Nabors Industries (NYSE:NBR) Downgraded to “Underperform” at Wells Fargo & Co

Nabors Industries (NYSE:NBR) was downgraded by research analysts at Wells Fargo & Co from an “outperform” rating to an “underperform” rating in a report released on Thursday, The Fly reports.

Several other analysts also recently weighed in on NBR. Bank of America downgraded Nabors Industries from a “buy” rating to a “neutral” rating in a report on Wednesday, August 28th. Morgan Stanley reduced their target price on Nabors Industries from $6.00 to $5.00 and set an “overweight” rating for the company in a report on Friday, July 12th. Citigroup set a $3.00 target price on Nabors Industries and gave the company a “hold” rating in a report on Tuesday, July 2nd. ValuEngine raised Nabors Industries from a “sell” rating to a “hold” rating in a report on Thursday, August 1st. Finally, Susquehanna Bancshares set a $3.00 target price on Nabors Industries and gave the company a “hold” rating in a report on Wednesday, July 31st. Three research analysts have rated the stock with a sell rating, eleven have issued a hold rating and six have assigned a buy rating to the company. Nabors Industries presently has an average rating of “Hold” and a consensus target price of $5.75.

NYSE:NBR opened at $2.42 on Thursday. The stock has a 50-day simple moving average of $2.09 and a 200-day simple moving average of $2.86. The stock has a market cap of $872.30 million, a P/E ratio of -1.92 and a beta of 2.65. Nabors Industries has a 1 year low of $1.60 and a 1 year high of $6.65. The company has a debt-to-equity ratio of 1.45, a quick ratio of 1.67 and a current ratio of 1.90.

Nabors Industries (NYSE:NBR) last posted its earnings results on Monday, July 29th. The oil and gas company reported ($0.61) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.21) by ($0.40). Nabors Industries had a negative net margin of 19.75% and a negative return on equity of 16.01%. The firm had revenue of $771.40 million during the quarter, compared to analysts’ expectations of $801.17 million. During the same period in the previous year, the firm posted ($0.42) earnings per share. The firm’s revenue for the quarter was up 1.2% on a year-over-year basis. On average, equities research analysts predict that Nabors Industries will post -1.13 EPS for the current year.

In other news, CFO William J. Restrepo purchased 177,100 shares of the stock in a transaction that occurred on Friday, June 14th. The shares were acquired at an average price of $2.03 per share, for a total transaction of $359,513.00. Following the acquisition, the chief financial officer now directly owns 2,136,255 shares in the company, valued at approximately $4,336,597.65. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Tanya S. Beder purchased 50,000 shares of the stock in a transaction that occurred on Thursday, August 8th. The stock was purchased at an average price of $2.31 per share, for a total transaction of $115,500.00. Following the acquisition, the director now owns 219,409 shares in the company, valued at $506,834.79. The disclosure for this purchase can be found here. 4.02% of the stock is owned by corporate insiders.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Park National boosted its holdings in shares of Nabors Industries by 30.0% during the fourth quarter. Park National now owns 41,159 shares of the oil and gas company’s stock worth $350,000 after purchasing an additional 9,491 shares during the last quarter. Janus Capital Management boosted its holdings in shares of Nabors Industries by 3,119.7% during the third quarter. Janus Capital Management now owns 900,400 shares of the oil and gas company’s stock worth $8,509,000 after purchasing an additional 872,435 shares during the last quarter. Creative Planning boosted its holdings in shares of Nabors Industries by 29.7% during the fourth quarter. Creative Planning now owns 308,515 shares of the oil and gas company’s stock worth $2,625,000 after purchasing an additional 70,625 shares during the last quarter. Thompson Siegel & Walmsley LLC boosted its holdings in shares of Nabors Industries by 22.9% during the fourth quarter. Thompson Siegel & Walmsley LLC now owns 3,464,912 shares of the oil and gas company’s stock worth $29,486,000 after purchasing an additional 645,401 shares during the last quarter. Finally, Strs Ohio boosted its holdings in shares of Nabors Industries by 23.1% during the fourth quarter. Strs Ohio now owns 2,712,000 shares of the oil and gas company’s stock worth $23,079,000 after purchasing an additional 509,000 shares during the last quarter. Institutional investors and hedge funds own 79.61% of the company’s stock.

Nabors Industries Company Profile

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.

Further Reading: Understanding debt-to-equity ratio in fundamental analysis

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Analyst Recommendations for Nabors Industries (NYSE:NBR)

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