Wall Street Zen Downgrades Nabors Industries (NYSE:NBR) to Sell

Key Points

• Wall Street Zen downgraded Nabors Industries to “sell” from “hold,” although the broader analyst consensus remains “Moderate Buy” with a $102 average price target.
• Nabors opened at $85.28, with shares trading between a 52-week low of $30.90 and high of $112.90; the company reported a quarterly loss of $2.04 per share on $814.79 million in revenue.
• Institutional investors increased their positions, and funds now own approximately 81.92% of Nabors’ outstanding stock.

Nabors Industries (NYSE:NBR - Get Free Report) was downgraded by equities research analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a research report issued to clients and investors on Saturday.

Other research analysts also recently issued reports about the company. Barclays raised Nabors Industries from an "underweight" rating to an "equal weight" rating and upped their target price for the stock from $65.00 to $99.00 in a research note on Thursday, May 7th. Morgan Stanley reissued an "overweight" rating and issued a $100.00 price target (up from $80.00) on shares of Nabors Industries in a report on Wednesday, April 15th. Susquehanna reduced their price objective on shares of Nabors Industries from $105.00 to $85.00 and set a "neutral" rating for the company in a research report on Wednesday, July 8th. Citigroup upped their price objective on shares of Nabors Industries from $89.00 to $110.00 and gave the stock a "neutral" rating in a research report on Friday, May 1st. Finally, Piper Sandler reaffirmed an "overweight" rating and set a $130.00 price objective (up from $120.00) on shares of Nabors Industries in a report on Thursday. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and five have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $102.00.

Nabors Industries Price Performance

NYSE:NBR opened at $85.28 on Friday. The company has a quick ratio of 1.82, a current ratio of 1.89 and a debt-to-equity ratio of 2.24. Nabors Industries has a 52 week low of $30.90 and a 52 week high of $112.90. The stock's 50-day moving average price is $87.61 and its 200-day moving average price is $83.16. The stock has a market capitalization of $1.26 billion, a PE ratio of 6.35 and a beta of 0.96.

Nabors Industries (NYSE:NBR - Get Free Report) last released 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 business had revenue of $814.79 million during the quarter. As a group, equities analysts expect that Nabors Industries will post -2.96 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of NBR. Optiver Holding B.V. acquired a new position in shares of Nabors Industries during the 1st quarter valued at about $309,000. Bank of America Corp DE raised its stake 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 worth $13,074,000 after purchasing an additional 99,852 shares during the period. EverSource Wealth Advisors LLC raised its stake in Nabors Industries by 29.3% during the first quarter. EverSource Wealth Advisors LLC now owns 622 shares of the oil and gas company's stock worth $54,000 after purchasing an additional 141 shares during the period. Royal Bank of Canada boosted its holdings in Nabors Industries by 11.6% in the 1st quarter. Royal Bank of Canada now owns 58,099 shares of the oil and gas company's stock valued at $5,000,000 after purchasing an additional 6,057 shares during the last quarter. Finally, Empowered Funds LLC boosted its holdings in Nabors Industries by 41.6% in the 1st quarter. Empowered Funds LLC now owns 65,665 shares of the oil and gas company's stock valued at $5,651,000 after purchasing an additional 19,286 shares during the last quarter. Hedge funds and other institutional investors own 81.92% of the company's stock.

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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