Nabors Industries (NYSE:NBR) Trading 6.5% Higher - Here's Why

Nabors Industries Ltd. (NYSE:NBR - Get Free Report)'s stock price traded up 6.5% during mid-day trading on Monday . The stock traded as high as $31.68 and last traded at $32.09. 30,915 shares traded hands during mid-day trading, a decline of 92% from the average session volume of 375,228 shares. The stock had previously closed at $30.12.

Analysts Set New Price Targets

Several research analysts have recently commented on NBR shares. JPMorgan Chase & Co. reduced their price target on Nabors Industries from $38.00 to $25.00 and set an "underweight" rating on the stock in a report on Wednesday, May 28th. Citigroup reduced their target price on shares of Nabors Industries from $50.00 to $38.00 and set a "neutral" rating on the stock in a research note on Tuesday, May 13th. Morgan Stanley dropped 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 note on Friday, May 16th. Susquehanna cut their price target on shares of Nabors Industries from $32.00 to $29.00 and set a "neutral" rating for the company in a report on Thursday, May 1st. Finally, Royal Bank of Canada decreased their price objective on Nabors Industries from $47.00 to $45.00 and set a "sector perform" rating on the stock in a report on Thursday, May 1st. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $42.86.

Nabors Industries Stock Up 6.8%

The stock has a market cap of $504.91 million, a PE ratio of -1.45 and a beta of 1.52. The business has a 50 day moving average of $28.87 and a 200-day moving average of $45.92. The company has a current ratio of 1.75, a quick ratio of 1.52 and a debt-to-equity ratio of 5.95.

Nabors Industries (NYSE:NBR - Get Free Report) last announced its earnings results on Tuesday, April 29th. The oil and gas company reported ($7.50) EPS for the quarter, missing analysts' consensus estimates of ($2.64) by ($4.86). The business had revenue of $742.78 million during the quarter, compared to analyst estimates of $706.49 million. Nabors Industries had a negative net margin of 5.93% and a negative return on equity of 32.96%. The business's revenue was up .3% compared to the same quarter last year. During the same period in the previous year, the firm earned ($4.54) earnings per share. Equities research analysts predict that Nabors Industries Ltd. will post -6.22 EPS for the current fiscal year.

Institutional Investors Weigh In On Nabors Industries

Hedge funds have recently made changes to their positions in the business. Brigade Capital Management LP acquired a new position in Nabors Industries in the 1st quarter valued at about $37,653,000. Adage Capital Partners GP L.L.C. raised its stake in shares of 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 purchasing an additional 490,000 shares during the last quarter. Barings LLC purchased a new stake in shares of Nabors Industries during the first quarter worth approximately $8,864,000. Miller Value Partners LLC lifted its holdings in shares of Nabors Industries by 99.5% during the fourth quarter. Miller Value Partners LLC now owns 281,195 shares of the oil and gas company's stock worth $16,076,000 after purchasing an additional 140,230 shares during the period. Finally, Two Sigma Investments LP grew its position in Nabors Industries by 300.7% in the 4th quarter. Two Sigma Investments LP now owns 90,686 shares of the oil and gas company's stock valued at $5,185,000 after buying an additional 135,877 shares during the last quarter. Institutional investors and hedge funds 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.

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