Nabors Industries (NYSE:NBR) Lowered to "Hold" Rating by Zacks Research

Key Points

• Zacks Research downgraded Nabors Industries from “strong buy” to “hold.” The broader analyst consensus is also “hold,” with an average price target of $101.14.
• Nabors shares opened at $94.00, with a market capitalization of approximately $1.39 billion and a 52-week trading range of $31.10 to $112.90.
• The company reported a quarterly loss of $2.04 per share on revenue of $814.79 million, while institutional investors own 81.92% of the stock.

Nabors Industries (NYSE:NBR - Get Free Report) was downgraded by research analysts at Zacks Research from a "strong-buy" rating to a "hold" rating in a research note issued on Thursday,Zacks.com reports.

NBR has been the topic of a number of other research reports. Citigroup boosted their price objective on shares of Nabors Industries from $89.00 to $110.00 and gave the stock a "neutral" rating in a report on Friday, May 1st. Piper Sandler reissued an "overweight" rating and issued a $130.00 target price (up from $120.00) on shares of Nabors Industries in a report on Thursday, July 30th. Morgan Stanley reissued an "overweight" rating and issued a $100.00 price objective (up from $80.00) on shares of Nabors Industries in a research note on Wednesday, April 15th. Wall Street Zen downgraded Nabors Industries from a "hold" rating to a "sell" rating in a research report on Saturday, August 1st. Finally, Royal Bank Of Canada upped their price objective on Nabors Industries from $91.00 to $120.00 and gave the company a "sector perform" rating in a research report on Thursday, April 30th. Two research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat, Nabors Industries has a consensus rating of "Hold" and an average target price of $101.14.

Nabors Industries Price Performance

Shares of NBR opened at $94.00 on Thursday. The company has a current ratio of 1.89, a quick ratio of 1.75 and a debt-to-equity ratio of 2.24. The stock's 50 day moving average is $85.46 and its two-hundred day moving average is $84.80. Nabors Industries has a twelve month low of $31.10 and a twelve month high of $112.90. The firm has a market capitalization of $1.39 billion, a PE ratio of 6.99 and a beta of 0.98.

Nabors Industries (NYSE:NBR - Get Free Report) last issued its earnings results on Tuesday, June 30th. The oil and gas company reported ($2.04) earnings per share (EPS) for the quarter. The business had revenue of $814.79 million for the quarter. Nabors Industries had a negative return on equity of 7.06% and a net margin of 7.64%. Research analysts anticipate that Nabors Industries will post -2.96 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Vanguard Group Inc. increased its position in Nabors Industries by 1.6% during the fourth quarter. Vanguard Group Inc. now owns 871,047 shares of the oil and gas company's stock worth $47,298,000 after purchasing an additional 13,424 shares during the last quarter. Lazard Asset Management LLC acquired a new stake in shares of Nabors Industries during the 1st quarter worth $1,094,000. De Lisle Partners LLP purchased a new position in shares of Nabors Industries in the 4th quarter worth $1,542,000. Jennison Associates LLC acquired a new position in Nabors Industries in the fourth quarter valued at $1,029,000. Finally, UBS Group AG grew its position in Nabors Industries by 8.7% during the fourth quarter. UBS Group AG now owns 72,764 shares of the oil and gas company's stock valued at $3,951,000 after acquiring an additional 5,830 shares during the period. 81.92% of the stock is currently owned by hedge funds and other institutional investors.

About Nabors Industries

Nabors Industries Ltd. is a global oil and gas drilling contractor that provides land and offshore drilling rigs, drilling equipment and related services to energy companies around the world. The company's operations span two core segments: drilling and evaluation, which includes land‐based and platform drilling rigs as well as wellbore survey services, and wellbore technologies, offering pressure control equipment, downhole tools and specialized maintenance services. Nabors' integrated model combines rig operations with engineered products and field support, positioning it as a full‐service provider in the upstream sector.

The company maintains a diverse, modern fleet of automated and conventional drilling rigs and has pioneered advanced drilling technologies, including automated drilling controls and managed pressure drilling systems.

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