Zacks Research Weighs in on Nabors Industries Ltd.’s Q3 2024 Earnings (NYSE:NBR)

Nabors Industries Ltd. (NYSE:NBR) – Analysts at Zacks Research decreased their Q3 2024 earnings per share (EPS) estimates for Nabors Industries in a research report issued on Monday, September 23rd. Zacks Research analyst R. Department now anticipates that the oil and gas company will post earnings of ($1.72) per share for the quarter, down from their previous estimate of ($1.46). The consensus estimate for Nabors Industries’ current full-year earnings is ($12.47) per share. Zacks Research also issued estimates for Nabors Industries’ Q4 2024 earnings at ($1.81) EPS, FY2024 earnings at ($12.98) EPS, Q1 2025 earnings at ($1.67) EPS, Q2 2025 earnings at ($0.37) EPS, Q3 2025 earnings at $1.03 EPS, Q4 2025 earnings at $2.42 EPS, FY2025 earnings at $1.40 EPS, Q1 2026 earnings at $1.81 EPS and FY2026 earnings at $8.47 EPS.

Several other research firms have also recently issued reports on NBR. Citigroup cut Nabors Industries from a “buy” rating to a “neutral” rating and cut their target price for the stock from $110.00 to $75.00 in a research note on Friday, September 13th. Royal Bank of Canada restated a “sector perform” rating and set a $114.00 target price on shares of Nabors Industries in a report on Thursday, July 25th. Six research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $104.50.

Nabors Industries Price Performance

Shares of Nabors Industries stock opened at $60.95 on Wednesday. The company’s fifty day simple moving average is $78.02 and its two-hundred day simple moving average is $77.06. Nabors Industries has a 12-month low of $59.67 and a 12-month high of $129.85. The firm has a market cap of $582.07 million, a PE ratio of -4.41 and a beta of 2.12. The company has a quick ratio of 1.57, a current ratio of 1.82 and a debt-to-equity ratio of 5.01.

Nabors Industries (NYSE:NBR) last posted its quarterly earnings results on Tuesday, July 23rd. The oil and gas company reported ($4.29) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.77) by ($2.52). Nabors Industries had a negative return on equity of 28.10% and a negative net margin of 4.73%. The company had revenue of $742.98 million for the quarter, compared to the consensus estimate of $737.91 million. During the same quarter in the previous year, the business earned ($2.26) earnings per share. Nabors Industries’s revenue was down 4.6% compared to the same quarter last year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in NBR. Russell Investments Group Ltd. grew its stake in Nabors Industries by 2,022.2% in the first quarter. Russell Investments Group Ltd. now owns 764 shares of the oil and gas company’s stock worth $67,000 after purchasing an additional 728 shares during the period. GAMMA Investing LLC lifted its holdings in shares of Nabors Industries by 29.1% during the first 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 last quarter. SG Americas Securities LLC bought a new stake in shares of Nabors Industries in the 2nd quarter worth approximately $159,000. The Manufacturers Life Insurance Company grew its stake in shares of Nabors Industries by 5.3% in 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 buying an additional 181 shares during the last quarter. Finally, AQR Capital Management LLC increased its position in Nabors Industries by 14.5% during the 2nd quarter. AQR Capital Management LLC now owns 4,753 shares of the oil and gas company’s stock valued at $338,000 after buying an additional 601 shares in the last quarter. Institutional investors 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.