Nabors Industries’ (NBR) Sell (D-) Rating Reiterated at Weiss Ratings

Weiss Ratings reaffirmed their sell (d-) rating on shares of Nabors Industries (NYSE:NBR) in a research report report published on Tuesday morning,Weiss Ratings reports.

A number of other analysts have also recently commented on the stock. Piper Sandler reissued an “underweight” rating and set a $32.00 target price (up previously from $30.00) on shares of Nabors Industries in a research note on Thursday, August 14th. Susquehanna upped their price objective on shares of Nabors Industries from $37.00 to $39.00 and gave the company a “neutral” rating in a research note on Wednesday, August 27th. Barclays reaffirmed an “underweight” rating and set a $36.00 price objective (up previously from $29.00) on shares of Nabors Industries in a research note on Monday, September 22nd. Finally, Royal Bank Of Canada upped their price objective on shares of Nabors Industries from $45.00 to $47.00 and gave the company a “sector perform” rating in a research note on Thursday, August 21st. One analyst has rated the stock with a Buy rating, four have given a Hold rating and four have issued a Sell rating to the stock. Based on data from MarketBeat, Nabors Industries has an average rating of “Reduce” and an average price target of $44.00.

Nabors Industries Stock Up 1.9%

NBR stock opened at $40.22 on Tuesday. The stock has a market capitalization of $633.06 million, a P/E ratio of -2.86 and a beta of 1.46. The firm has a 50-day simple moving average of $38.59 and a 200-day simple moving average of $33.38. The company has a quick ratio of 1.63, a current ratio of 1.79 and a debt-to-equity ratio of 4.17. Nabors Industries has a 52 week low of $23.27 and a 52 week high of $86.10.

Nabors Industries (NYSE:NBR) last released its earnings results on Tuesday, July 29th. The oil and gas company reported ($2.71) EPS for the quarter, missing analysts’ consensus estimates of ($2.05) by ($0.66). The company had revenue of $832.79 million for the quarter, compared to analysts’ expectations of $857.98 million. Nabors Industries had a negative return on equity of 35.99% and a negative net margin of 3.51%.The firm’s revenue for the quarter was up 12.1% on a year-over-year basis. During the same period in the prior year, the firm earned ($4.29) EPS. Equities analysts forecast that Nabors Industries will post -6.22 earnings per share for the current fiscal year.

Insider Buying and Selling at Nabors Industries

In other news, major shareholder Varde Partners Inc sold 312,378 shares of the stock in a transaction that occurred on Thursday, September 11th. The shares were sold at an average price of $41.04, for a total value of $12,819,993.12. Following the completion of the sale, the insider owned 1,406,052 shares of the company’s stock, valued at $57,704,374.08. This represents a 18.18% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 5.41% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Nabors Industries

Several large investors have recently made changes to their positions in NBR. 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 worth $36,000 after acquiring an additional 631 shares during the last quarter. Ameritas Investment Partners Inc. lifted its holdings in shares of Nabors Industries by 58.5% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 1,444 shares of the oil and gas company’s stock worth $40,000 after acquiring an additional 533 shares during the last quarter. GAMMA Investing LLC lifted its holdings in shares of Nabors Industries by 520.2% in the 1st quarter. GAMMA Investing LLC now owns 1,073 shares of the oil and gas company’s stock worth $45,000 after acquiring an additional 900 shares during the last quarter. Russell Investments Group Ltd. lifted its holdings in shares of Nabors Industries by 3,866.7% in the 1st quarter. Russell Investments Group Ltd. now owns 1,309 shares of the oil and gas company’s stock worth $55,000 after acquiring an additional 1,276 shares during the last quarter. Finally, Police & Firemen s Retirement System of New Jersey lifted its holdings in shares of Nabors Industries by 47.7% in the 2nd quarter. Police & Firemen s Retirement System of New Jersey now owns 3,231 shares of the oil and gas company’s stock worth $91,000 after acquiring an additional 1,044 shares during the last quarter. 81.92% of the stock is currently 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.