Nabors Industries (NBR) Shares Gap Down to $3.56

Nabors Industries Ltd. (NYSE:NBR)’s share price gapped down prior to trading on Tuesday . The stock had previously closed at $3.36, but opened at $3.56. Nabors Industries shares last traded at $3.74, with a volume of 389199 shares changing hands.

NBR has been the subject of a number of analyst reports. ValuEngine lowered shares of Nabors Industries from a “hold” rating to a “sell” rating in a research report on Wednesday, May 1st. Argus cut shares of Nabors Industries from a “hold” rating to a “sell” rating in a report on Wednesday, February 27th. Goldman Sachs Group initiated coverage on shares of Nabors Industries in a report on Sunday, March 10th. They set a “neutral” rating and a $4.00 target price on the stock. Citigroup cut shares of Nabors Industries from a “buy” rating to a “neutral” rating in a report on Thursday, March 14th. Finally, Societe Generale set a $4.00 target price on shares of Nabors Industries and gave the stock a “buy” rating in a report on Thursday, February 28th. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating and nine have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $7.13.

The firm has a market capitalization of $1.41 billion, a price-to-earnings ratio of -2.89 and a beta of 2.28. The company has a current ratio of 2.11, a quick ratio of 1.89 and a debt-to-equity ratio of 1.39.

Nabors Industries (NYSE:NBR) last issued its earnings results on Tuesday, April 30th. The oil and gas company reported ($0.36) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.25) by ($0.11). Nabors Industries had a negative return on equity of 14.79% and a negative net margin of 19.68%. The business had revenue of $809.31 million for the quarter, compared to analyst estimates of $774.35 million. During the same period last year, the company posted ($0.46) earnings per share. The firm’s revenue for the quarter was up 10.2% on a year-over-year basis. On average, research analysts anticipate that Nabors Industries Ltd. will post -0.91 EPS for the current fiscal year.

Hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. grew its stake in shares of Nabors Industries by 43.5% in the 4th quarter. BlackRock Inc. now owns 42,020,803 shares of the oil and gas company’s stock valued at $84,041,000 after buying an additional 12,741,524 shares during the period. Norges Bank bought a new position in shares of Nabors Industries during the 4th quarter valued at about $7,534,000. Perella Weinberg Partners Capital Management LP boosted its position in shares of Nabors Industries by 5,083.2% during the 4th quarter. Perella Weinberg Partners Capital Management LP now owns 2,558,594 shares of the oil and gas company’s stock valued at $5,117,000 after purchasing an additional 2,509,231 shares in the last quarter. Two Sigma Investments LP boosted its position in shares of Nabors Industries by 23,545.7% during the 4th quarter. Two Sigma Investments LP now owns 2,364,566 shares of the oil and gas company’s stock valued at $4,729,000 after purchasing an additional 2,354,566 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in shares of Nabors Industries by 8.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 29,443,173 shares of the oil and gas company’s stock valued at $58,887,000 after purchasing an additional 2,289,996 shares in the last quarter. 75.45% of the stock is currently owned by institutional investors and hedge funds.

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Nabors Industries Company Profile (NYSE:NBR)

Nabors Industries Ltd. provides drilling and drilling-related services and technologies for land-based and offshore oil and natural gas wells. It operates through five segments: U.S. Drilling, Canada Drilling, International Drilling, Drilling Solutions, and Rig Technologies. The company offers equipment manufacturing, rig instrumentation, optimization software, and directional drilling services.

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