Nabors Industries (NYSE:NBR) Price Target Raised to $39.00

Key Points

• Susquehanna has raised its price target for Nabors Industries from $37 to $39, suggesting a potential upside of 12.52% from its current price with a "neutral" rating.
• Nabors Industries reported a loss of ($2.71) earnings per share last quarter, missing analysts' expectations, and had a revenue of $832.79 million, falling short of estimates by $25.19 million.
• Institutional investors hold 81.92% of Nabors Industries' stock, indicating strong interest from hedge funds and other large investors.

Nabors Industries (NYSE:NBR - Get Free Report) had its price target boosted by Susquehanna from $37.00 to $39.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has a "neutral" rating on the oil and gas company's stock. Susquehanna's target price points to a potential upside of 12.52% from the company's current price.

NBR has been the topic of several other research reports. Morgan Stanley dropped their price objective on shares of Nabors Industries from $75.00 to $50.00 and set an "overweight" rating on the stock in a research note on Friday, May 16th. Royal Bank Of Canada upped their price target on shares of Nabors Industries from $45.00 to $47.00 and gave the stock a "sector perform" rating in a research note on Thursday, August 21st. JPMorgan Chase & Co. dropped their target price on Nabors Industries from $38.00 to $25.00 and set an "underweight" rating on the stock in a research report on Wednesday, May 28th. Piper Sandler reaffirmed an "underweight" rating and issued a $32.00 target price (up from $30.00) on shares of Nabors Industries in a research report on Thursday, August 14th. Finally, Citigroup dropped their price objective on Nabors Industries from $50.00 to $38.00 and set a "neutral" rating on the stock in a report on Tuesday, May 13th. One investment analyst has rated the stock with a Buy rating, four have issued a Hold rating and three have given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Reduce" and an average target price of $43.00.

Nabors Industries Stock Down 3.1%

NYSE:NBR opened at $34.66 on Wednesday. The firm has a market capitalization of $545.56 million, a price-to-earnings ratio of -2.47 and a beta of 1.52. Nabors Industries has a 1-year low of $23.27 and a 1-year high of $86.10. The company has a current ratio of 1.79, a quick ratio of 1.63 and a debt-to-equity ratio of 4.17. The business's fifty day moving average price is $32.64 and its 200 day moving average price is $34.16.

Nabors Industries (NYSE:NBR - Get Free Report) last issued its earnings results on Tuesday, July 29th. The oil and gas company reported ($2.71) earnings per share for the quarter, missing analysts' consensus estimates of ($2.05) by ($0.66). The business 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 company earned ($4.29) EPS. On average, sell-side analysts forecast that Nabors Industries will post -6.22 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Nabors Industries

Several hedge funds and other institutional investors have recently added to or reduced their stakes in NBR. Marshall Wace LLP acquired a new position in Nabors Industries in the 4th quarter valued at $1,042,000. Dimensional Fund Advisors LP grew its position in shares of Nabors Industries by 10.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 289,632 shares of the oil and gas company's stock valued at $16,556,000 after purchasing an additional 27,849 shares during the last quarter. Price T Rowe Associates Inc. MD grew its position in shares of Nabors Industries by 5.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 8,780 shares of the oil and gas company's stock valued at $502,000 after purchasing an additional 459 shares during the last quarter. Aquatic Capital Management LLC acquired a new stake in shares of Nabors Industries in the fourth quarter valued at about $414,000. Finally, Northern Trust Corp grew its position in shares of Nabors Industries by 9.1% in the fourth quarter. Northern Trust Corp now owns 104,523 shares of the oil and gas company's stock valued at $5,976,000 after purchasing an additional 8,720 shares during the last quarter. Institutional investors and hedge funds own 81.92% of the company's stock.

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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