Nabors Industries (NYSE:NBR) Reaches New 52-Week High After Better-Than-Expected Earnings
by Teresa Graham · The Cerbat GemNabors Industries Ltd. (NYSE:NBR – Get Free Report)’s share price reached a new 52-week high on Tuesday after the company announced better than expected quarterly earnings. The company traded as high as $92.90 and last traded at $93.06, with a volume of 71976 shares traded. The stock had previously closed at $90.70.
The oil and gas company reported ($1.54) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($2.25) by $0.71. Nabors Industries had a negative return on equity of 8.66% and a net margin of 7.32%.The business had revenue of $783.55 million during the quarter, compared to analyst estimates of $772.38 million. During the same quarter in the prior year, the business posted $2.18 EPS. Nabors Industries’s revenue for the quarter was up 6.4% compared to the same quarter last year.
Wall Street Analyst Weigh In
A number of equities research analysts have issued reports on NBR shares. Piper Sandler increased their price target on Nabors Industries from $84.00 to $120.00 and gave the stock an “overweight” rating in a research note on Thursday. Barclays raised their price objective on Nabors Industries from $50.00 to $65.00 and gave the company an “underweight” rating in a research report on Wednesday, February 25th. Susquehanna restated a “neutral” rating and set a $105.00 price objective (up from $85.00) on shares of Nabors Industries in a research report on Thursday. UBS Group set a $70.00 price objective on Nabors Industries in a research report on Friday, February 13th. Finally, Wall Street Zen lowered Nabors Industries from a “buy” rating to a “hold” rating in a research report on Saturday, February 21st. Two investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $86.75.
Get Our Latest Stock Report on NBR
Institutional Inflows and Outflows
A number of institutional investors have recently made changes to their positions in NBR. Islay Capital Management LLC bought a new position in shares of Nabors Industries in the 4th quarter valued at about $26,000. Quarry LP bought a new position in shares of Nabors Industries in the 4th quarter valued at about $33,000. CWM LLC lifted its holdings in shares of Nabors Industries by 244.6% in the 3rd quarter. CWM LLC now owns 889 shares of the oil and gas company’s stock valued at $36,000 after acquiring an additional 631 shares during the last quarter. Aster Capital Management DIFC Ltd bought a new position in shares of Nabors Industries in the 4th quarter valued at about $40,000. Finally, Public Employees Retirement System of Ohio lifted its holdings in shares of Nabors Industries by 23.0% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 1,545 shares of the oil and gas company’s stock valued at $63,000 after acquiring an additional 289 shares during the last quarter. Hedge funds and other institutional investors own 81.92% of the company’s stock.
Nabors Industries Trading Down 1.7%
The company has a debt-to-equity ratio of 2.22, a quick ratio of 1.47 and a current ratio of 1.97. The stock’s fifty day moving average is $82.61 and its 200 day moving average is $65.05. The stock has a market cap of $1.63 billion, a P/E ratio of 8.02 and a beta of 0.87.
Nabors Industries Company Profile
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.