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

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 objective upped by analysts at Susquehanna from $37.00 to $39.00 in a research report issued on Wednesday,Benzinga reports. The firm currently has a "neutral" rating on the oil and gas company's stock. Susquehanna's price target indicates a potential upside of 4.29% from the stock's current price.

A number of other analysts have also recently weighed in on the company. Piper Sandler reaffirmed an "underweight" rating and set a $32.00 price objective (up from $30.00) on shares of Nabors Industries in a research report on Thursday, August 14th. Barclays reaffirmed an "underweight" rating and set a $28.00 price objective (down from $53.00) on shares of Nabors Industries in a research report on Monday, May 19th. Citigroup decreased their price objective on Nabors Industries from $50.00 to $38.00 and set a "neutral" rating for the company in a research report on Tuesday, May 13th. Morgan Stanley decreased their price objective on Nabors Industries from $75.00 to $50.00 and set an "overweight" rating for the company in a research report on Friday, May 16th. Finally, JPMorgan Chase & Co. decreased their price objective on Nabors Industries from $38.00 to $25.00 and set an "underweight" rating for the company in a research report on Wednesday, May 28th. One analyst has rated the stock with a Buy rating, four have issued a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Reduce" and an average target price of $43.00.

Nabors Industries Stock Performance

NYSE:NBR traded up $1.07 during mid-day trading on Wednesday, reaching $37.40. 317,091 shares of the stock were exchanged, compared to its average volume of 558,071. The company has a 50 day simple moving average of $32.84 and a 200-day simple moving average of $33.68. The stock has a market capitalization of $588.50 million, a P/E ratio of -2.66 and a beta of 1.60. 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 1 year low of $23.27 and a 1 year high of $86.10.

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

Institutional Trading of Nabors Industries

Several hedge funds have recently modified their holdings of NBR. Marshall Wace LLP acquired a new stake in shares of Nabors Industries in the 4th quarter valued at approximately $1,042,000. Dimensional Fund Advisors LP lifted its holdings in shares of Nabors Industries by 10.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 289,632 shares of the oil and gas company's stock valued at $16,556,000 after buying an additional 27,849 shares during the period. Price T Rowe Associates Inc. MD lifted its holdings in shares of Nabors Industries by 5.5% in the 4th 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 buying an additional 459 shares during the period. Aquatic Capital Management LLC acquired a new stake in shares of Nabors Industries in the 4th quarter valued at approximately $414,000. Finally, Northern Trust Corp lifted its holdings in shares of Nabors Industries by 9.1% in the 4th quarter. Northern Trust Corp now owns 104,523 shares of the oil and gas company's stock valued at $5,976,000 after buying an additional 8,720 shares during the period. 81.92% of the stock is owned by institutional investors and hedge funds.

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.