Nabors Industries (NYSE:NBR) Earns “Sector Perform” Rating from 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 morning, Benzinga reports. Royal Bank of Canada currently has a $102.00 price objective on the oil and gas company’s stock.

Separately, Citigroup cut shares of Nabors Industries from a “buy” rating to a “neutral” rating and cut their price objective for the company from $110.00 to $75.00 in a research report on Friday, September 13th. Seven investment analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat.com, Nabors Industries presently has a consensus rating of “Hold” and an average target price of $98.80.

Nabors Industries Stock Down 1.7 %

Shares of NYSE:NBR opened at $73.09 on Wednesday. The company has a market cap of $782.21 million, a price-to-earnings ratio of -5.29 and a beta of 2.11. Nabors Industries has a 12 month low of $59.67 and a 12 month high of $125.86. The company has a current ratio of 1.82, a quick ratio of 1.57 and a debt-to-equity ratio of 5.01. The company has a 50-day moving average price of $73.64 and a 200 day moving average price of $75.55.

Nabors Industries (NYSE:NBR) last posted its quarterly earnings data 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). The company had revenue of $742.98 million during the quarter, compared to the consensus estimate of $737.91 million. Nabors Industries had a negative net margin of 4.73% and a negative return on equity of 28.10%. Nabors Industries’s revenue for the quarter was down 4.6% on a year-over-year basis. During the same period in the previous year, the business earned ($2.26) earnings per share. As a group, equities research analysts predict that Nabors Industries will post -12.24 earnings per share for the current year.

Hedge Funds Weigh In On Nabors Industries

Hedge funds have recently bought and sold shares of 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. grew its stake 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 acquiring an additional 728 shares in the last quarter. GAMMA Investing LLC grew its stake in Nabors Industries by 29.1% in the 1st quarter. GAMMA Investing LLC now owns 1,474 shares of the oil and gas company’s stock worth $127,000 after acquiring an additional 332 shares in the last quarter. SG Americas Securities LLC purchased a new position in shares of Nabors Industries during the second quarter worth approximately $159,000. Finally, The Manufacturers Life Insurance Company raised its stake 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 valued at $254,000 after acquiring an additional 181 shares in the last quarter. 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.