Nabors Industries (NYSE:NBR) Shares Pass Above 200 Day Moving Average – Time to Sell?

by · The Markets Daily

Nabors Industries Ltd. (NYSE:NBR – Get Free Report)’s stock price crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $41.08 and traded as high as $53.88. Nabors Industries shares last traded at $53.3390, with a volume of 159,256 shares trading hands.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on NBR shares. Wall Street Zen downgraded Nabors Industries from a “buy” rating to a “hold” rating in a report on Monday, December 22nd. Royal Bank Of Canada set a $66.00 price objective on shares of Nabors Industries and gave the company a “sector perform” rating in a research report on Thursday, October 30th. Weiss Ratings restated a “hold (c-)” rating on shares of Nabors Industries in a research note on Monday. Susquehanna reaffirmed a “neutral” rating and issued a $56.00 target price on shares of Nabors Industries in a report on Thursday, October 30th. Finally, Barclays set a $50.00 price target on shares of Nabors Industries and gave the company a “neutral” rating in a report on Wednesday, December 17th. Two analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $55.00.

Check Out Our Latest Research Report on Nabors Industries

Nabors Industries Stock Down 1.1%

The company’s 50 day simple moving average is $51.21 and its 200-day simple moving average is $41.32. The company has a current ratio of 2.09, a quick ratio of 1.93 and a debt-to-equity ratio of 2.50. The firm has a market cap of $795.27 million, a P/E ratio of 5.66 and a beta of 0.97.

Nabors Industries (NYSE:NBR – Get Free Report) last released its quarterly earnings data on Tuesday, October 28th. The oil and gas company reported ($3.67) earnings per share for the quarter, missing the consensus estimate of ($2.37) by ($1.30). Nabors Industries had a net margin of 7.08% and a negative return on equity of 30.85%. The company had revenue of $825.51 million for the quarter, compared to analysts’ expectations of $824.61 million. During the same period in the previous year, the firm earned ($6.86) earnings per share. The firm’s revenue for the quarter was up 11.8% on a year-over-year basis. Research analysts forecast that Nabors Industries Ltd. will post -6.22 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Nabors Industries

A number of institutional investors and hedge funds have recently modified their holdings of the company. Brigade Capital Management LP purchased a new stake in Nabors Industries during the first quarter valued at $37,653,000. Adage Capital Partners GP L.L.C. grew its stake in shares of Nabors Industries by 445.5% during the 1st quarter. Adage Capital Partners GP L.L.C. now owns 600,000 shares of the oil and gas company’s stock valued at $25,026,000 after purchasing an additional 490,000 shares during the period. Apollo Management Holdings L.P. increased its position in shares of Nabors Industries by 54.2% during the 2nd quarter. Apollo Management Holdings L.P. now owns 650,623 shares of the oil and gas company’s stock valued at $18,230,000 after purchasing an additional 228,787 shares during the last quarter. Two Sigma Investments LP increased its position in shares of Nabors Industries by 232.2% during the 3rd quarter. Two Sigma Investments LP now owns 185,841 shares of the oil and gas company’s stock valued at $7,595,000 after purchasing an additional 129,904 shares during the last quarter. Finally, Geode Capital Management LLC lifted its stake in shares of Nabors Industries by 59.5% in the 2nd quarter. Geode Capital Management LLC now owns 338,566 shares of the oil and gas company’s stock worth $9,488,000 after purchasing an additional 126,243 shares during the period. 81.92% of the stock is currently owned by hedge funds and other institutional investors.

About Nabors Industries

(Get Free Report)

Nabors Industries Ltd. is a global oil and gas drilling contractor that provides land and offshore drilling rigs, drilling equipment and related services to energy companies around the world. The company’s operations span two core segments: drilling and evaluation, which includes land‐based and platform drilling rigs as well as wellbore survey services, and wellbore technologies, offering pressure control equipment, downhole tools and specialized maintenance services. Nabors’ integrated model combines rig operations with engineered products and field support, positioning it as a full‐service provider in the upstream sector.

The company maintains a diverse, modern fleet of automated and conventional drilling rigs and has pioneered advanced drilling technologies, including automated drilling controls and managed pressure drilling systems.

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