Nabors Industries (NYSE:NBR) Cut to “Neutral” at Citigroup

Citigroup cut shares of Nabors Industries (NYSE:NBR) from a buy rating to a neutral rating in a research report report published on Friday, Marketbeat Ratings reports. Citigroup currently has $75.00 price target on the oil and gas company’s stock, down from their prior price target of $110.00.

Separately, Royal Bank of Canada reaffirmed a sector perform rating and set a $114.00 target price on shares of Nabors Industries in a report on Thursday, July 25th. Six equities research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, Nabors Industries presently has a consensus rating of Hold and an average price target of $104.50.

Nabors Industries Stock Performance

NBR stock opened at $64.11 on Friday. The company has a debt-to-equity ratio of 5.01, a quick ratio of 1.57 and a current ratio of 1.82. The stock has a market capitalization of $686.11 million, a price-to-earnings ratio of -4.64 and a beta of 2.12. Nabors Industries has a 1 year low of $59.90 and a 1 year high of $141.47. The stock’s fifty day moving average is $79.97 and its two-hundred day moving average is $77.81.

Nabors Industries (NYSE:NBR) last issued its quarterly earnings results 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 net margin of 4.73% and a negative return on equity of 28.10%. Nabors Industries’s revenue for the quarter was down 4.6% on a year-over-year basis. During the same period last year, the business posted ($2.26) earnings per share. On average, research analysts predict that Nabors Industries will post -11.98 EPS for the current year.

Hedge Funds Weigh In On Nabors Industries

A number of hedge funds and other institutional investors have recently modified their holdings of NBR. Quadrant Capital Group LLC boosted its position in shares of Nabors Industries by 202.4% in the 4th quarter. Quadrant Capital Group LLC now owns 750 shares of the oil and gas company’s stock valued at $61,000 after purchasing an additional 502 shares during the period. Russell Investments Group Ltd. boosted its position in shares of Nabors Industries by 2,022.2% in the 1st quarter. Russell Investments Group Ltd. now owns 764 shares of the oil and gas company’s stock valued at $67,000 after purchasing an additional 728 shares during the period. GAMMA Investing LLC boosted its position in shares of Nabors Industries by 29.1% in the 1st quarter. GAMMA Investing LLC now owns 1,474 shares of the oil and gas company’s stock valued at $127,000 after purchasing an additional 332 shares during the period. SG Americas Securities LLC acquired a new position in shares of Nabors Industries in the 2nd quarter valued at $159,000. Finally, The Manufacturers Life Insurance Company boosted its position in Nabors Industries by 5.3% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 3,567 shares of the oil and gas company’s stock worth $254,000 after acquiring an additional 181 shares during the period. Institutional investors and hedge funds own 81.92% of the company’s stock.

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.