Nabors Industries (NYSE:NBR – Get Free Report) had its price target reduced by analysts at Evercore ISI from $94.00 to $85.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage presently has an “in-line” rating on the oil and gas company’s stock. Evercore ISI’s price target would indicate a potential upside of 21.43% from the stock’s current price.
A number of other equities analysts have also recently weighed in on NBR. Barclays decreased their price target on Nabors Industries from $110.00 to $88.00 and set an “equal weight” rating for the company in a report on Wednesday, October 16th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $102.00 price target on shares of Nabors Industries in a report on Wednesday, October 16th. Finally, Citigroup downgraded Nabors Industries from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $110.00 to $75.00 in a research note on Friday, September 13th. Eight investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $96.50.
View Our Latest Report on Nabors Industries
Nabors Industries Trading Down 0.2 %
Nabors Industries (NYSE:NBR – Get Free Report) last posted its earnings results on Tuesday, July 23rd. The oil and gas company reported ($4.29) earnings per share for the quarter, missing the consensus estimate 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 business had revenue of $742.98 million for the quarter, compared to analyst estimates of $737.91 million. During the same quarter in the previous year, the firm posted ($2.26) EPS. The business’s revenue was down 4.6% compared to the same quarter last year. Research analysts expect that Nabors Industries will post -12.24 EPS for the current year.
Institutional Trading of Nabors Industries
A number of large investors have recently added to or reduced their stakes in the business. nVerses Capital LLC purchased a new stake in shares of Nabors Industries during the third quarter valued at $45,000. Russell Investments Group Ltd. lifted its stake in Nabors Industries by 2,022.2% during the first quarter. Russell Investments Group Ltd. now owns 764 shares of the oil and gas company’s stock valued at $67,000 after buying an additional 728 shares in the last quarter. Signaturefd LLC boosted its holdings in shares of Nabors Industries by 52.9% in the third quarter. Signaturefd LLC now owns 1,364 shares of the oil and gas company’s stock worth $88,000 after buying an additional 472 shares during the period. SG Americas Securities LLC acquired a new position in shares of Nabors Industries in the second quarter worth about $159,000. Finally, The Manufacturers Life Insurance Company increased its position in shares of Nabors Industries by 5.3% in the second quarter. The Manufacturers Life Insurance Company now owns 3,567 shares of the oil and gas company’s stock worth $254,000 after acquiring an additional 181 shares in the last quarter. 81.92% of the stock is currently owned by institutional investors.
About Nabors Industries
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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