Piper Sandler Forecasts Strong Price Appreciation for Nabors Industries (NYSE:NBR) Stock

Key Points

• Piper Sandler raised its price target on Nabors Industries to $120 and maintained an "overweight" rating, implying roughly a 16.6% upside from the prior close.
• Analyst views remain mixed—consensus is a Hold with a $81.38 average target—and the stock trades near $102.95 with a $1.64B market cap, low P/E (~6.2), elevated debt/equity (2.22), a recent quarterly EPS beat, but negative full‑year EPS expectations.

Nabors Industries (NYSE:NBR - Get Free Report) had its price objective increased by analysts at Piper Sandler from $84.00 to $120.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage presently has an "overweight" rating on the oil and gas company's stock. Piper Sandler's price target indicates a potential upside of 16.57% from the stock's previous close.

NBR has been the topic of a number of other reports. Morgan Stanley reiterated an "overweight" rating and issued a $100.00 price objective (up from $80.00) on shares of Nabors Industries in a research note on Wednesday, April 15th. Citigroup upped their price target on Nabors Industries from $85.00 to $89.00 and gave the stock a "neutral" rating in a report on Wednesday, April 1st. Barclays raised their price objective on shares of Nabors Industries from $50.00 to $65.00 and gave the stock an "underweight" rating in a research note on Wednesday, February 25th. Wall Street Zen downgraded shares of Nabors Industries from a "buy" rating to a "hold" rating in a report on Saturday, February 21st. Finally, Royal Bank Of Canada restated a "sector perform" rating and set a $77.00 price objective (up from $70.00) on shares of Nabors Industries in a report on Friday, February 13th. Two research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, Nabors Industries has a consensus rating of "Hold" and a consensus price target of $81.38.

Nabors Industries Stock Down 1.2%

Shares of NBR traded down $1.24 during trading hours on Thursday, reaching $102.95. The company's stock had a trading volume of 134,065 shares, compared to its average volume of 382,891. The company has a quick ratio of 1.47, a current ratio of 1.56 and a debt-to-equity ratio of 2.22. The firm has a market cap of $1.64 billion, a price-to-earnings ratio of 6.24 and a beta of 0.87. The company has a 50 day moving average of $82.09 and a two-hundred day moving average of $64.79. Nabors Industries has a 1-year low of $23.27 and a 1-year high of $105.17.

Nabors Industries (NYSE:NBR - Get Free Report) last released its earnings results on Tuesday, April 28th. The oil and gas company reported ($1.54) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($2.25) by $0.71. Nabors Industries had a net margin of 8.92% and a negative return on equity of 17.63%. The company had revenue of $783.55 million during the quarter, compared to the consensus estimate of $772.38 million. During the same quarter in the prior year, the firm earned $2.18 EPS. The company's revenue was up 6.4% compared to the same quarter last year. As a group, research analysts predict that Nabors Industries will post -5.91 EPS for the current fiscal year.

Hedge Funds Weigh In On Nabors Industries

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. HB Wealth Management LLC purchased a new position in Nabors Industries in the 1st quarter worth about $530,000. AGP Franklin LLC acquired a new stake in shares of Nabors Industries in the 1st quarter valued at $361,000. Invesco Ltd. increased its position in Nabors Industries by 14.6% during the fourth quarter. Invesco Ltd. now owns 80,712 shares of the oil and gas company's stock worth $4,383,000 after buying an additional 10,308 shares during the last quarter. Empowered Funds LLC bought a new position in shares of Nabors Industries during the 4th quarter worth about $2,518,000. Finally, XTX Topco Ltd acquired a new position in shares of Nabors Industries during the fourth quarter valued at about $709,000. 81.92% of the stock is owned by institutional investors.

Nabors Industries Company Profile

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.

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