Nabors Industries (NYSE:NBR) Trading 9.1% Higher - Should You Buy?

Key Points

• Nabors Industries' shares surged 9.1% in mid-day trading, reaching a high of $45.69, despite a trading volume decline of 50% from its average.
• Equities analysts' ratings are mixed, with one "Buy," four "Hold," and four "Sell," while target prices vary from $32.00 to $55.00, showing divergent expectations on the stock's future performance.
• Nabors reported a quarterly loss of ($2.71) earnings per share, missing consensus estimates, but showed a year-over-year revenue increase of 12.1%, highlighting potential growth despite current challenges.

Shares of Nabors Industries Ltd. (NYSE:NBR - Get Free Report) traded up 9.1% during mid-day trading on Thursday . The stock traded as high as $45.69 and last traded at $45.50. 232,170 shares were traded during mid-day trading, a decline of 50% from the average session volume of 461,254 shares. The stock had previously closed at $41.70.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the stock. Piper Sandler restated an "underweight" rating and issued a $32.00 target price (up previously from $30.00) on shares of Nabors Industries in a report on Thursday, August 14th. Susquehanna upped their target price on Nabors Industries from $37.00 to $39.00 and gave the stock a "neutral" rating in a research report on Wednesday, August 27th. Morgan Stanley set a $55.00 target price on Nabors Industries and gave the stock an "overweight" rating in a research report on Friday, October 17th. Barclays reaffirmed an "underweight" rating and set a $36.00 target price (up from $29.00) on shares of Nabors Industries in a research report on Monday, September 22nd. Finally, Royal Bank Of Canada increased their price target on Nabors Industries from $45.00 to $47.00 and gave the stock a "sector perform" rating in a research note on Thursday, August 21st. One research analyst has rated the stock with a Buy rating, four have assigned a Hold rating and four have assigned a Sell rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Reduce" and an average price target of $44.63.

Nabors Industries Stock Up 9.5%

The company has a current ratio of 1.79, a quick ratio of 1.63 and a debt-to-equity ratio of 4.17. The firm has a market capitalization of $718.61 million, a PE ratio of -3.25 and a beta of 1.46. The stock has a 50 day simple moving average of $39.06 and a 200 day simple moving average of $33.47.

Nabors Industries (NYSE:NBR - Get Free Report) last posted its earnings results on Tuesday, July 29th. The oil and gas company reported ($2.71) earnings per share (EPS) for the quarter, missing the consensus estimate of ($2.05) by ($0.66). Nabors Industries had a negative net margin of 3.51% and a negative return on equity of 35.99%. The business had revenue of $832.79 million for the quarter, compared to analysts' expectations of $857.98 million. During the same period last year, the firm posted ($4.29) earnings per share. Nabors Industries's quarterly revenue was up 12.1% on a year-over-year basis. As a group, sell-side analysts forecast that Nabors Industries Ltd. will post -6.22 earnings per share for the current year.

Insider Buying and Selling

In other Nabors Industries news, major shareholder Varde Partners Inc sold 312,378 shares of the business's stock in a transaction 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 sale, the insider directly owned 1,406,052 shares of the company's stock, valued at approximately $57,704,374.08. The trade was a 18.18% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 5.41% of the company's stock.

Institutional Investors Weigh In On Nabors Industries

Several hedge funds have recently added to or reduced their stakes in NBR. GAMMA Investing LLC boosted its holdings in Nabors Industries by 520.2% in the first quarter. GAMMA Investing LLC now owns 1,073 shares of the oil and gas company's stock worth $45,000 after acquiring an additional 900 shares in the last quarter. SG Americas Securities LLC lifted its holdings in shares of Nabors Industries by 178.7% during the first quarter. SG Americas Securities LLC now owns 6,666 shares of the oil and gas company's stock valued at $278,000 after purchasing an additional 4,274 shares in the last quarter. Y Intercept Hong Kong Ltd bought a new position in shares of Nabors Industries during the first quarter valued at $438,000. Readystate Asset Management LP lifted its holdings in shares of Nabors Industries by 78.2% during the first quarter. Readystate Asset Management LP now owns 40,505 shares of the oil and gas company's stock valued at $1,689,000 after purchasing an additional 17,780 shares in the last quarter. Finally, Federated Hermes Inc. lifted its holdings in shares of Nabors Industries by 23.1% during the first quarter. Federated Hermes Inc. now owns 36,786 shares of the oil and gas company's stock valued at $1,534,000 after purchasing an additional 6,912 shares in the last quarter. 81.92% of the stock is owned by institutional investors.

Nabors Industries Company Profile

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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