Nabors Industries (NYSE:NBR) Price Target Cut to $88.00 by Analysts at Barclays

Nabors Industries (NYSE:NBR) had its target price trimmed by Barclays from $110.00 to $88.00 in a research report report published on Wednesday, Benzinga reports. The firm currently has an equal weight rating on the oil and gas company’s stock.

A number of other research firms also recently issued reports on NBR. Citigroup downgraded shares of Nabors Industries from a “buy” rating to a “neutral” rating and decreased their price target for the company from $110.00 to $75.00 in a research note on Friday, September 13th. Royal Bank of Canada restated a “sector perform” rating and issued a $102.00 target price on shares of Nabors Industries in a report on Wednesday. Seven investment analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to data from MarketBeat.com, Nabors Industries currently has a consensus rating of “Hold” and an average target price of $98.80.

Nabors Industries Stock Up 0.8 %

NBR opened at $75.39 on Wednesday. The company has a market capitalization of $806.82 million, a PE ratio of -5.46 and a beta of 2.11. The firm has a 50-day simple moving average of $73.98 and a two-hundred day simple moving average of $75.75. The company has a quick ratio of 1.57, a current ratio of 1.82 and a debt-to-equity ratio of 5.01. Nabors Industries has a 52 week low of $59.67 and a 52 week high of $127.56.

Nabors Industries (NYSE:NBR) last announced its quarterly earnings results on Tuesday, July 23rd. The oil and gas company reported ($4.29) EPS for the quarter, missing analysts’ consensus estimates of ($1.77) by ($2.52). Nabors Industries had a negative net margin of 4.73% and a negative return on equity of 28.10%. The firm had revenue of $742.98 million for the quarter, compared to the consensus estimate of $737.91 million. During the same period in the previous year, the company posted ($2.26) earnings per share. Nabors Industries’s quarterly revenue was down 4.6% on a year-over-year basis. Analysts forecast that Nabors Industries will post -12.24 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Nabors Industries

Several institutional investors have recently made changes to their positions in the company. nVerses Capital LLC purchased a new stake in Nabors Industries in the 3rd quarter worth about $45,000. Russell Investments Group Ltd. raised its holdings in shares of Nabors Industries by 2,022.2% in the first quarter. Russell Investments Group Ltd. now owns 764 shares of the oil and gas company’s stock worth $67,000 after buying an additional 728 shares during the period. GAMMA Investing LLC lifted its stake in shares of Nabors Industries by 29.1% during the 1st quarter. GAMMA Investing LLC now owns 1,474 shares of the oil and gas company’s stock worth $127,000 after acquiring an additional 332 shares during the last quarter. SG Americas Securities LLC purchased a new position in Nabors Industries during the 2nd quarter valued at $159,000. Finally, The Manufacturers Life Insurance Company grew its position in Nabors Industries by 5.3% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 3,567 shares of the oil and gas company’s stock valued at $254,000 after acquiring an additional 181 shares during the last quarter. Institutional investors own 81.92% of the company’s stock.

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.