.

Insider Buying and Selling at Nabors Industries

In related news, Director David Tudor sold 3,200 shares of the company's stock in a transaction 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 completion of the sale, the director owned 5,264 shares in the company, valued at approximately $485,867.20. This represents a 37.81% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 5.32% of the stock is owned by corporate insiders.

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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