Nabors Industries (NYSE:NBR) Stock Price Up 8.4% - Here's What Happened

Key Points

• Nabors Industries shares rose 8.4% to approximately $88.46 in mid-day trading, although trading volume was 92% below the stock’s average daily volume.
• Analyst sentiment remains moderately positive, with a consensus “Moderate Buy” rating and an average price target of $101.14; individual targets range from $85 to $130.
• The company reported a quarterly loss of $2.04 per share on $814.79 million in revenue, while institutional investors own approximately 81.92% of its outstanding stock.

Shares of Nabors Industries Ltd. (NYSE:NBR - Get Free Report) were up 8.4% on Monday . The company traded as high as $87.72 and last traded at $88.4550. Approximately 27,317 shares changed hands during mid-day trading, a decline of 92% from the average daily volume of 340,652 shares. The stock had previously closed at $81.59.

Analysts Set New Price Targets

NBR has been the topic of a number of recent research reports. Susquehanna decreased their price target on shares of Nabors Industries from $105.00 to $85.00 and set a "neutral" rating on the stock in a research note on Wednesday, July 8th. Weiss Ratings reissued a "hold (c-)" rating on shares of Nabors Industries in a research note on Friday, July 31st. Piper Sandler restated an "overweight" rating and set a $130.00 target price (up from $120.00) on shares of Nabors Industries in a research report on Thursday, July 30th. Citigroup increased their price target on shares of Nabors Industries from $89.00 to $110.00 and gave the company a "neutral" rating in a report on Friday, May 1st. Finally, Zacks Research upgraded Nabors Industries from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, July 15th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and five have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $101.14.

Nabors Industries Stock Up 8.1%

The company has a debt-to-equity ratio of 2.24, a quick ratio of 1.75 and a current ratio of 1.89. The company's fifty day moving average price is $85.99 and its 200-day moving average price is $84.02. The stock has a market cap of $1.31 billion, a P/E ratio of 6.53 and a beta of 0.98.

Nabors Industries (NYSE:NBR - Get Free Report) last posted its quarterly earnings data on Tuesday, June 30th. The oil and gas company reported ($2.04) earnings per share for the quarter. Nabors Industries had a negative return on equity of 7.06% and a net margin of 7.64%.The firm had revenue of $814.79 million during the quarter. Equities analysts forecast that Nabors Industries Ltd. will post -2.96 EPS for the current year.

Institutional Trading of Nabors Industries

A number of hedge funds and other institutional investors have recently bought and sold shares of NBR. Optiver Holding B.V. purchased a new stake in shares of Nabors Industries during the first quarter valued at $309,000. Bank of America Corp DE increased its stake in Nabors Industries by 191.8% in the 1st quarter. Bank of America Corp DE now owns 151,922 shares of the oil and gas company's stock worth $13,074,000 after buying an additional 99,852 shares during the period. EverSource Wealth Advisors LLC lifted its holdings in Nabors Industries by 29.3% during the 1st quarter. EverSource Wealth Advisors LLC now owns 622 shares of the oil and gas company's stock valued at $54,000 after buying an additional 141 shares in the last quarter. Royal Bank of Canada lifted its holdings in Nabors Industries by 11.6% during the 1st quarter. Royal Bank of Canada now owns 58,099 shares of the oil and gas company's stock valued at $5,000,000 after buying an additional 6,057 shares in the last quarter. Finally, Empowered Funds LLC boosted its position in Nabors Industries by 41.6% in the 1st quarter. Empowered Funds LLC now owns 65,665 shares of the oil and gas company's stock valued at $5,651,000 after buying an additional 19,286 shares during the period. Hedge funds and other institutional investors own 81.92% of the company's stock.

Nabors Industries Company Profile

Nabors Industries Ltd. is a global oil and gas drilling contractor that provides land and offshore drilling rigs, drilling equipment and related services to energy companies around the world. The company's operations span two core segments: drilling and evaluation, which includes land‐based and platform drilling rigs as well as wellbore survey services, and wellbore technologies, offering pressure control equipment, downhole tools and specialized maintenance services. Nabors' integrated model combines rig operations with engineered products and field support, positioning it as a full‐service provider in the upstream sector.

The company maintains a diverse, modern fleet of automated and conventional drilling rigs and has pioneered advanced drilling technologies, including automated drilling controls and managed pressure drilling systems.

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