Nabors Industries’ (NBR) Sector Perform Rating Reaffirmed at Royal Bank of Canada

Royal Bank of Canada restated their sector perform rating on shares of Nabors Industries (NYSE:NBR) in a report released on Wednesday, Benzinga reports. They currently have a $102.00 price objective on the oil and gas company’s stock.

Separately, Citigroup lowered shares of Nabors Industries from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $110.00 to $75.00 in a research report on Friday, September 13th. Seven research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $98.80.

Nabors Industries Stock Up 0.8 %

NBR stock opened at $75.39 on Wednesday. Nabors Industries has a twelve month low of $59.67 and a twelve month high of $127.56. The company has a quick ratio of 1.57, a current ratio of 1.82 and a debt-to-equity ratio of 5.01. The business’s 50-day simple moving average is $73.98 and its 200 day simple moving average is $75.75. The company has a market cap of $806.82 million, a PE ratio of -5.46 and a beta of 2.11.

Nabors Industries (NYSE:NBR) last released its quarterly earnings data 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 company had revenue of $742.98 million during the quarter, compared to the consensus estimate of $737.91 million. During the same quarter in the prior year, the company posted ($2.26) earnings per share. The company’s revenue for the quarter was down 4.6% on a year-over-year basis. On average, research analysts anticipate that Nabors Industries will post -12.24 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of NBR. Goldman Sachs Group Inc. grew its stake in Nabors Industries by 111.6% in the fourth quarter. Goldman Sachs Group Inc. now owns 397,102 shares of the oil and gas company’s stock valued at $32,415,000 after acquiring an additional 209,450 shares during the period. Apollo Management Holdings L.P. lifted its stake in Nabors Industries by 64.6% in 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 in the last quarter. Gendell Jeffrey L increased its position in shares of Nabors Industries by 10.1% during the first quarter. Gendell Jeffrey L now owns 436,442 shares of the oil and gas company’s stock worth $37,591,000 after acquiring an additional 40,141 shares in the last quarter. Vanguard Group Inc. boosted its stake in Nabors Industries by 5.1% in the 1st quarter. Vanguard Group Inc. now owns 819,113 shares of the oil and gas company’s stock worth $70,550,000 after purchasing an additional 40,078 shares during the period. Finally, Bank of New York Mellon Corp increased its holdings in Nabors Industries by 42.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 115,084 shares of the oil and gas company’s stock worth $8,189,000 after purchasing an additional 34,473 shares in the last quarter. Institutional investors and hedge funds 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.