Nabors Industries (NYSE:NBR) Shares Gap Up to $81.00

Nabors Industries Ltd. (NYSE:NBR)’s share price gapped up prior to trading on Wednesday . The stock had previously closed at $81.00, but opened at $84.46. Nabors Industries shares last traded at $85.53, with a volume of 42,783 shares trading hands.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on NBR shares. Susquehanna dropped their price target on shares of Nabors Industries from $88.00 to $79.00 and set a “neutral” rating on the stock in a research note on Friday, April 26th. Citigroup lowered their target price on shares of Nabors Industries from $95.00 to $91.00 and set a “buy” rating on the stock in a research report on Wednesday, July 10th. Finally, Benchmark restated a “hold” rating on shares of Nabors Industries in a research report on Thursday, April 25th. Five analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $112.50.

Nabors Industries Trading Up 10.6 %

The company has a debt-to-equity ratio of 4.81, a current ratio of 1.78 and a quick ratio of 1.53. The firm has a market capitalization of $958.51 million, a PE ratio of -6.23 and a beta of 2.22. The business’s 50-day moving average price is $72.23 and its 200-day moving average price is $77.81.

Nabors Industries (NYSE:NBR) last announced its earnings results on Tuesday, July 23rd. The oil and gas company reported ($4.29) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.77) by ($2.52). Nabors Industries had a negative return on equity of 23.52% and a negative net margin of 3.45%. The business had revenue of $742.98 million for the quarter, compared to analysts’ expectations of $737.91 million. During the same quarter last year, the business posted ($2.26) earnings per share. The business’s revenue was down 4.6% on a year-over-year basis. As a group, analysts expect that Nabors Industries Ltd. will post -6.54 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Nabors Industries

Several hedge funds have recently modified their holdings of NBR. Goldman Sachs Group Inc. lifted its holdings in shares of Nabors Industries by 111.6% during the fourth quarter. Goldman Sachs Group Inc. now owns 397,102 shares of the oil and gas company’s stock worth $32,415,000 after purchasing an additional 209,450 shares during the period. Apollo Management Holdings L.P. acquired a new stake in shares of Nabors Industries during the fourth quarter worth $16,620,000. Gendell Jeffrey L lifted its holdings 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 purchasing an additional 40,141 shares during the period. Vanguard Group Inc. lifted its holdings in shares of Nabors Industries by 5.1% during the first 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, Contrarius Investment Management Ltd lifted its holdings in Nabors Industries by 23.5% in the fourth quarter. Contrarius Investment Management Ltd now owns 140,626 shares of the oil and gas company’s stock valued at $11,479,000 after acquiring an additional 26,730 shares during the period. 81.92% of the stock is owned by institutional investors and hedge funds.

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.