Nabors Industries (NYSE:NBR) Issues Quarterly Earnings Results

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) posted its quarterly earnings results 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. Nabors Industries had a negative net margin of 3.66% and a negative return on equity of 38.71%. The business had revenue of $832.79 million during the quarter, compared to analyst estimates of $857.98 million. During the same period last year, the firm posted ($4.29) earnings per share. The company's quarterly revenue was up 12.1% on a year-over-year basis.

Nabors Industries Stock Down 2.9%

NBR stock traded down $0.96 during trading hours on Wednesday, hitting $32.49. The company's stock had a trading volume of 44,104 shares, compared to its average volume of 452,398. The company has a quick ratio of 1.62, a current ratio of 1.80 and a debt-to-equity ratio of 4.13. The company has a market capitalization of $510.08 million, a PE ratio of -2.08 and a beta of 1.52. Nabors Industries has a 12 month low of $23.27 and a 12 month high of $105.96. The stock has a 50 day moving average price of $30.84 and a two-hundred day moving average price of $38.00.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. Citigroup dropped their price target on shares of Nabors Industries from $50.00 to $38.00 and set a "neutral" rating on the stock in a research report on Tuesday, May 13th. Royal Bank Of Canada lowered their price objective on shares of Nabors Industries from $47.00 to $45.00 and set a "sector perform" rating on the stock in a research note on Thursday, May 1st. Piper Sandler assumed coverage on shares of Nabors Industries in a research note on Monday, July 14th. They issued an "underweight" rating and a $30.00 price objective on the stock. JPMorgan Chase & Co. lowered their price objective on shares of Nabors Industries from $38.00 to $25.00 and set an "underweight" rating on the stock in a research note on Wednesday, May 28th. Finally, Susquehanna lifted their price objective on shares of Nabors Industries from $29.00 to $32.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 1st. Three research analysts have rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $41.63.

Institutional Trading of Nabors Industries

An institutional investor recently raised its position in Nabors Industries stock. Dynamic Technology Lab Private Ltd grew its holdings in Nabors Industries Ltd. (NYSE:NBR - Free Report) by 11.5% in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 5,540 shares of the oil and gas company's stock after buying an additional 570 shares during the quarter. Dynamic Technology Lab Private Ltd owned 0.06% of Nabors Industries worth $231,000 as of its most recent filing with the SEC. Institutional investors and hedge funds own 81.92% of the company's stock.

Nabors Industries Company Profile

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.