Nabors Industries (NYSE:NBR) Price Target Lowered to $88.00 at Barclays

Nabors Industries (NYSE:NBR) had its target price decreased by Barclays from $110.00 to $88.00 in a research note issued to investors on Wednesday morning, Benzinga reports. Barclays currently has an equal weight rating on the oil and gas company’s stock.

A number of other analysts have also issued reports on the stock. Royal Bank of Canada reissued a “sector perform” rating and set a $102.00 target price on shares of Nabors Industries in a research note on Wednesday. Citigroup cut shares of Nabors Industries from a “buy” rating to a “neutral” rating and lowered 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 assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $98.80.

Nabors Industries Stock Performance

Nabors Industries stock opened at $73.09 on Wednesday. The company has a debt-to-equity ratio of 5.01, a current ratio of 1.82 and a quick ratio of 1.57. The firm has a market capitalization of $782.21 million, a P/E ratio of -5.29 and a beta of 2.11. Nabors Industries has a 1-year low of $59.67 and a 1-year high of $125.86. The company’s 50-day moving average is $73.64 and its 200 day moving average is $75.55.

Nabors Industries (NYSE:NBR) last issued its quarterly earnings results 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 return on equity of 28.10% and a negative net margin of 4.73%. The business had revenue of $742.98 million during the quarter, compared to analysts’ expectations of $737.91 million. During the same quarter in the previous year, the company posted ($2.26) earnings per share. The company’s quarterly revenue was down 4.6% compared to the same quarter last year. Research analysts forecast that Nabors Industries will post -12.24 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. nVerses Capital LLC bought a new position in shares of Nabors Industries during the third quarter valued at approximately $45,000. Russell Investments Group Ltd. lifted its holdings in Nabors Industries by 2,022.2% during the first 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 period. GAMMA Investing LLC boosted its position in Nabors Industries by 29.1% during the 1st quarter. GAMMA Investing LLC now owns 1,474 shares of the oil and gas company’s stock valued at $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 in the 2nd quarter valued at $159,000. Finally, The Manufacturers Life Insurance Company raised its position in shares of Nabors Industries by 5.3% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 3,567 shares of the oil and gas company’s stock worth $254,000 after acquiring an additional 181 shares in 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.