Royal Bank of Canada Reiterates “Sector Perform” Rating for Nabors Industries (NYSE:NBR)

Royal Bank of Canada restated their sector perform rating on shares of Nabors Industries (NYSE:NBR) in a report issued on Wednesday morning, Benzinga reports. They currently have a $102.00 target price on the oil and gas company’s stock.

Separately, Citigroup cut Nabors Industries from a “buy” rating to a “neutral” rating and dropped their price target for the company from $110.00 to $75.00 in a research note on Friday, September 13th. Seven investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat.com, Nabors Industries presently has an average rating of “Hold” and an average price target of $98.80.

Nabors Industries Stock Performance

Shares of NYSE NBR opened at $75.39 on Wednesday. The stock has a market capitalization of $806.82 million, a PE ratio of -5.46 and a beta of 2.11. Nabors Industries has a 52 week low of $59.67 and a 52 week high of $127.56. The stock has a 50 day moving average price of $73.98 and a 200 day moving average price of $75.75. The company has a debt-to-equity ratio of 5.01, a quick ratio of 1.57 and a current ratio of 1.82.

Nabors Industries (NYSE:NBR) last posted its quarterly earnings results on Tuesday, July 23rd. The oil and gas company reported ($4.29) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.77) by ($2.52). The firm had revenue of $742.98 million for the quarter, compared to the consensus estimate of $737.91 million. Nabors Industries had a negative return on equity of 28.10% and a negative net margin of 4.73%. The business’s revenue was down 4.6% compared to the same quarter last year. During the same period last year, the company posted ($2.26) earnings per share. Analysts predict that Nabors Industries will post -12.24 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Nabors Industries

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Goldman Sachs Group Inc. lifted its stake in Nabors Industries by 111.6% during the fourth quarter. Goldman Sachs Group Inc. now owns 397,102 shares of the oil and gas company’s stock worth $32,415,000 after purchasing an additional 209,450 shares during the last quarter. Vanguard Group Inc. grew its position in 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 acquiring an additional 40,078 shares during the last quarter. Burney Co. bought a new position in shares of Nabors Industries in the first quarter worth about $989,000. Nicola Wealth Management LTD. grew its holdings in shares of Nabors Industries by 182.9% during the 2nd quarter. Nicola Wealth Management LTD. now owns 23,200 shares of the oil and gas company’s stock valued at $1,651,000 after purchasing an additional 15,000 shares during the last quarter. Finally, Swiss National Bank increased its position in Nabors Industries by 3.4% during the 1st quarter. Swiss National Bank now owns 18,500 shares of the oil and gas company’s stock worth $1,593,000 after purchasing an additional 600 shares in the last quarter. 81.92% of the stock is owned by institutional investors and hedge funds.

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.