Nabors Industries (NYSE:NBR) Shares Up 6.5% - Here's What Happened

Key Points

• Nabors Industries' stock price increased by 6.5% during trading on Monday, reaching a last traded price of $35.33, despite a significant drop in trading volume compared to its average.
• Recent analyst ratings have resulted in price target reductions for Nabors Industries, with estimates ranging significantly from $25.00 to $50.00, reflecting mixed sentiments about the company's future performance.
• Nabors Industries reported a quarterly loss of ($7.50) EPS, missing expectations and showing a negative net margin, although revenue was slightly above analyst forecasts.

Nabors Industries Ltd. (NYSE:NBR - Get Free Report) was up 6.5% during trading on Monday . The stock traded as high as $35.20 and last traded at $35.33. Approximately 188,311 shares were traded during trading, a decline of 58% from the average daily volume of 449,435 shares. The stock had previously closed at $33.16.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on NBR shares. Barclays reissued an "underweight" rating and set a $28.00 price target (down from $53.00) on shares of Nabors Industries in a research report on Monday, May 19th. Citigroup cut 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 cut 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. Susquehanna raised their price objective on Nabors Industries from $29.00 to $32.00 and gave the company a "neutral" rating in a research report on Tuesday, July 1st. Finally, Royal Bank Of Canada lowered their target price on Nabors Industries from $47.00 to $45.00 and set a "sector perform" rating on the stock in a research note on Thursday, May 1st. Three equities research analysts have rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $41.63.

Nabors Industries Stock Performance

The company has a fifty day moving average of $31.22 and a two-hundred day moving average of $37.77. The company has a debt-to-equity ratio of 4.17, a quick ratio of 1.62 and a current ratio of 1.79. The firm has a market capitalization of $505.73 million, a price-to-earnings ratio of -2.29 and a beta of 1.52.

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

Hedge Funds Weigh In On Nabors Industries

A number of hedge funds have recently added to or reduced their stakes in the stock. Brigade Capital Management LP bought a new position in Nabors Industries during the 1st quarter worth $37,653,000. Vanguard Group Inc. increased its stake in shares of Nabors Industries by 2.7% in the 4th quarter. Vanguard Group Inc. now owns 696,155 shares of the oil and gas company's stock valued at $39,799,000 after purchasing an additional 18,017 shares during the last quarter. Adage Capital Partners GP L.L.C. increased its stake in shares of Nabors Industries by 445.5% in the 1st quarter. Adage Capital Partners GP L.L.C. now owns 600,000 shares of the oil and gas company's stock valued at $25,026,000 after purchasing an additional 490,000 shares during the last quarter. Apollo Management Holdings L.P. increased its stake in shares of Nabors Industries by 26.2% in the 1st quarter. Apollo Management Holdings L.P. now owns 421,836 shares of the oil and gas company's stock valued at $17,595,000 after purchasing an additional 87,552 shares during the last quarter. Finally, American Century Companies Inc. increased its stake in shares of Nabors Industries by 4.7% in the 1st quarter. American Century Companies Inc. now owns 299,206 shares of the oil and gas company's stock valued at $12,480,000 after purchasing an additional 13,391 shares during 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.