Nabors Industries (NYSE:NBR) Trading Up 3.8% - Time to Buy?

Nabors Industries Ltd. (NYSE:NBR - Get Free Report)'s stock price traded up 3.8% on Monday . The stock traded as high as $32.76 and last traded at $32.35. 123,235 shares changed hands during trading, a decline of 72% from the average session volume of 445,198 shares. The stock had previously closed at $31.16.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the stock. Susquehanna lifted their target price on shares of Nabors Industries from $29.00 to $32.00 and gave the company a "neutral" rating in a report on Tuesday, July 1st. Citigroup cut their price objective on shares of Nabors Industries from $50.00 to $38.00 and set a "neutral" rating on the stock in a report on Tuesday, May 13th. JPMorgan Chase & Co. cut their price objective on shares of Nabors Industries from $38.00 to $25.00 and set an "underweight" rating on the stock in a report on Wednesday, May 28th. Morgan Stanley cut their price objective on shares of Nabors Industries from $75.00 to $50.00 and set an "overweight" rating on the stock in a report on Friday, May 16th. Finally, Barclays reiterated an "underweight" rating and issued a $28.00 price objective (down previously from $53.00) on shares of Nabors Industries in a report on Monday, May 19th. Two 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. According to MarketBeat.com, Nabors Industries presently has an average rating of "Hold" and a consensus price target of $43.29.

Nabors Industries Trading Up 0.9%

The company has a current ratio of 1.80, a quick ratio of 1.62 and a debt-to-equity ratio of 4.13. The firm has a market cap of $544.55 million, a PE ratio of -2.22 and a beta of 1.52. The company's 50-day moving average is $29.72 and its 200 day moving average is $40.55.

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) EPS for the quarter, missing the consensus estimate of ($2.64) by ($4.86). Nabors Industries had a negative return on equity of 38.71% and a negative net margin of 3.66%. The business had revenue of $742.78 million for the quarter, compared to analyst estimates of $706.49 million. During the same quarter last year, the company earned ($4.54) EPS. The business's revenue for the quarter was up .3% compared to the same quarter last year. As a group, sell-side analysts predict that Nabors Industries Ltd. will post -6.22 EPS for the current year.

Hedge Funds Weigh In On Nabors Industries

A number of hedge funds and other institutional investors have recently made changes to their positions in NBR. Public Employees Retirement System of Ohio acquired a new stake in shares of Nabors Industries during the 4th quarter worth about $36,000. US Bancorp DE increased its position in shares of Nabors Industries by 234.9% during the 4th quarter. US Bancorp DE now owns 720 shares of the oil and gas company's stock worth $41,000 after purchasing an additional 505 shares in the last quarter. GAMMA Investing LLC increased 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 worth $45,000 after purchasing an additional 900 shares in the last quarter. Russell Investments Group Ltd. increased its position in shares of Nabors Industries by 3,866.7% during the 1st quarter. Russell Investments Group Ltd. now owns 1,309 shares of the oil and gas company's stock worth $55,000 after purchasing an additional 1,276 shares in the last quarter. Finally, KLP Kapitalforvaltning AS acquired a new stake in shares of Nabors Industries during the 4th quarter worth about $97,000. 81.92% of the stock is owned by institutional investors.

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.