Nabors Industries (NYSE:NBR) Shares Gap Down to $109.71

Shares of Nabors Industries Ltd. (NYSE:NBRGet Rating) gapped down prior to trading on Friday . The stock had previously closed at $109.71, but opened at $102.03. Nabors Industries shares last traded at $96.64, with a volume of 1,074 shares.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on NBR shares. Susquehanna Bancshares lowered their price target on Nabors Industries from $170.00 to $21.00 and set a “neutral” rating on the stock in a report on Wednesday, June 8th. Susquehanna dropped their price objective on shares of Nabors Industries from $170.00 to $21.00 in a report on Wednesday, June 8th. Finally, Morgan Stanley cut their target price on shares of Nabors Industries from $150.00 to $125.00 and set an “underweight” rating for the company in a research report on Wednesday, July 13th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $92.40.

Nabors Industries Price Performance

The company has a current ratio of 1.76, a quick ratio of 1.53 and a debt-to-equity ratio of 4.33. The stock has a 50 day simple moving average of $127.11 and a 200-day simple moving average of $143.02. The firm has a market cap of $989.73 million, a PE ratio of -1.55 and a beta of 2.68.

Nabors Industries (NYSE:NBRGet Rating) last released its quarterly earnings data on Wednesday, August 3rd. The oil and gas company reported ($6.99) EPS for the quarter, missing the consensus estimate of ($6.43) by ($0.56). Nabors Industries had a negative net margin of 22.20% and a negative return on equity of 56.01%. The business had revenue of $631.77 million for the quarter, compared to the consensus estimate of $620.01 million. Equities analysts anticipate that Nabors Industries Ltd. will post -24.58 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Nabors Industries

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Hussman Strategic Advisors Inc. raised its stake in Nabors Industries by 74.4% in the second quarter. Hussman Strategic Advisors Inc. now owns 70,800 shares of the oil and gas company’s stock valued at $9,480,000 after buying an additional 30,200 shares during the last quarter. Amundi purchased a new stake in shares of Nabors Industries during the second quarter valued at $165,000. Legal & General Group Plc increased its position in shares of Nabors Industries by 12.6% in the 2nd quarter. Legal & General Group Plc now owns 21,723 shares of the oil and gas company’s stock valued at $2,909,000 after acquiring an additional 2,427 shares during the period. ExodusPoint Capital Management LP raised its stake in Nabors Industries by 29.9% in the 2nd quarter. ExodusPoint Capital Management LP now owns 5,482 shares of the oil and gas company’s stock worth $734,000 after acquiring an additional 1,261 shares during the last quarter. Finally, Advisory Research Inc. acquired a new stake in Nabors Industries during the 2nd quarter worth about $283,000. 65.99% of the stock is currently owned by institutional investors.

About Nabors Industries

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Nabors Industries Ltd. provides drilling and drilling-related services for land-based and offshore oil and natural gas wells. The company operates through five segments: U.S. Drilling, Canada Drilling, International Drilling, Drilling Solutions, and Rig Technologies. It provides tubular running, wellbore placement, directional drilling, measurement-while-drilling (MWD), equipment manufacturing, and rig instrumentation services; and logging-while-drilling systems and services, as well as drilling optimization software.

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