Nabors Industries (NBR) PT Lowered to $6.50 at BMO Capital Markets

Nabors Industries (NYSE:NBR) had its price objective decreased by BMO Capital Markets from $7.50 to $6.50 in a report released on Thursday. BMO Capital Markets currently has a market perform rating on the oil and gas company’s stock.

Several other research analysts also recently commented on NBR. Guggenheim reaffirmed a buy rating and issued a $11.00 price target on shares of Nabors Industries in a research report on Friday, October 12th. Morgan Stanley raised Nabors Industries from an equal weight rating to an overweight rating and set a $9.00 price target on the stock in a research report on Thursday, July 12th. Bank of America began coverage on Nabors Industries in a research report on Wednesday, October 17th. They issued a buy rating on the stock. Wolfe Research began coverage on Nabors Industries in a research report on Wednesday, October 10th. They issued an outperform rating on the stock. Finally, Citigroup dropped their price target on Nabors Industries from $10.00 to $9.00 and set a buy rating on the stock in a research report on Wednesday, July 11th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and eleven have given a buy rating to the stock. Nabors Industries has a consensus rating of Buy and a consensus price target of $9.04.

Shares of NBR stock traded up $0.22 during trading on Thursday, reaching $5.44. The company had a trading volume of 14,706,166 shares, compared to its average volume of 13,666,266. The company has a debt-to-equity ratio of 1.26, a quick ratio of 1.84 and a current ratio of 2.05. Nabors Industries has a one year low of $4.49 and a one year high of $8.86. The company has a market capitalization of $1.94 billion, a price-to-earnings ratio of -3.34 and a beta of 1.69.

Nabors Industries (NYSE:NBR) last issued its quarterly earnings data on Tuesday, October 30th. The oil and gas company reported ($0.31) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.20) by ($0.11). Nabors Industries had a negative net margin of 19.25% and a negative return on equity of 14.21%. The company had revenue of $779.43 million during the quarter, compared to the consensus estimate of $800.78 million. During the same period in the previous year, the business posted ($0.42) earnings per share. The firm’s revenue was up 17.7% on a year-over-year basis. On average, analysts forecast that Nabors Industries will post -1.05 EPS for the current fiscal year.

In other news, Director John Yearwood acquired 197,000 shares of the stock in a transaction dated Thursday, November 1st. The shares were acquired at an average cost of $5.14 per share, for a total transaction of $1,012,580.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 4.15% of the company’s stock.

Hedge funds have recently made changes to their positions in the stock. NumerixS Investment Technologies Inc acquired a new stake in Nabors Industries in the 2nd quarter valued at $106,000. Signition LP acquired a new stake in Nabors Industries in the 2nd quarter valued at $133,000. Commerzbank Aktiengesellschaft FI acquired a new stake in Nabors Industries in the 2nd quarter valued at $139,000. FNY Investment Advisers LLC boosted its stake in Nabors Industries by 19,946.4% in the 3rd quarter. FNY Investment Advisers LLC now owns 22,051 shares of the oil and gas company’s stock valued at $135,000 after buying an additional 21,941 shares in the last quarter. Finally, Cerebellum GP LLC acquired a new stake in Nabors Industries in the 2nd quarter valued at $177,000. 96.55% of the stock is currently owned by institutional investors and hedge funds.

Nabors Industries Company Profile

Nabors Industries Ltd. provides drilling and drilling-related services and technologies for land-based and offshore oil and natural gas wells. It operates through five segments: U.S., Canada, International, Drilling Solutions, and Rig Technologies. The company offers equipment manufacturing, rig instrumentation, optimization software, and directional drilling services.

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Analyst Recommendations for Nabors Industries (NYSE:NBR)

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