Nabors Industries (NYSE:NBR) Stock Rating Upgraded by Zacks Research

Key Points

• Zacks Research upgraded Nabors Industries from “hold” to “strong-buy,” adding to a mixed but generally positive analyst backdrop for the stock.
• Other analysts have recently shifted targets and ratings: RBC and Piper Sandler raised price targets to $120, Morgan Stanley lifted its target to $100, while Susquehanna cut its target to $85. Overall, MarketBeat shows a Moderate Buy consensus with an average target price of $100.57.
• Nabors reported quarterly EPS of -$1.54, beating expectations by $0.95, and revenue of $783.55 million, above estimates and up 6.4% year over year. The stock was trading around $82.78, with institutional investors owning most of the shares.

Nabors Industries (NYSE:NBR - Get Free Report) was upgraded by stock analysts at Zacks Research from a "hold" rating to a "strong-buy" rating in a report issued on Wednesday,Zacks.com reports.

A number of other equities analysts have also weighed in on NBR. Royal Bank Of Canada increased their target price on Nabors Industries from $91.00 to $120.00 and gave the stock a "sector perform" rating in a research note on Thursday, April 30th. Susquehanna reduced their price target on Nabors Industries from $105.00 to $85.00 and set a "neutral" rating for the company in a research note on Wednesday, July 8th. Piper Sandler upped their price objective on Nabors Industries from $84.00 to $120.00 and gave the company an "overweight" rating in a report on Thursday, April 30th. Morgan Stanley reissued an "overweight" rating and set a $100.00 target price (up from $80.00) on shares of Nabors Industries in a report on Wednesday, April 15th. Finally, Weiss Ratings cut shares of Nabors Industries from a "hold (c)" rating to a "hold (c-)" rating in a research report on Monday, May 4th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and five have given a Hold rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $100.57.

Nabors Industries Stock Up 0.4%

Shares of NBR opened at $82.78 on Wednesday. The firm has a market cap of $1.23 billion, a P/E ratio of 6.48 and a beta of 0.96. The company has a debt-to-equity ratio of 2.22, a quick ratio of 1.82 and a current ratio of 1.97. Nabors Industries has a 52 week low of $29.50 and a 52 week high of $112.90. The firm's 50-day simple moving average is $92.40 and its 200 day simple moving average is $81.46.

Nabors Industries (NYSE:NBR - Get Free Report) last issued its quarterly earnings data on Tuesday, April 28th. The oil and gas company reported ($1.54) earnings per share (EPS) for the quarter, topping the consensus estimate of ($2.49) by $0.95. Nabors Industries had a net margin of 7.32% and a negative return on equity of 8.66%. The firm had revenue of $783.55 million during the quarter, compared to the consensus estimate of $769.33 million. During the same period last year, the business posted $2.18 earnings per share. The business's revenue for the quarter was up 6.4% compared to the same quarter last year. On average, analysts forecast that Nabors Industries will post -3.12 earnings per share for the current year.

Hedge Funds Weigh In On Nabors Industries

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. AQR Capital Management LLC increased its position in shares of Nabors Industries by 97.1% in the first quarter. AQR Capital Management LLC now owns 16,770 shares of the oil and gas company's stock worth $699,000 after purchasing an additional 8,260 shares during the period. Dynamic Technology Lab Private Ltd lifted its position in Nabors Industries by 11.5% during the first quarter. Dynamic Technology Lab Private Ltd now owns 5,540 shares of the oil and gas company's stock worth $231,000 after purchasing an additional 570 shares during the period. Cetera Investment Advisers lifted its position in Nabors Industries by 19.1% during the second quarter. Cetera Investment Advisers now owns 8,570 shares of the oil and gas company's stock worth $240,000 after purchasing an additional 1,374 shares during the period. Rhumbline Advisers grew its stake in Nabors Industries by 37.0% during the second quarter. Rhumbline Advisers now owns 28,864 shares of the oil and gas company's stock worth $809,000 after buying an additional 7,799 shares in the last quarter. Finally, Invesco Ltd. increased its holdings in Nabors Industries by 3.3% in the 2nd quarter. Invesco Ltd. now owns 55,830 shares of the oil and gas company's stock valued at $1,564,000 after buying an additional 1,764 shares during the period. 81.92% of the stock is owned by institutional investors and hedge funds.

About Nabors Industries

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.