Nabors Industries’ (NBR) “Sector Perform” Rating Reiterated at Royal Bank of Canada

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

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

Nabors Industries Stock Performance

Shares of NBR opened at $73.09 on Wednesday. The stock has a market capitalization of $782.21 million, a price-to-earnings ratio of -5.29 and a beta of 2.11. Nabors Industries has a 12 month low of $59.67 and a 12 month high of $125.86. The firm has a fifty day simple moving average of $73.64 and a 200 day simple moving average of $75.64. 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) last posted 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). The business had revenue of $742.98 million for the quarter, compared to analyst estimates of $737.91 million. Nabors Industries had a negative return on equity of 28.10% and a negative net margin of 4.73%. The company’s quarterly revenue was down 4.6% on a year-over-year basis. During the same quarter in the prior year, the company earned ($2.26) earnings per share. Research analysts forecast that Nabors Industries will post -12.24 EPS for the current fiscal year.

Institutional Investors Weigh In On Nabors Industries

Several hedge funds have recently bought and sold shares of NBR. nVerses Capital LLC acquired a new position in shares of Nabors Industries in the third quarter valued at approximately $45,000. Inspire Investing LLC bought a new stake in Nabors Industries in the 3rd quarter valued at $411,000. SG Americas Securities LLC grew its holdings in Nabors Industries by 79.6% in the 3rd quarter. SG Americas Securities LLC now owns 4,017 shares of the oil and gas company’s stock valued at $259,000 after buying an additional 1,780 shares in the last quarter. Creative Planning increased its position in Nabors Industries by 62.3% during the 2nd quarter. Creative Planning now owns 8,756 shares of the oil and gas company’s stock worth $623,000 after buying an additional 3,360 shares during the period. Finally, Susquehanna Fundamental Investments LLC increased its position in Nabors Industries by 92.9% during the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 10,540 shares of the oil and gas company’s stock worth $750,000 after buying an additional 5,075 shares during the period. 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.