Nabors Industries (NYSE:NBR) Releases Quarterly Earnings Results, Misses Expectations By $0.66 EPS

Key Points

• Nabors Industries reported a quarterly loss of ($2.71) EPS, missing analysts' expectations of ($1.45) EPS by $1.26.
• Following the earnings announcement, Nabors Industries' stock price fell 4.7%, trading at $33.63 per share.
• Analyst ratings for Nabors Industries are mixed, with three sell ratings, four hold ratings, and one buy rating, while the average target price is $41.63.

Nabors Industries (NYSE:NBR - Get Free Report) released its quarterly earnings data on Tuesday. The oil and gas company reported ($2.71) EPS for the quarter, missing the consensus estimate of ($2.05) by ($0.66), Zacks reports. The company had revenue of $832.79 million during the quarter, compared to analyst estimates of $857.98 million. Nabors Industries had a negative net margin of 3.51% and a negative return on equity of 35.99%. Nabors Industries's revenue for the quarter was up 12.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($4.29) earnings per share.

Nabors Industries Price Performance

NBR stock traded down $3.13 during midday trading on Friday, reaching $31.65. The company had a trading volume of 491,348 shares, compared to its average volume of 503,884. Nabors Industries has a 1-year low of $23.27 and a 1-year high of $90.32. The stock has a 50 day moving average price of $31.33 and a 200-day moving average price of $37.55. The company has a debt-to-equity ratio of 4.17, a current ratio of 1.79 and a quick ratio of 1.62. The company has a market capitalization of $496.91 million, a price-to-earnings ratio of -2.25 and a beta of 1.51.

Hedge Funds Weigh In On Nabors Industries

An institutional investor recently raised its position in Nabors Industries stock. Dynamic Technology Lab Private Ltd increased its position in shares of Nabors Industries Ltd. (NYSE:NBR - Free Report) by 11.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 5,540 shares of the oil and gas company's stock after acquiring an additional 570 shares during the period. Dynamic Technology Lab Private Ltd owned about 0.06% of Nabors Industries worth $231,000 as of its most recent filing with the Securities and Exchange Commission. Institutional investors and hedge funds own 81.92% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages recently commented on NBR. Piper Sandler began coverage on shares of Nabors Industries in a report on Monday, July 14th. They set an "underweight" rating and a $30.00 target price for the company. JPMorgan Chase & Co. reduced their price objective on Nabors Industries from $38.00 to $25.00 and set an "underweight" rating for the company in a report on Wednesday, May 28th. Royal Bank Of Canada dropped their price target on Nabors Industries from $47.00 to $45.00 and set a "sector perform" rating for the company in a report on Thursday, May 1st. Morgan Stanley decreased their price objective on Nabors Industries from $75.00 to $50.00 and set an "overweight" rating on the stock in a report on Friday, May 16th. Finally, Barclays reissued an "underweight" rating and set a $28.00 target price (down previously from $53.00) on shares of Nabors Industries in a report on Monday, May 19th. Three research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $41.63.

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.