Nabors Industries (NYSE:NBR) Shares Down 7% - What's Next?

Key Points

• Nabors Industries' stock dropped 7% during mid-day trading, falling to $33.16, with trading volume significantly below average at 299,675 shares.
• Brokerage analysts have adjusted their price targets for Nabors Industries, with Piper Sandler setting a new target of $32.00, while Barclays lowered theirs from $53.00 to $28.00, indicating a generally negative outlook.
• The company reported a loss of ($2.71) earnings per share for the last quarter, missing estimates, although revenue increased by 12.1% year-over-year.

Nabors Industries Ltd. (NYSE:NBR - Get Free Report)'s stock price traded down 7% during mid-day trading on Thursday . The stock traded as low as $33.24 and last traded at $33.16. 299,675 shares were traded during mid-day trading, a decline of 35% from the average session volume of 461,365 shares. The stock had previously closed at $35.67.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on NBR. Piper Sandler reissued an "underweight" rating and set a $32.00 price objective (up from $30.00) on shares of Nabors Industries in a report on Thursday. Royal Bank Of Canada decreased their price objective on Nabors Industries from $47.00 to $45.00 and set a "sector perform" rating for the company in a report on Thursday, May 1st. Citigroup decreased their price objective on Nabors Industries from $50.00 to $38.00 and set a "neutral" rating for the company in a report on Tuesday, May 13th. Susquehanna boosted their price objective on Nabors Industries from $29.00 to $32.00 and gave the stock a "neutral" rating in a report on Tuesday, July 1st. Finally, Barclays reissued an "underweight" rating and set a $28.00 price objective (down from $53.00) on shares of Nabors Industries in a report on Monday, May 19th. Three investment analysts have rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the company's stock. According to MarketBeat.com, Nabors Industries presently has a consensus rating of "Hold" and a consensus target price of $41.88.

Nabors Industries Stock Down 5.9%

The stock's 50-day moving average price is $32.46 and its two-hundred day moving average price is $35.78. The stock has a market capitalization of $528.55 million, a P/E ratio of -2.39 and a beta of 1.52. The company has a current ratio of 1.79, a quick ratio of 1.63 and a debt-to-equity ratio of 4.17.

Nabors Industries (NYSE:NBR - Get Free Report) last released 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). Nabors Industries had a negative net margin of 3.51% and a negative return on equity of 35.99%. The company had revenue of $832.79 million for the quarter, compared to the consensus estimate of $857.98 million. During the same period in the prior year, the company earned ($4.29) earnings per share. The firm's revenue was up 12.1% on a year-over-year basis. As a group, research analysts expect that Nabors Industries Ltd. will post -6.22 earnings per share for the current fiscal year.

Institutional Trading of Nabors Industries

Several hedge funds and other institutional investors have recently modified their holdings of NBR. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Nabors Industries by 4.6% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 5,233 shares of the oil and gas company's stock valued at $299,000 after acquiring an additional 228 shares during the period. Nebula Research & Development LLC lifted its position in Nabors Industries by 2.5% during the second quarter. Nebula Research & Development LLC now owns 17,697 shares of the oil and gas company's stock valued at $496,000 after purchasing an additional 428 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its position in Nabors Industries by 5.5% during 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. State of Wyoming lifted its position in Nabors Industries by 20.5% in the 1st quarter. State of Wyoming now owns 2,941 shares of the oil and gas company's stock worth $123,000 after buying an additional 500 shares during the last quarter. Finally, Ameritas Investment Partners Inc. boosted its stake in Nabors Industries by 58.5% in the second quarter. Ameritas Investment Partners Inc. now owns 1,444 shares of the oil and gas company's stock worth $40,000 after buying an additional 533 shares in the last quarter. Institutional investors 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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