Nabors Industries (NYSE:NBR) Sets New 52-Week Low on Disappointing Earnings

Shares of Nabors Industries Ltd. (NYSE:NBR - Get Free Report) reached a new 52-week low during mid-day trading on Thursday following a weaker than expected earnings announcement. The stock traded as low as $44.00 and last traded at $46.97, with a volume of 508554 shares. The stock had previously closed at $53.49.

The oil and gas company reported ($6.67) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.86) by ($4.81). Nabors Industries had a negative return on equity of 25.68% and a negative net margin of 4.69%.

Analyst Ratings Changes

Several research analysts have weighed in on the company. Citigroup lifted their target price on Nabors Industries from $75.00 to $80.00 and gave the stock a "neutral" rating in a report on Thursday, October 31st. Evercore ISI cut their price objective on Nabors Industries from $94.00 to $85.00 and set an "in-line" rating on the stock in a report on Thursday, October 24th. Finally, Susquehanna lowered their target price on Nabors Industries from $79.00 to $77.00 and set a "neutral" rating for the company in a research note on Thursday, October 24th. Six research analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $86.40.

Institutional Investors Weigh In On Nabors Industries

Hedge funds and other institutional investors have recently bought and sold shares of the company. nVerses Capital LLC bought a new position in shares of Nabors Industries during the 3rd quarter worth approximately $45,000. US Bancorp DE grew its stake in Nabors Industries by 234.9% in the fourth quarter. US Bancorp DE now owns 720 shares of the oil and gas company's stock valued at $41,000 after purchasing an additional 505 shares in the last quarter. R Squared Ltd acquired a new position in shares of Nabors Industries during the 4th quarter worth approximately $70,000. Signaturefd LLC raised its stake in shares of Nabors Industries by 52.9% during the 3rd quarter. Signaturefd LLC now owns 1,364 shares of the oil and gas company's stock worth $88,000 after purchasing an additional 472 shares in the last quarter. Finally, KLP Kapitalforvaltning AS acquired a new stake in shares of Nabors Industries in the 4th quarter valued at approximately $97,000. Institutional investors and hedge funds own 81.92% of the company's stock.

Nabors Industries Stock Down 5.4 %

The company has a debt-to-equity ratio of 5.43, a current ratio of 1.88 and a quick ratio of 1.63. The firm's 50 day moving average is $59.61 and its two-hundred day moving average is $69.36. The firm has a market capitalization of $503.43 million, a P/E ratio of -2.56 and a beta of 2.02.

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.