Zacks Investment Research Lowers Nabors Industries (NBR) to Sell

Nabors Industries (NYSE:NBR) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Tuesday.

According to Zacks, “Taking into account a host of bearish issues, we are recalibrating our investment thesis on NBR to 'Sell' ahead of the Q4 numbers. Our pessimistic outlook on the drilling contractor stems from last several quarters disappointing results. Nabors' shares have lost nearly 63% over the past year, underperforming the Zacks Oil & Gas Drilling industry which has declined 26.4% over the same period. In particular, the company is witnessing much delays/cancellations in its CanRig equipment. Nabors’ escalating labor and reactivation costs are big concerns too, which are adversely affecting the already weak financials of the company. Over the last few years, NBR has kept adding debt to its balance sheet for fleet recapitalization program. Considering these headwinds, we expect Nabors to perform below the industry, which gives investors little reason to hold the stock.”

A number of other equities research analysts also recently weighed in on the company. ValuEngine downgraded Nabors Industries from a “sell” rating to a “strong sell” rating in a research report on Friday. Seaport Global Securities reaffirmed a “buy” rating and set a $13.00 price objective on shares of Nabors Industries in a research report on Thursday, January 18th. JPMorgan Chase & Co. downgraded Nabors Industries from an “overweight” rating to a “neutral” rating and set a $9.00 price objective on the stock. in a research report on Wednesday, January 17th. Cowen set a $9.00 price objective on Nabors Industries and gave the company a “buy” rating in a research report on Thursday, January 11th. Finally, Stephens assumed coverage on Nabors Industries in a research report on Tuesday, January 9th. They set an “equal weight” rating and a $8.00 price objective on the stock. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating and sixteen have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $10.89.

Nabors Industries (NBR) traded up $0.11 on Tuesday, hitting $7.56. The stock had a trading volume of 4,147,502 shares, compared to its average volume of 11,071,379. Nabors Industries has a fifty-two week low of $5.32 and a fifty-two week high of $16.11. The company has a quick ratio of 1.27, a current ratio of 1.41 and a debt-to-equity ratio of 1.35. The company has a market cap of $2,370.00, a P/E ratio of -2.79 and a beta of 1.58.

A number of hedge funds have recently made changes to their positions in NBR. M&T Bank Corp grew its holdings in Nabors Industries by 6.0% in the second quarter. M&T Bank Corp now owns 16,320 shares of the oil and gas company’s stock valued at $133,000 after purchasing an additional 925 shares during the period. PNC Financial Services Group Inc. boosted its stake in shares of Nabors Industries by 3.7% in the second quarter. PNC Financial Services Group Inc. now owns 99,514 shares of the oil and gas company’s stock worth $809,000 after acquiring an additional 3,516 shares during the last quarter. Energy Opportunities Capital Management LLC boosted its stake in shares of Nabors Industries by 1.1% in the second quarter. Energy Opportunities Capital Management LLC now owns 365,755 shares of the oil and gas company’s stock worth $2,977,000 after acquiring an additional 4,075 shares during the last quarter. SG Americas Securities LLC boosted its stake in shares of Nabors Industries by 2.9% in the third quarter. SG Americas Securities LLC now owns 307,590 shares of the oil and gas company’s stock worth $2,482,000 after acquiring an additional 8,597 shares during the last quarter. Finally, Mutual of America Capital Management LLC boosted its stake in shares of Nabors Industries by 1.7% in the third quarter. Mutual of America Capital Management LLC now owns 543,336 shares of the oil and gas company’s stock worth $4,385,000 after acquiring an additional 9,076 shares during the last quarter. Institutional investors own 87.40% of the company’s stock.

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Nabors Industries Company Profile

Nabors Industries Ltd. owns and operates a land-based drilling rig fleet. The Company is a provider of offshore platform drilling rigs in the United States and multiple international markets. The Company conducts its Drilling & Rig Services business through four segments: U.S. Drilling, Canada Drilling, International Drilling and Rig Services.

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