Nabors Industries (NYSE:NBR) Price Target Cut to $77.00 by Analysts at Susquehanna

Nabors Industries (NYSE:NBR) had its target price cut by Susquehanna from $79.00 to $77.00 in a report released on Thursday morning, Benzinga reports. They currently have a neutral rating on the oil and gas company’s stock.

Other equities analysts have also recently issued research reports about the stock. Citigroup cut shares of Nabors Industries from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $110.00 to $75.00 in a research report on Friday, September 13th. Barclays reduced their price objective on Nabors Industries from $110.00 to $88.00 and set an “equal weight” rating for the company in a research note on Wednesday, October 16th. Royal Bank of Canada reiterated a “sector perform” rating and set a $102.00 target price on shares of Nabors Industries in a research note on Wednesday, October 16th. Finally, Evercore ISI reduced their price target on shares of Nabors Industries from $94.00 to $85.00 and set an “in-line” rating for the company in a research report on Thursday. Eight equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to data from MarketBeat, Nabors Industries has an average rating of “Hold” and a consensus price target of $96.17.

Nabors Industries Stock Up 1.8 %

Shares of NYSE:NBR traded up $1.34 during mid-day trading on Thursday, hitting $74.29. 102,860 shares of the company traded hands, compared to its average volume of 279,955. The stock has a market cap of $795.05 million, a P/E ratio of -5.29 and a beta of 2.11. The stock has a 50-day moving average price of $72.71 and a two-hundred day moving average price of $75.18. Nabors Industries has a 12-month low of $59.67 and a 12-month high of $109.29. The company has a current ratio of 1.82, a quick ratio of 1.57 and a debt-to-equity ratio of 5.01.

Nabors Industries (NYSE:NBR) last announced its earnings results on Tuesday, July 23rd. The oil and gas company reported ($4.29) 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 during the quarter, compared to analysts’ expectations of $737.91 million. During the same quarter in the prior year, the company earned ($2.26) EPS. The business’s revenue for the quarter was down 4.6% on a year-over-year basis. On average, equities research analysts forecast that Nabors Industries will post -12.24 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in NBR. nVerses Capital LLC bought a new stake in shares of Nabors Industries during the 3rd quarter valued at about $45,000. Russell Investments Group Ltd. lifted its position in Nabors Industries by 2,022.2% in the 1st quarter. Russell Investments Group Ltd. now owns 764 shares of the oil and gas company’s stock worth $67,000 after buying an additional 728 shares during the last quarter. Signaturefd LLC raised its stake in shares of Nabors Industries by 52.9% during the third quarter. Signaturefd LLC now owns 1,364 shares of the oil and gas company’s stock worth $88,000 after acquiring an additional 472 shares in the last quarter. SG Americas Securities LLC purchased a new stake in shares of Nabors Industries in the 2nd quarter valued at $159,000. Finally, The Manufacturers Life Insurance Company grew its holdings in shares of Nabors Industries by 5.3% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 3,567 shares of the oil and gas company’s stock valued at $254,000 after purchasing an additional 181 shares during the last quarter. Hedge funds and other institutional investors 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.