Nabors Industries (NYSE:NBR) Cut to “Neutral” at Citigroup

Citigroup cut shares of Nabors Industries (NYSE:NBR) from a buy rating to a neutral rating in a report released on Friday morning, Marketbeat reports. Citigroup currently has $75.00 target price on the oil and gas company’s stock, down from their prior target price of $110.00.

Separately, Royal Bank of Canada reissued a sector perform rating and issued a $114.00 price objective on shares of Nabors Industries in a research note on Thursday, July 25th. Six investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of Hold and an average target price of $104.50.

Nabors Industries Stock Up 2.4 %

Shares of Nabors Industries stock opened at $64.11 on Friday. The firm has a market cap of $686.11 million, a price-to-earnings ratio of -4.64 and a beta of 2.12. The company has a debt-to-equity ratio of 5.01, a current ratio of 1.82 and a quick ratio of 1.57. Nabors Industries has a 52-week low of $59.90 and a 52-week high of $141.47. The stock has a 50-day simple moving average of $79.97 and a 200-day simple moving average of $77.81.

Nabors Industries (NYSE:NBR) last announced its quarterly earnings results on Tuesday, July 23rd. The oil and gas company reported ($4.29) earnings per share (EPS) 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 firm had revenue of $742.98 million for the quarter, compared to analyst estimates of $737.91 million. During the same quarter in the prior year, the firm earned ($2.26) earnings per share. The firm’s quarterly revenue was down 4.6% compared to the same quarter last year. On average, equities research analysts expect that Nabors Industries will post -11.98 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. The Manufacturers Life Insurance Company lifted its holdings in shares of Nabors Industries by 5.3% during 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 buying an additional 181 shares during the last quarter. GAMMA Investing LLC lifted its holdings in shares of Nabors Industries by 29.1% during the first quarter. GAMMA Investing LLC now owns 1,474 shares of the oil and gas company’s stock worth $127,000 after buying an additional 332 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in shares of Nabors Industries by 6.6% during the first quarter. Price T Rowe Associates Inc. MD now owns 6,471 shares of the oil and gas company’s stock worth $558,000 after buying an additional 399 shares during the last quarter. Quadrant Capital Group LLC lifted its holdings in shares of Nabors Industries by 202.4% during the fourth quarter. Quadrant Capital Group LLC now owns 750 shares of the oil and gas company’s stock worth $61,000 after buying an additional 502 shares during the last quarter. Finally, Swiss National Bank raised its stake in shares of Nabors Industries by 3.4% in the first quarter. Swiss National Bank now owns 18,500 shares of the oil and gas company’s stock valued at $1,593,000 after purchasing an additional 600 shares in the last quarter. 81.92% of the stock is currently owned by institutional investors and hedge funds.

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.