Nabors Industries (NYSE:NBR) PT Lowered to $88.00 at Barclays

Nabors Industries (NYSE:NBR - Get Free Report) had its price target reduced by equities researchers at Barclays from $110.00 to $88.00 in a note issued to investors on Wednesday, Benzinga reports. The firm presently has an "equal weight" rating on the oil and gas company's stock. Barclays's price target would indicate a potential upside of 16.73% from the company's current price.

A number of other equities research analysts have also recently commented on the stock. Citigroup cut shares of Nabors Industries from a "buy" rating to a "neutral" rating and dropped their price objective for the stock from $110.00 to $75.00 in a research note on Friday, September 13th. Royal Bank of Canada reaffirmed a "sector perform" rating and issued a $102.00 price objective on shares of Nabors Industries in a report on Wednesday. Seven analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $98.80.

Nabors Industries Stock Performance

Shares of NBR stock traded up $0.59 during trading hours on Wednesday, hitting $75.39. The company's stock had a trading volume of 286,774 shares, compared to its average volume of 275,658. The stock has a market cap of $806.82 million, a PE ratio of -5.46 and a beta of 2.11. Nabors Industries has a 12-month low of $59.67 and a 12-month high of $127.56. The company has a 50 day moving average of $73.98 and a 200 day moving average of $75.75. The company has a current ratio of 1.82, a quick ratio of 1.57 and a debt-to-equity ratio of 5.01.

Nabors Industries (NYSE:NBR - Get Free Report) last released its quarterly earnings data 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 company had revenue of $742.98 million for the quarter, compared to analysts' expectations of $737.91 million. During the same quarter in the previous year, the business posted ($2.26) EPS. The business's quarterly revenue was down 4.6% on a year-over-year basis. On average, sell-side analysts forecast that Nabors Industries will post -12.24 EPS for the current fiscal year.

Institutional Trading of Nabors Industries

A number of institutional investors and hedge funds have recently modified their holdings of NBR. nVerses Capital LLC acquired a new stake in Nabors Industries in the 3rd quarter worth about $45,000. Russell Investments Group Ltd. boosted its stake in shares of Nabors Industries by 2,022.2% in the first quarter. Russell Investments Group Ltd. now owns 764 shares of the oil and gas company's stock worth $67,000 after acquiring an additional 728 shares during the last quarter. GAMMA Investing LLC increased its position in shares of Nabors Industries by 29.1% during the first quarter. GAMMA Investing LLC now owns 1,474 shares of the oil and gas company's stock worth $127,000 after purchasing an additional 332 shares in the last quarter. SG Americas Securities LLC purchased a new stake in shares of Nabors Industries during the second quarter worth approximately $159,000. Finally, The Manufacturers Life Insurance Company raised its stake in Nabors Industries by 5.3% in 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 purchasing an additional 181 shares during the last quarter. Hedge funds and other institutional investors own 81.92% of the company's stock.

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.