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 share price dropped 7% on Thursday . The company traded as low as $33.24 and last traded at $33.16. Approximately 299,675 shares traded hands during trading, a decline of 35% from the average daily volume of 461,365 shares. The stock had previously closed at $35.67.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. JPMorgan Chase & Co. decreased their price objective on shares of Nabors Industries from $38.00 to $25.00 and set an "underweight" rating on the stock in a research note on Wednesday, May 28th. Piper Sandler reaffirmed an "underweight" rating and issued a $32.00 target price (up previously from $30.00) on shares of Nabors Industries in a report on Thursday, August 14th. Citigroup lowered their price target 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 upped their price objective on Nabors Industries from $29.00 to $32.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 1st. Finally, Royal Bank Of Canada decreased their target price on Nabors Industries from $47.00 to $45.00 and set a "sector perform" rating on the stock in a research report on Thursday, May 1st. One research analyst has rated the stock with a Buy rating, four have issued a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Reduce" and a consensus target price of $41.88.

Nabors Industries Stock Up 0.3%

The stock has a market capitalization of $498.41 million, a price-to-earnings ratio of -2.25 and a beta of 1.52. The company has a quick ratio of 1.63, a current ratio of 1.79 and a debt-to-equity ratio of 4.17. The stock has a 50 day moving average price of $32.56 and a 200 day moving average price of $34.88.

Nabors Industries (NYSE:NBR - Get Free Report) last released its quarterly earnings data on Tuesday, July 29th. The oil and gas company reported ($2.71) earnings per share (EPS) for the quarter, missing the consensus estimate 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 firm had revenue of $832.79 million during the quarter, compared to analyst estimates of $857.98 million. During the same period in the prior year, the company earned ($4.29) EPS. The business's quarterly revenue was up 12.1% compared to the same quarter last year. As a group, analysts forecast that Nabors Industries Ltd. will post -6.22 EPS for the current year.

Institutional Investors Weigh In On Nabors Industries

Hedge funds have recently added to or reduced their stakes in the business. Public Employees Retirement System of Ohio bought a new position in Nabors Industries during the 4th quarter worth approximately $36,000. GAMMA Investing LLC lifted its position in shares of Nabors Industries by 520.2% during the 1st quarter. GAMMA Investing LLC now owns 1,073 shares of the oil and gas company's stock valued at $45,000 after acquiring an additional 900 shares during the period. Russell Investments Group Ltd. grew its position in Nabors Industries by 3,866.7% in the 1st quarter. Russell Investments Group Ltd. now owns 1,309 shares of the oil and gas company's stock valued at $55,000 after purchasing an additional 1,276 shares during the period. Ameritas Investment Partners Inc. grew its position in Nabors Industries by 58.5% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 1,444 shares of the oil and gas company's stock valued at $40,000 after purchasing an additional 533 shares during the period. Finally, State of Wyoming grew 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 valued at $123,000 after purchasing an additional 500 shares during the period. 81.92% of the stock is currently 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.