Barclays Cuts Nabors Industries (NYSE:NBR) Price Target to $88.00

Nabors Industries (NYSE:NBR) had its price objective cut by Barclays from $110.00 to $88.00 in a report published on Wednesday, Benzinga reports. They currently have an equal weight rating on the oil and gas company’s stock.

Several other research firms have also weighed in on NBR. Royal Bank of Canada reiterated a “sector perform” rating and set a $102.00 target price on shares of Nabors Industries in a report on Wednesday. Citigroup lowered shares of Nabors Industries from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $110.00 to $75.00 in a research note on Friday, September 13th. Seven analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $98.80.

Nabors Industries Price Performance

NBR opened at $73.09 on Wednesday. The company has a fifty day moving average price of $73.64 and a two-hundred day moving average price of $75.64. The firm has a market capitalization of $782.21 million, a PE ratio of -5.29 and a beta of 2.11. Nabors Industries has a 52 week low of $59.67 and a 52 week high of $125.86. 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 released its quarterly earnings data on Tuesday, July 23rd. The oil and gas company reported ($4.29) EPS 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 during the quarter, compared to the consensus estimate of $737.91 million. During the same quarter in the prior year, the company posted ($2.26) EPS. The company’s revenue for the quarter was down 4.6% compared to the same quarter last year. As a group, analysts anticipate that Nabors Industries will post -12.24 earnings per share for the current year.

Institutional Investors Weigh In On Nabors Industries

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its holdings in shares of Nabors Industries by 5.1% in the 1st 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 in the last quarter. Gendell Jeffrey L increased its position in shares of Nabors Industries by 10.1% during the 1st quarter. Gendell Jeffrey L now owns 436,442 shares of the oil and gas company’s stock worth $37,591,000 after purchasing an additional 40,141 shares during the last quarter. Goldman Sachs Group Inc. raised its stake in shares of Nabors Industries by 111.6% during the 4th 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 in the last quarter. Apollo Management Holdings L.P. boosted its holdings in shares of Nabors Industries by 64.6% in the 1st quarter. Apollo Management Holdings L.P. now owns 335,091 shares of the oil and gas company’s stock valued at $28,861,000 after buying an additional 131,490 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in shares of Nabors Industries by 6.2% in the second quarter. Dimensional Fund Advisors LP now owns 289,967 shares of the oil and gas company’s stock valued at $20,634,000 after buying an additional 16,890 shares in the last quarter. 81.92% of the stock is currently owned by institutional investors and hedge funds.

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.