Nabors Industries (NYSE:NBR) Stock Price Up 6.5% - What's Next?

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) rose 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.

Analyst Ratings Changes

NBR has been the subject of several research reports. Morgan Stanley reduced their price target 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. Piper Sandler initiated coverage on shares of Nabors Industries in a research report on Monday, July 14th. They set an "underweight" rating and a $30.00 price target for the company. Royal Bank Of Canada reduced their price target on shares of Nabors Industries from $47.00 to $45.00 and set a "sector perform" rating for the company in a research report on Thursday, May 1st. JPMorgan Chase & Co. reduced their target price on shares of Nabors Industries from $38.00 to $25.00 and set an "underweight" rating for the company in a report on Wednesday, May 28th. Finally, Citigroup reduced their target price on shares of Nabors Industries from $50.00 to $38.00 and set a "neutral" rating for the company in a report on Tuesday, May 13th. Three equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company's stock. According to MarketBeat, Nabors Industries has an average rating of "Hold" and a consensus price target of $41.63.

Nabors Industries Stock Performance

The firm has a 50-day moving average of $30.55 and a two-hundred day moving average of $38.22. The company has a quick ratio of 1.62, a current ratio of 1.80 and a debt-to-equity ratio of 4.13. The company has a market capitalization of $554.37 million, a PE ratio of -2.26 and a beta of 1.52.

Nabors Industries (NYSE:NBR - Get Free Report) last announced its quarterly earnings results on Tuesday, April 29th. The oil and gas company reported ($7.50) earnings per share for the quarter, missing the consensus estimate of ($2.64) by ($4.86). The company had revenue of $742.78 million for the quarter, compared to analysts' expectations of $706.49 million. Nabors Industries had a negative net margin of 3.66% and a negative return on equity of 38.71%. The firm's revenue was up .3% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($4.54) earnings per share. Research analysts anticipate that Nabors Industries Ltd. will post -6.22 EPS for the current year.

Institutional Trading of Nabors Industries

Institutional investors and hedge funds have recently made changes to their positions in the business. Brigade Capital Management LP purchased a new stake in shares of Nabors Industries during the first quarter worth approximately $37,653,000. Vanguard Group Inc. boosted its stake in Nabors Industries by 2.7% during the fourth quarter. Vanguard Group Inc. now owns 696,155 shares of the oil and gas company's stock worth $39,799,000 after buying an additional 18,017 shares during the last quarter. Adage Capital Partners GP L.L.C. boosted its stake in Nabors Industries by 445.5% during the first quarter. Adage Capital Partners GP L.L.C. now owns 600,000 shares of the oil and gas company's stock worth $25,026,000 after buying an additional 490,000 shares during the last quarter. Apollo Management Holdings L.P. boosted its stake in Nabors Industries by 26.2% during the first quarter. Apollo Management Holdings L.P. now owns 421,836 shares of the oil and gas company's stock worth $17,595,000 after buying an additional 87,552 shares during the last quarter. Finally, American Century Companies Inc. boosted its stake in Nabors Industries by 4.7% during the first quarter. American Century Companies Inc. now owns 299,206 shares of the oil and gas company's stock worth $12,480,000 after buying an additional 13,391 shares during the last quarter. 81.92% of the stock is currently owned by hedge funds and other institutional investors.

Nabors Industries Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.