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

by · The Markets Daily

Nabors Industries Ltd. (NYSE:NBR – Get Free Report)’s share price gapped up before the market opened on Monday . The stock had previously closed at $73.09, but opened at $75.75. Nabors Industries shares last traded at $75.04, with a volume of 28,186 shares.

Wall Street Analyst Weigh In

Several brokerages have issued reports on NBR. Citigroup downgraded shares of Nabors Industries from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $110.00 to $75.00 in a research report on Friday, September 13th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $102.00 price target on shares of Nabors Industries in a research note on Wednesday, October 16th. Finally, Barclays decreased their price objective on shares of Nabors Industries from $110.00 to $88.00 and set an “equal weight” rating for the company in a research report on Wednesday, October 16th. Seven investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat, Nabors Industries currently has a consensus rating of “Hold” and a consensus price target of $98.80.

Read Our Latest Analysis on Nabors Industries

Nabors Industries Trading Down 4.2 %

The stock has a market capitalization of $764.34 million, a price-to-earnings ratio of -5.17 and a beta of 2.11. The company has a current ratio of 1.82, a quick ratio of 1.57 and a debt-to-equity ratio of 5.01. The firm has a 50-day moving average of $73.47 and a 200 day moving average of $75.36.

Nabors Industries (NYSE:NBR – Get Free Report) last released its 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). The business had revenue of $742.98 million during the quarter, compared to the consensus estimate of $737.91 million. Nabors Industries had a negative return on equity of 28.10% and a negative net margin of 4.73%. The firm’s revenue for the quarter was down 4.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($2.26) earnings per share. As a group, equities analysts predict that Nabors Industries Ltd. will post -12.24 EPS for the current fiscal year.

Institutional Investors Weigh In On Nabors Industries

A number of institutional investors and hedge funds have recently modified their holdings of NBR. Vanguard Group Inc. raised its holdings in Nabors Industries by 5.1% during the 1st quarter. Vanguard Group Inc. now owns 819,113 shares of the oil and gas company’s stock worth $70,550,000 after buying an additional 40,078 shares during the period. Gendell Jeffrey L raised its stake in Nabors Industries by 10.1% during the 1st quarter. Gendell Jeffrey L now owns 436,442 shares of the oil and gas company’s stock valued at $37,591,000 after purchasing an additional 40,141 shares during the period. Apollo Management Holdings L.P. raised its position in Nabors Industries by 64.6% during the first quarter. Apollo Management Holdings L.P. now owns 335,091 shares of the oil and gas company’s stock valued at $28,861,000 after buying an additional 131,490 shares during the period. Dimensional Fund Advisors LP lifted its position in shares of Nabors Industries by 6.2% in the second quarter. Dimensional Fund Advisors LP now owns 289,967 shares of the oil and gas company’s stock worth $20,634,000 after purchasing an additional 16,890 shares in the last quarter. Finally, American Century Companies Inc. increased its stake in Nabors Industries by 20.2% in the 2nd quarter. American Century Companies Inc. now owns 200,250 shares of the oil and gas company’s stock valued at $14,250,000 after buying an additional 33,616 shares during the period. 81.92% of the stock is owned by institutional investors and hedge funds.

Nabors Industries Company Profile

(Get Free Report)

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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