Nabors Industries Ltd. (NYSE:NBR) Given Consensus Recommendation of "Reduce" by Brokerages

Key Points

• Nabors Industries Ltd. has been given a consensus rating of "Reduce" by eight research firms, with three analysts recommending a sell and one a buy.
• The company's recent earnings report showed a loss of $2.71 per share, which was worse than the expected loss of $2.05, despite a 12.1% increase in revenue year-over-year.
• Recent transactions revealed that major shareholder Varde Partners Inc. sold over 312,000 shares, reducing their stake by 18.18% and indicating potential concerns about the stock's performance.

Nabors Industries Ltd. (NYSE:NBR - Get Free Report) has received a consensus rating of "Reduce" from the eight research firms that are currently covering the company, MarketBeat reports. Three analysts have rated the stock with a sell recommendation, four have issued a hold recommendation and one has given a buy recommendation to the company. The average 1-year price target among analysts that have covered the stock in the last year is $44.00.

NBR has been the subject of several research reports. Piper Sandler reissued an "underweight" rating and issued a $32.00 price target (up previously from $30.00) on shares of Nabors Industries in a research report on Thursday, August 14th. Barclays reissued an "underweight" rating and issued a $36.00 price target (up previously from $29.00) on shares of Nabors Industries in a research report on Monday, September 22nd. Royal Bank Of Canada lifted their price target on shares of Nabors Industries from $45.00 to $47.00 and gave the company a "sector perform" rating in a research report on Thursday, August 21st. Finally, Susquehanna lifted their price target on shares of Nabors Industries from $37.00 to $39.00 and gave the company a "neutral" rating in a research report on Wednesday, August 27th.

Nabors Industries Stock Performance

NYSE:NBR opened at $41.67 on Thursday. The company has a fifty day moving average of $36.88 and a 200-day moving average of $33.52. The firm has a market capitalization of $655.85 million, a P/E ratio of -2.96 and a beta of 1.46. The company has a quick ratio of 1.63, a current ratio of 1.79 and a debt-to-equity ratio of 4.17. Nabors Industries has a twelve month low of $23.27 and a twelve month high of $86.10.

Nabors Industries (NYSE:NBR - Get Free Report) last released its quarterly earnings data on Tuesday, July 29th. The oil and gas company reported ($2.71) earnings per share for the quarter, missing the consensus estimate of ($2.05) by ($0.66). Nabors Industries had a negative net margin of 3.51% and a negative return on equity of 35.99%. The company had revenue of $832.79 million during the quarter, compared to the consensus estimate of $857.98 million. During the same quarter in the prior year, the firm earned ($4.29) EPS. The business's revenue was up 12.1% compared to the same quarter last year. As a group, sell-side analysts anticipate that Nabors Industries will post -6.22 EPS for the current year.

Insider Transactions at Nabors Industries

In other Nabors Industries news, major shareholder Varde Partners Inc sold 312,378 shares of Nabors Industries stock in a transaction on Thursday, September 11th. The shares were sold at an average price of $41.04, for a total transaction of $12,819,993.12. Following the transaction, the insider directly owned 1,406,052 shares of the company's stock, valued at $57,704,374.08. The trade was a 18.18% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 5.41% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Nabors Industries

A number of hedge funds have recently bought and sold shares of the company. Brigade Capital Management LP purchased a new position in Nabors Industries during the 1st quarter worth $37,653,000. Adage Capital Partners GP L.L.C. boosted its holdings in Nabors Industries by 25.0% during the 2nd quarter. Adage Capital Partners GP L.L.C. now owns 750,000 shares of the oil and gas company's stock worth $21,015,000 after acquiring an additional 150,000 shares during the last quarter. Apollo Management Holdings L.P. boosted its holdings in Nabors Industries by 54.2% during the 2nd quarter. Apollo Management Holdings L.P. now owns 650,623 shares of the oil and gas company's stock worth $18,230,000 after acquiring an additional 228,787 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Nabors Industries by 59.5% during the 2nd quarter. Geode Capital Management LLC now owns 338,566 shares of the oil and gas company's stock worth $9,488,000 after acquiring an additional 126,243 shares during the last quarter. Finally, American Century Companies Inc. boosted its holdings in Nabors Industries by 7.6% during the 2nd quarter. American Century Companies Inc. now owns 321,800 shares of the oil and gas company's stock worth $9,017,000 after acquiring an additional 22,594 shares during the last quarter. 81.92% of the stock is owned by hedge funds and other institutional investors.

About Nabors Industries

Nabors Industries Ltd. provides drilling and drilling-related services for land-based and offshore oil and natural gas wells in the United States and internationally. The company operates through four segments: U.S. Drilling, International Drilling, Drilling Solutions, and Rig Technologies. It provides tubular running services, including casing and tubing running, and torque monitoring; managed pressure drilling services; and drilling-bit steering systems and rig instrumentation software.

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