Nabors Industries (NYSE:NBR) Sets New 1-Year High – Still a Buy?

Shares of Nabors Industries Ltd. (NYSE:NBR) reached a new 52-week high during trading on Friday . The company traded as high as $68.20 and last traded at $66.8580, with a volume of 29046 shares. The stock had previously closed at $65.06.

Analyst Ratings Changes

A number of analysts have weighed in on the stock. Royal Bank Of Canada reaffirmed a “sector perform” rating and set a $70.00 target price on shares of Nabors Industries in a research note on Thursday, January 15th. Wall Street Zen upgraded shares of Nabors Industries from a “hold” rating to a “buy” rating in a report on Saturday, January 10th. Piper Sandler upgraded shares of Nabors Industries from an “underweight” rating to an “overweight” rating and upped their price target for the company from $32.00 to $65.00 in a research report on Thursday, December 18th. Morgan Stanley reissued an “overweight” rating and issued a $80.00 price objective on shares of Nabors Industries in a research note on Wednesday. Finally, Barclays set a $50.00 price objective on Nabors Industries and gave the stock a “neutral” rating in a research note 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 MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $59.14.

Nabors Industries Stock Performance

The company has a debt-to-equity ratio of 2.50, a current ratio of 2.09 and a quick ratio of 1.93. The company has a market cap of $969.77 million, a PE ratio of 6.93 and a beta of 0.94. The company’s fifty day moving average price is $54.87 and its 200 day moving average price is $44.63.

Nabors Industries (NYSE:NBR) last released its earnings results on Tuesday, October 28th. The oil and gas company reported ($3.67) earnings per share for the quarter, missing analysts’ consensus estimates 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 the consensus estimate of $824.61 million. During the same period in the prior year, the company earned ($6.86) earnings per share. The firm’s revenue was up 11.8% on a year-over-year basis. On average, equities research analysts predict that Nabors Industries Ltd. will post -6.22 earnings per share for the current year.

Institutional Investors Weigh In On Nabors Industries

Several institutional investors have recently made changes to their positions in the stock. Adage Capital Partners GP L.L.C. raised its stake in shares of Nabors Industries by 25.0% during the 2nd quarter. Adage Capital Partners GP L.L.C. now owns 750,000 shares of the oil and gas company’s stock valued at $21,015,000 after purchasing an additional 150,000 shares during the period. Apollo Management Holdings L.P. increased its holdings in 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 worth $18,230,000 after acquiring an additional 228,787 shares during the period. Highbridge Capital Management LLC lifted its stake in Nabors Industries by 26.9% in the 3rd quarter. Highbridge Capital Management LLC now owns 491,795 shares of the oil and gas company’s stock worth $20,100,000 after purchasing an additional 104,219 shares in the last quarter. Cibc World Market Inc. raised its position in shares of Nabors Industries by 10.6% in the third quarter. Cibc World Market Inc. now owns 489,507 shares of the oil and gas company’s stock worth $20,006,000 after buying an additional 46,802 shares in the last quarter. Finally, American Century Companies Inc. lifted its position in Nabors Industries by 10.3% during the third quarter. American Century Companies Inc. now owns 354,901 shares of the oil and gas company’s stock valued at $14,505,000 after purchasing an additional 33,101 shares during the last quarter. Hedge funds and other institutional investors own 81.92% of the company’s stock.

About Nabors Industries

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.