Nabors Industries (NYSE:NBR) Lowered to Neutral at Citigroup

Citigroup downgraded shares of Nabors Industries (NYSE:NBR) from a buy rating to a neutral rating in a research report released on Friday morning, MarketBeat reports. The firm currently has $75.00 price target on the oil and gas company’s stock, down from their previous price target of $110.00.

Separately, Royal Bank of Canada restated a sector perform rating and issued a $114.00 price target on shares of Nabors Industries in a research note on Thursday, July 25th. Six analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat.com, Nabors Industries presently has a consensus rating of Hold and an average price target of $104.50.

Nabors Industries Price Performance

Shares of NBR opened at $62.61 on Friday. The company has a market cap of $670.05 million, a price-to-earnings ratio of -4.53 and a beta of 2.12. The company has a current ratio of 1.82, a quick ratio of 1.57 and a debt-to-equity ratio of 5.01. The company’s fifty day simple moving average is $80.09 and its 200 day simple moving average is $77.92. Nabors Industries has a 1-year low of $59.90 and a 1-year high of $141.47.

Nabors Industries (NYSE:NBR) last issued its earnings results on Tuesday, July 23rd. The oil and gas company reported ($4.29) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.77) by ($2.52). The firm had revenue of $742.98 million during the quarter, compared to analyst estimates of $737.91 million. Nabors Industries had a negative net margin of 4.73% and a negative return on equity of 28.10%. The company’s revenue for the quarter was down 4.6% on a year-over-year basis. During the same quarter last year, the business posted ($2.26) earnings per share. On average, research analysts forecast that Nabors Industries will post -11.98 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Quadrant Capital Group LLC raised its position in shares of Nabors Industries by 202.4% in the fourth quarter. Quadrant Capital Group LLC now owns 750 shares of the oil and gas company’s stock valued at $61,000 after buying an additional 502 shares in the last quarter. Russell Investments Group Ltd. lifted its position in shares of Nabors Industries by 2,022.2% during the 1st quarter. Russell Investments Group Ltd. now owns 764 shares of the oil and gas company’s stock valued at $67,000 after acquiring an additional 728 shares during the period. GAMMA Investing LLC grew its holdings in shares of Nabors Industries by 29.1% during the 1st quarter. GAMMA Investing LLC now owns 1,474 shares of the oil and gas company’s stock worth $127,000 after purchasing an additional 332 shares in the last quarter. SG Americas Securities LLC acquired a new stake in shares of Nabors Industries during the 2nd quarter worth $159,000. Finally, The Manufacturers Life Insurance Company increased its position in shares of Nabors Industries by 5.3% in the second quarter. The Manufacturers Life Insurance Company now owns 3,567 shares of the oil and gas company’s stock worth $254,000 after purchasing an additional 181 shares during the period. Institutional investors own 81.92% of the company’s stock.

Nabors Industries Company Profile

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.