Nabors Industries (NYSE:NBR) Shares Down 5.3% - Here's What Happened

Key Points

• Nabors Industries' stock price decreased by 5.3% on Wednesday, trading as low as $35.00, with a notable drop in trading volume, down 61% from the average.
• Several analysts have revised their price targets for Nabors Industries, with Citigroup lowering it from $50.00 to $38.00 and JPMorgan cutting it to $25.00, highlighting a mixed outlook with a consensus rating of "Reduce."
• The company reported a quarterly loss of ($2.71) EPS, missing expectations and indicating a negative net margin, despite a year-over-year revenue increase of 12.1% to $832.79 million.

Nabors Industries Ltd. (NYSE:NBR - Get Free Report)'s share price fell 5.3% on Wednesday . The stock traded as low as $35.00 and last traded at $35.12. 184,972 shares were traded during mid-day trading, a decline of 61% from the average session volume of 468,856 shares. The stock had previously closed at $37.08.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. Citigroup cut their price target on Nabors Industries from $50.00 to $38.00 and set a "neutral" rating for the company in a research note on Tuesday, May 13th. JPMorgan Chase & Co. reduced their price objective on Nabors Industries from $38.00 to $25.00 and set an "underweight" rating on the stock in a research note on Wednesday, May 28th. Royal Bank Of Canada increased their target price on Nabors Industries from $45.00 to $47.00 and gave the company a "sector perform" rating in a research report on Thursday, August 21st. Morgan Stanley lowered their price objective on shares of 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, Piper Sandler restated an "underweight" rating and issued a $32.00 target price (up from $30.00) on shares of Nabors Industries in a report on Thursday, August 14th. One investment analyst has rated the stock with a Buy rating, four have assigned a Hold rating and three have issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Reduce" and a consensus price target of $43.00.

Nabors Industries Trading Down 4.8%

The company's 50 day moving average price is $33.12 and its two-hundred day moving average price is $33.63. The firm has a market cap of $555.84 million, a PE ratio of -2.51 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 (NYSE:NBR - Get Free Report) last issued its quarterly earnings results on Tuesday, July 29th. The oil and gas company reported ($2.71) EPS for the quarter, missing the consensus estimate of ($2.05) by ($0.66). The firm had revenue of $832.79 million for the quarter, compared to the consensus estimate of $857.98 million. Nabors Industries had a negative net margin of 3.51% and a negative return on equity of 35.99%. The business's revenue for the quarter was up 12.1% on a year-over-year basis. During the same quarter in the previous year, the company posted ($4.29) earnings per share. As a group, sell-side analysts forecast that Nabors Industries Ltd. will post -6.22 EPS for the current year.

Hedge Funds Weigh In On Nabors Industries

A number of institutional investors have recently modified their holdings of the stock. GAMMA Investing LLC boosted its holdings in shares of Nabors Industries by 520.2% in the first quarter. GAMMA Investing LLC now owns 1,073 shares of the oil and gas company's stock valued at $45,000 after purchasing an additional 900 shares during the period. 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 worth $16,556,000 after buying an additional 27,849 shares during the period. Readystate Asset Management LP grew its position in shares of Nabors Industries by 78.2% during the 1st quarter. Readystate Asset Management LP now owns 40,505 shares of the oil and gas company's stock worth $1,689,000 after buying an additional 17,780 shares in the last quarter. SG Americas Securities LLC increased its stake in shares of Nabors Industries by 178.7% during the first quarter. SG Americas Securities LLC now owns 6,666 shares of the oil and gas company's stock valued at $278,000 after buying an additional 4,274 shares during the period. Finally, Barings LLC bought a new stake in shares of Nabors Industries in the first quarter valued at about $8,864,000. 81.92% of the stock is owned by hedge funds and other institutional investors.

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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