Nabors Industries (NYSE:NBR) Trading 8.5% Higher - Time to Buy?

Key Points

• Nabors Industries' stock price surged 8.5% on Tuesday, reaching a high of $42.09, although trading volume was notably low, declining by 91% from the average.
• Analysts have mixed ratings on Nabors Industries, with one Buy, four Hold, and three Sell ratings, leading to a consensus rating of "Reduce" and a price target of $44.00.
• The company reported a loss of $2.71 EPS in its recent quarterly earnings, missing analyst expectations, even as revenue increased by 12.1% compared to the previous year.

Nabors Industries Ltd. (NYSE:NBR - Get Free Report)'s stock price shot up 8.5% during trading on Tuesday . The company traded as high as $42.01 and last traded at $42.09. 41,227 shares traded hands during mid-day trading, a decline of 91% from the average session volume of 472,730 shares. The stock had previously closed at $38.78.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the company. Barclays restated an "underweight" rating and set a $36.00 target price (up from $29.00) on shares of Nabors Industries in a report on Monday. Piper Sandler restated an "underweight" rating and set a $32.00 price target (up previously from $30.00) on shares of Nabors Industries in a report on Thursday, August 14th. JPMorgan Chase & Co. reduced their price objective on shares of Nabors Industries from $38.00 to $25.00 and set an "underweight" rating on the stock in a research report on Wednesday, May 28th. Susquehanna lifted their price objective on Nabors Industries from $37.00 to $39.00 and gave the company a "neutral" rating in a report on Wednesday, August 27th. Finally, Royal Bank Of Canada lifted their price target on shares of Nabors Industries from $45.00 to $47.00 and gave the stock a "sector perform" rating in a report on Thursday, August 21st. One research analyst has rated the stock with a Buy rating, four have given a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Reduce" and a consensus price target of $44.00.

Nabors Industries Trading Up 7.2%

The company has a debt-to-equity ratio of 4.17, a quick ratio of 1.63 and a current ratio of 1.79. The business has a fifty day moving average price of $35.54 and a 200 day moving average price of $33.37. The company has a market capitalization of $654.64 million, a PE ratio of -2.96 and a beta of 1.60.

Nabors Industries (NYSE:NBR - Get Free Report) last released its quarterly earnings data on Tuesday, July 29th. The oil and gas company reported ($2.71) EPS for the quarter, missing analysts' consensus estimates of ($2.05) by ($0.66). Nabors Industries had a negative return on equity of 35.99% and a negative net margin of 3.51%.The business had revenue of $832.79 million during the quarter, compared to analyst estimates of $857.98 million. During the same period in the prior year, the firm earned ($4.29) EPS. The business's revenue for the quarter was up 12.1% compared to the same quarter last year. Analysts expect that Nabors Industries Ltd. will post -6.22 EPS for the current fiscal year.

Insider Buying and Selling at Nabors Industries

In other Nabors Industries news, major shareholder Varde Partners Inc sold 312,378 shares of Nabors Industries stock in a transaction that occurred on Thursday, September 11th. The stock was sold at an average price of $41.04, for a total value of $12,819,993.12. Following the transaction, the insider directly owned 1,406,052 shares of the company's stock, valued at $57,704,374.08. The trade was a 18.18% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 7.29% of the company's stock.

Institutional Trading of Nabors Industries

Hedge funds have recently modified their holdings of the stock. Brigade Capital Management LP bought a new stake in shares of Nabors Industries during the 1st quarter valued at approximately $37,653,000. Adage Capital Partners GP L.L.C. lifted its position in Nabors Industries by 25.0% during the second quarter. Adage Capital Partners GP L.L.C. now owns 750,000 shares of the oil and gas company's stock valued at $21,015,000 after purchasing an additional 150,000 shares during the last quarter. Apollo Management Holdings L.P. increased its position in Nabors Industries by 54.2% during the 2nd quarter. Apollo Management Holdings L.P. now owns 650,623 shares of the oil and gas company's stock valued at $18,230,000 after purchasing an additional 228,787 shares during the period. Geode Capital Management LLC lifted its stake in shares of Nabors Industries by 59.5% in the second quarter. Geode Capital Management LLC now owns 338,566 shares of the oil and gas company's stock worth $9,488,000 after buying an additional 126,243 shares in the last quarter. Finally, American Century Companies Inc. lifted its position in shares of Nabors Industries by 7.6% during the 2nd quarter. American Century Companies Inc. now owns 321,800 shares of the oil and gas company's stock valued at $9,017,000 after buying an additional 22,594 shares in 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.

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.