Nabors Industries (NYSE:NBR) Trading Down 7.3% – What’s Next?

Nabors Industries Ltd. (NYSE:NBR) shares traded down 7.3% on Tuesday . The company traded as low as $75.10 and last traded at $75.41. 77,889 shares traded hands during trading, a decline of 72% from the average session volume of 273,428 shares. The stock had previously closed at $81.36.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the company. Citigroup cut Nabors Industries from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $110.00 to $75.00 in a report on Friday, September 13th. Royal Bank of Canada reissued a “sector perform” rating and set a $114.00 price target on shares of Nabors Industries in a research report on Thursday, July 25th. Six research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $104.50.

Nabors Industries Stock Down 7.4 %

The firm has a 50-day moving average price of $75.51 and a two-hundred day moving average price of $76.17. The company has a debt-to-equity ratio of 5.01, a quick ratio of 1.57 and a current ratio of 1.82. The firm has a market cap of $806.72 million, a price-to-earnings ratio of -5.40 and a beta of 2.11.

Nabors Industries (NYSE:NBR) last posted its earnings results on Tuesday, July 23rd. The oil and gas company reported ($4.29) EPS 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 company had revenue of $742.98 million during the quarter, compared to analysts’ expectations of $737.91 million. During the same period last year, the business earned ($2.26) earnings per share. The company’s quarterly revenue was down 4.6% on a year-over-year basis. On average, sell-side analysts forecast that Nabors Industries Ltd. will post -12.47 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Goldman Sachs Group Inc. lifted its position in Nabors Industries by 111.6% in the fourth quarter. Goldman Sachs Group Inc. now owns 397,102 shares of the oil and gas company’s stock valued at $32,415,000 after purchasing an additional 209,450 shares during the period. Apollo Management Holdings L.P. acquired a new position in Nabors Industries during the fourth quarter worth about $16,620,000. Gendell Jeffrey L lifted its holdings in shares of Nabors Industries by 10.1% in the first quarter. Gendell Jeffrey L now owns 436,442 shares of the oil and gas company’s stock valued at $37,591,000 after purchasing an additional 40,141 shares in the last quarter. Vanguard Group Inc. grew its position in shares of Nabors Industries by 5.1% in the first quarter. Vanguard Group Inc. now owns 819,113 shares of the oil and gas company’s stock valued at $70,550,000 after purchasing an additional 40,078 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its stake in shares of Nabors Industries by 42.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 115,084 shares of the oil and gas company’s stock worth $8,189,000 after purchasing an additional 34,473 shares in the last quarter. Institutional investors and hedge funds 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.