Nabors Industries (NYSE:NBR) Price Target Cut to $75.00 by Analysts at Morgan Stanley

Nabors Industries (NYSE:NBR) had its price objective reduced by investment analysts at Morgan Stanley from $115.00 to $75.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage presently has an “overweight” rating on the oil and gas company’s stock. Morgan Stanley’s price objective indicates a potential upside of 74.26% from the stock’s current price.

Other equities research analysts have also recently issued research reports about the stock. Barclays lowered their target price on shares of Nabors Industries from $90.00 to $53.00 and set an “equal weight” rating on the stock in a research note on Wednesday, February 19th. Susquehanna dropped their price objective on shares of Nabors Industries from $53.00 to $45.00 and set a “neutral” rating for the company in a research note on Thursday, March 13th. Six equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, Nabors Industries has an average rating of “Hold” and a consensus price target of $73.33.

Nabors Industries Price Performance

Shares of Nabors Industries stock traded down $1.24 on Thursday, hitting $43.04. The company’s stock had a trading volume of 93,762 shares, compared to its average volume of 392,642. The company has a market capitalization of $413.36 million, a price-to-earnings ratio of -1.92 and a beta of 2.08. Nabors Industries has a 1 year low of $34.42 and a 1 year high of $105.96. The firm has a fifty day moving average price of $49.47 and a 200-day moving average price of $62.16. The company has a debt-to-equity ratio of 5.95, a quick ratio of 1.52 and a current ratio of 1.75.

Nabors Industries (NYSE:NBR) last announced its earnings results on Wednesday, February 12th. The oil and gas company reported ($6.67) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.86) by ($4.81). Nabors Industries had a negative net margin of 5.93% and a negative return on equity of 32.96%. As a group, sell-side analysts anticipate that Nabors Industries will post -6.22 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Nabors Industries

A number of hedge funds have recently modified their holdings of NBR. Intech Investment Management LLC grew its position in Nabors Industries by 6.4% in the third quarter. Intech Investment Management LLC now owns 5,372 shares of the oil and gas company’s stock worth $346,000 after acquiring an additional 322 shares during the period. FMR LLC lifted its stake in shares of Nabors Industries by 10.6% in the 3rd quarter. FMR LLC now owns 51,794 shares of the oil and gas company’s stock valued at $3,339,000 after purchasing an additional 4,949 shares during the last quarter. PDT Partners LLC grew its holdings in shares of Nabors Industries by 49.7% during the 3rd quarter. PDT Partners LLC now owns 46,659 shares of the oil and gas company’s stock worth $3,008,000 after purchasing an additional 15,494 shares during the period. Atom Investors LP acquired a new stake in shares of Nabors Industries during the 3rd quarter worth about $332,000. Finally, Centiva Capital LP purchased a new stake in Nabors Industries in the 3rd quarter valued at about $531,000. Hedge funds and other institutional investors own 81.92% of the company’s stock.

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.