Royal Bank of Canada Reiterates “Sector Perform” Rating for Nabors Industries (NYSE:NBR)

Nabors Industries (NYSE:NBR)‘s stock had its “sector perform” rating reiterated by stock analysts at Royal Bank of Canada in a report issued on Wednesday, Benzinga reports. They presently have a $102.00 target price on the oil and gas company’s stock. Royal Bank of Canada’s target price would indicate a potential upside of 37.17% from the stock’s current price.

Separately, Citigroup downgraded shares of Nabors Industries from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $110.00 to $75.00 in a research note on Friday, September 13th. Seven research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat, Nabors Industries presently has a consensus rating of “Hold” and an average target price of $98.80.

Nabors Industries Price Performance

Shares of NYSE:NBR opened at $74.36 on Wednesday. Nabors Industries has a one year low of $59.67 and a one year high of $127.56. The stock has a market cap of $795.80 million, a PE ratio of -5.38 and a beta of 2.11. The business’s fifty day moving average price is $73.82 and its two-hundred day moving average price is $75.74. The company has a debt-to-equity ratio of 5.01, a quick ratio of 1.57 and a current ratio of 1.82.

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 company had revenue of $742.98 million for the quarter, compared to analysts’ expectations 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 revenue for the quarter was down 4.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($2.26) EPS. On average, analysts forecast that Nabors Industries will post -12.24 EPS for the current fiscal year.

Institutional Investors Weigh In On Nabors Industries

Hedge funds have recently modified their holdings of the stock. nVerses Capital LLC purchased a new position in Nabors Industries during the third quarter worth approximately $45,000. Russell Investments Group Ltd. increased its holdings in shares of Nabors Industries by 2,022.2% during the 1st quarter. Russell Investments Group Ltd. now owns 764 shares of the oil and gas company’s stock worth $67,000 after buying an additional 728 shares during the last quarter. GAMMA Investing LLC raised 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 worth $127,000 after buying an additional 332 shares during the period. SG Americas Securities LLC acquired a new position in Nabors Industries in the second quarter valued at $159,000. Finally, The Manufacturers Life Insurance Company grew its position in Nabors Industries by 5.3% during the second quarter. The Manufacturers Life Insurance Company now owns 3,567 shares of the oil and gas company’s stock valued at $254,000 after acquiring an additional 181 shares during the period. 81.92% of the stock is 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.