Nabors Industries (NYSE:NBR) Price Target Cut to $75.00 by Analysts at Morgan Stanley

Nabors Industries (NYSE:NBR) had its price objective lowered by Morgan Stanley from $115.00 to $75.00 in a research note released on Thursday morning,Benzinga reports. The brokerage currently has an overweight rating on the oil and gas company’s stock.

NBR has been the topic of several other research reports. Barclays dropped their target price on Nabors Industries from $90.00 to $53.00 and set an “equal weight” rating on the stock in a research report on Wednesday, February 19th. Susquehanna cut their target price on Nabors Industries from $53.00 to $45.00 and set a “neutral” rating on the stock in a research note on Thursday, March 13th. Six equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, Nabors Industries has an average rating of “Hold” and a consensus target price of $73.33.

Nabors Industries Stock Performance

NBR stock opened at $41.70 on Thursday. The company has a debt-to-equity ratio of 5.95, a current ratio of 1.75 and a quick ratio of 1.52. Nabors Industries has a 1-year low of $34.42 and a 1-year high of $105.96. The business has a 50-day moving average price of $48.47 and a 200 day moving average price of $61.81. The company has a market capitalization of $400.45 million, a P/E ratio of -1.86 and a beta of 2.08.

Nabors Industries (NYSE:NBR) last announced its quarterly earnings results on Wednesday, February 12th. The oil and gas company reported ($6.67) earnings per share for the quarter, missing the consensus estimate of ($1.86) by ($4.81). Nabors Industries had a negative return on equity of 32.96% and a negative net margin of 5.93%. As a group, equities research analysts forecast that Nabors Industries will post -6.22 EPS for the current fiscal year.

Institutional Investors Weigh In On Nabors Industries

Several institutional investors and hedge funds have recently made changes to their positions in NBR. Public Employees Retirement System of Ohio purchased a new position in Nabors Industries in the 4th quarter worth $36,000. US Bancorp DE increased its holdings in shares of 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 during the period. R Squared Ltd purchased a new position in shares of Nabors Industries in the fourth quarter worth about $70,000. KLP Kapitalforvaltning AS acquired a new stake in shares of Nabors Industries during the fourth quarter worth about $97,000. Finally, Wellington Management Group LLP acquired a new stake in shares of Nabors Industries during the third quarter worth about $220,000. 81.92% 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 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.