Nabors Industries (NYSE:NBR) Shares Gap Up – What’s Next?

Nabors Industries Ltd. (NYSE:NBR) shares gapped up before the market opened on Tuesday . The stock had previously closed at $32.07, but opened at $32.95. Nabors Industries shares last traded at $33.98, with a volume of 60,010 shares trading hands.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on NBR shares. Citigroup lowered their price objective on shares of Nabors Industries from $50.00 to $38.00 and set a “neutral” rating on the stock in a research report on Tuesday, May 13th. Royal Bank of Canada lowered their price objective on shares of Nabors Industries from $47.00 to $45.00 and set a “sector perform” rating on the stock in a research report on Thursday, May 1st. Barclays reaffirmed an “underweight” rating and set a $28.00 price objective (down from $53.00) on shares of Nabors Industries in a research report on Monday, May 19th. Morgan Stanley lowered their price objective on shares of Nabors Industries from $75.00 to $50.00 and set an “overweight” rating on the stock in a research report on Friday, May 16th. Finally, Susquehanna lowered their price objective on shares of Nabors Industries from $32.00 to $29.00 and set a “neutral” rating on the stock in a research report on Thursday, May 1st. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $42.86.

Nabors Industries Price Performance

The company has a quick ratio of 1.52, a current ratio of 1.75 and a debt-to-equity ratio of 5.95. The company has a market capitalization of $540.69 million, a P/E ratio of -1.54 and a beta of 1.52. The company’s 50-day simple moving average is $28.71 and its 200 day simple moving average is $45.44.

Nabors Industries (NYSE:NBR) last posted its earnings results on Tuesday, April 29th. The oil and gas company reported ($7.50) EPS for the quarter, missing the consensus estimate of ($2.64) by ($4.86). The business had revenue of $742.78 million during the quarter, compared to the consensus estimate of $706.49 million. Nabors Industries had a negative return on equity of 32.96% and a negative net margin of 5.93%. The business’s revenue was up .3% on a year-over-year basis. During the same period in the prior year, the firm earned ($4.54) earnings per share. As a group, sell-side analysts expect that Nabors Industries Ltd. will post -6.22 earnings per share 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. Public Employees Retirement System of Ohio acquired a new stake in shares of Nabors Industries in the fourth quarter worth $36,000. US Bancorp DE raised its stake in Nabors Industries by 234.9% during the 4th 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 last quarter. GAMMA Investing LLC raised its stake in Nabors Industries by 520.2% during the 1st quarter. GAMMA Investing LLC now owns 1,073 shares of the oil and gas company’s stock valued at $45,000 after purchasing an additional 900 shares during the last quarter. Russell Investments Group Ltd. raised its stake in Nabors Industries by 3,866.7% during the 1st quarter. Russell Investments Group Ltd. now owns 1,309 shares of the oil and gas company’s stock valued at $55,000 after purchasing an additional 1,276 shares during the last quarter. Finally, KLP Kapitalforvaltning AS acquired a new position in Nabors Industries during the 4th quarter valued at $97,000. 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.