Nabors Industries (NYSE:NBR) Shares Gap Down to $95.51

Shares of Nabors Industries Ltd. (NYSE:NBR) gapped down before the market opened on Thursday . The stock had previously closed at $95.51, but opened at $93.28. Nabors Industries shares last traded at $93.74, with a volume of 662 shares traded.

Separately, Morgan Stanley raised their price target on Nabors Industries from $60.00 to $80.00 and gave the stock an “underweight” rating in a research report on Wednesday, March 31st. Five equities research analysts have rated the stock with a sell rating and four have issued a hold rating to the company’s stock. The stock presently has an average rating of “Sell” and an average price target of $35.64.

The stock has a 50 day moving average of $106.31 and a 200 day moving average of $64.69. The company has a quick ratio of 2.06, a current ratio of 2.39 and a debt-to-equity ratio of 2.42. The company has a market capitalization of $675.80 million, a price-to-earnings ratio of -0.68 and a beta of 3.77.

Nabors Industries (NYSE:NBR) last released its quarterly earnings data on Tuesday, February 23rd. The oil and gas company reported ($23.82) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($23.56) by ($0.26). The firm had revenue of $446.74 million for the quarter, compared to the consensus estimate of $421.15 million. Nabors Industries had a negative net margin of 39.93% and a negative return on equity of 27.82%. As a group, sell-side analysts anticipate that Nabors Industries Ltd. will post -79.09 EPS for the current fiscal year.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Russell Investments Group Ltd. increased its holdings in shares of Nabors Industries by 42.9% during the fourth quarter. Russell Investments Group Ltd. now owns 25,526 shares of the oil and gas company’s stock valued at $1,484,000 after acquiring an additional 7,662 shares in the last quarter. Clifford Swan Investment Counsel LLC bought a new stake in shares of Nabors Industries during the fourth quarter valued at approximately $349,000. New York State Teachers Retirement System increased its holdings in shares of Nabors Industries by 7.6% during the fourth quarter. New York State Teachers Retirement System now owns 11,385 shares of the oil and gas company’s stock valued at $663,000 after acquiring an additional 800 shares in the last quarter. State of Tennessee Treasury Department grew its holdings in Nabors Industries by 132.5% during the third quarter. State of Tennessee Treasury Department now owns 5,095 shares of the oil and gas company’s stock worth $125,000 after buying an additional 2,904 shares in the last quarter. Finally, Texas Permanent School Fund bought a new stake in Nabors Industries during the fourth quarter worth $300,000. Hedge funds and other institutional investors own 63.54% of the company’s stock.

Nabors Industries Company Profile (NYSE:NBR)

Nabors Industries Ltd. provides drilling and drilling-related services for land-based and offshore oil and natural gas wells. The company operates through five segments: U.S. Drilling, Canada Drilling, International Drilling, Drilling Solutions, and Rig Technologies. It provides tubular running, wellbore placement, directional drilling, measurement-while-drilling (MWD), equipment manufacturing, and rig instrumentation services; and logging-while-drilling systems and services, as well as drilling optimization software.

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