Nabors Industries (NYSE:NBR) Shares Gap Up - Time to Buy?

Key Points

• Nabors Industries shares opened higher, rising from a prior close of $90.54 to $92.95 before last trading at $89.10. The stock has a $1.43 billion market capitalization and trades at a price-to-earnings ratio of 6.67.
• Analyst sentiment remains cautious, with a consensus “Hold” rating from two Buy and six Hold recommendations. The average price target is $102.57, though individual targets range from $85 to $130.
• The company reported a quarterly loss of $2.04 per share on $814.79 million in revenue, and analysts expect a full-year loss of $3.69 per share. Institutional investors own 81.92% of the stock, while an insider recently sold 3,200 shares.

Nabors Industries Ltd. (NYSE:NBR - Get Free Report)'s share price gapped up before the market opened on Thursday . The stock had previously closed at $90.54, but opened at $92.95. Nabors Industries shares last traded at $89.10, with a volume of 14,115 shares changing hands.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the stock. Weiss Ratings raised shares of Nabors Industries from a "hold (c-)" rating to a "hold (c)" rating in a report on Thursday, August 13th. Zacks Research lowered shares of Nabors Industries from a "strong-buy" rating to a "hold" rating in a research note on Thursday, August 13th. Susquehanna decreased their price target on Nabors Industries from $105.00 to $85.00 and set a "neutral" rating for the company in a research note on Wednesday, July 8th. Piper Sandler restated an "overweight" rating and set a $130.00 price objective (up from $120.00) on shares of Nabors Industries in a research note on Thursday, July 30th. Finally, Wall Street Zen downgraded Nabors Industries from a "hold" rating to a "sell" rating in a report on Saturday, August 1st. Two research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $102.57.

Nabors Industries Price Performance

The company has a debt-to-equity ratio of 2.24, a quick ratio of 1.75 and a current ratio of 1.89. The business's 50 day simple moving average is $86.12 and its 200-day simple moving average is $87.83. The stock has a market capitalization of $1.43 billion, a price-to-earnings ratio of 6.67 and a beta of 1.00.

Nabors Industries (NYSE:NBR - Get Free Report) last issued its quarterly earnings results on Tuesday, June 30th. The oil and gas company reported ($2.04) earnings per share for the quarter. Nabors Industries had a negative return on equity of 7.06% and a net margin of 7.64%.The company had revenue of $814.79 million during the quarter. Research analysts anticipate that Nabors Industries Ltd. will post -3.69 earnings per share for the current year.

Insider Transactions at Nabors Industries

In related news, Director David Tudor sold 3,200 shares of Nabors Industries stock in a transaction dated Friday, August 28th. The stock was sold at an average price of $92.30, for a total transaction of $295,360.00. Following the transaction, the director directly owned 5,264 shares of the company's stock, valued at $485,867.20. The trade was a 37.81% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 5.32% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Nabors Industries

A number of institutional investors have recently bought and sold shares of the stock. Bank of America Corp DE boosted its position in Nabors Industries by 191.8% during the first quarter. Bank of America Corp DE now owns 151,922 shares of the oil and gas company's stock valued at $13,074,000 after purchasing an additional 99,852 shares during the last quarter. Vanguard Group Inc. increased its position in Nabors Industries by 1.6% in the 4th quarter. Vanguard Group Inc. now owns 871,047 shares of the oil and gas company's stock worth $47,298,000 after purchasing an additional 13,424 shares during the last quarter. Renaissance Technologies LLC increased its position in Nabors Industries by 236.0% in the 1st quarter. Renaissance Technologies LLC now owns 16,800 shares of the oil and gas company's stock worth $1,446,000 after purchasing an additional 11,800 shares during the last quarter. Lazard Asset Management LLC purchased a new stake in shares of Nabors Industries during the 1st quarter worth about $1,094,000. Finally, De Lisle Partners LLP purchased a new stake in shares of Nabors Industries during the 4th quarter worth about $1,542,000. Hedge funds and other institutional investors own 81.92% of the company's stock.

About Nabors Industries

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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