Nabors Industries (NYSE:NBR) Stock Rating Lowered by Citigroup

Nabors Industries (NYSE:NBR) was downgraded by Citigroup from a “buy” rating to a “neutral” rating in a research report issued to clients and investors on Friday, Marketbeat.com reports. They currently have a $75.00 price objective on the oil and gas company’s stock, down from their previous price objective of $110.00. Citigroup’s price objective would suggest a potential upside of 19.79% from the company’s current price.

Separately, Royal Bank of Canada reissued a “sector perform” rating and issued a $114.00 target price on shares of Nabors Industries in a report on Thursday, July 25th. Six investment analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $104.50.

Nabors Industries Stock Down 3.8 %

Shares of Nabors Industries stock opened at $62.61 on Friday. Nabors Industries has a 1 year low of $59.90 and a 1 year high of $141.47. The firm has a market cap of $670.05 million, a price-to-earnings ratio of -4.53 and a beta of 2.12. The company has a 50-day moving average of $80.09 and a 200 day moving average of $77.91. 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 (NYSE:NBR) last announced its earnings results on Tuesday, July 23rd. The oil and gas company reported ($4.29) earnings per share for the quarter, missing analysts’ consensus estimates 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 business had revenue of $742.98 million for the quarter, compared to the consensus estimate of $737.91 million. During the same period in the prior year, the business posted ($2.26) EPS. Nabors Industries’s revenue for the quarter was down 4.6% on a year-over-year basis. As a group, sell-side analysts anticipate that Nabors Industries will post -11.98 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Nabors Industries

Hedge funds have recently added to or reduced their stakes in the company. Quadrant Capital Group LLC boosted its stake in Nabors Industries by 202.4% during the 4th quarter. Quadrant Capital Group LLC now owns 750 shares of the oil and gas company’s stock valued at $61,000 after purchasing an additional 502 shares during the last quarter. Russell Investments Group Ltd. boosted its position in shares of 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 valued at $67,000 after buying an additional 728 shares during the last quarter. GAMMA Investing LLC increased its holdings 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 buying an additional 332 shares in the last quarter. SG Americas Securities LLC purchased a new position in Nabors Industries in the 2nd quarter worth about $159,000. Finally, The Manufacturers Life Insurance Company lifted its stake in 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 acquiring an additional 181 shares during the period. 81.92% of the stock is currently owned by hedge funds and other institutional investors.

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.