Nabors Industries (NYSE:NBR) Stock Passes Above 200-Day Moving Average – Should You Sell?

Nabors Industries Ltd. (NYSE:NBR) passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $78.55 and traded as high as $84.62. Nabors Industries shares last traded at $84.1890, with a volume of 210,383 shares trading hands.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. Weiss Ratings downgraded shares of Nabors Industries from a “hold (c)” rating to a “hold (c-)” rating in a report on Monday, May 4th. Citigroup lifted their target price on Nabors Industries from $89.00 to $110.00 and gave the stock a “neutral” rating in a report on Friday, May 1st. Morgan Stanley reaffirmed an “overweight” rating and issued a $100.00 target price (up from $80.00) on shares of Nabors Industries in a report on Wednesday, April 15th. Royal Bank Of Canada boosted their target price on Nabors Industries from $91.00 to $120.00 and gave the stock a “sector perform” rating in a research report on Thursday, April 30th. Finally, Piper Sandler increased their price target on Nabors Industries from $84.00 to $120.00 and gave the company an “overweight” rating in a research note on Thursday, April 30th. Two equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $103.43.

Nabors Industries Price Performance

The company has a market cap of $1.25 billion, a P/E ratio of 6.59 and a beta of 0.96. The firm’s 50-day moving average is $95.37 and its two-hundred day moving average is $78.55. The company has a debt-to-equity ratio of 2.22, a current ratio of 1.97 and a quick ratio of 1.82.

Nabors Industries (NYSE:NBR) last released its quarterly earnings data on Tuesday, April 28th. The oil and gas company reported ($1.54) EPS for the quarter, beating the consensus estimate of ($2.49) by $0.95. Nabors Industries had a net margin of 7.32% and a negative return on equity of 8.66%. The business had revenue of $783.55 million during the quarter, compared to analyst estimates of $769.33 million. During the same quarter last year, the business earned $2.18 earnings per share. Nabors Industries’s quarterly revenue was up 6.4% compared to the same quarter last year. Analysts anticipate that Nabors Industries Ltd. will post -3.32 earnings per share for the current year.

Institutional Trading of Nabors Industries

Several hedge funds have recently made changes to their positions in the business. Optiver Holding B.V. bought a new position in shares of Nabors Industries in the 1st quarter valued at about $309,000. Bank of America Corp DE increased its stake in Nabors Industries by 191.8% during the first quarter. Bank of America Corp DE now owns 151,922 shares of the oil and gas company’s stock worth $13,074,000 after acquiring an additional 99,852 shares during the last quarter. EverSource Wealth Advisors LLC raised its position in Nabors Industries by 29.3% during the first quarter. EverSource Wealth Advisors LLC now owns 622 shares of the oil and gas company’s stock valued at $54,000 after purchasing an additional 141 shares during the period. Royal Bank of Canada raised its position in Nabors Industries by 11.6% during the first quarter. Royal Bank of Canada now owns 58,099 shares of the oil and gas company’s stock valued at $5,000,000 after purchasing an additional 6,057 shares during the period. Finally, Empowered Funds LLC raised its position in Nabors Industries by 41.6% during the first quarter. Empowered Funds LLC now owns 65,665 shares of the oil and gas company’s stock valued at $5,651,000 after purchasing an additional 19,286 shares during the period. 81.92% of the stock is currently owned by hedge funds and other institutional investors.

Nabors Industries Company Profile

Nabors Industries Ltd. is a global oil and gas drilling contractor that provides land and offshore drilling rigs, drilling equipment and related services to energy companies around the world. The company’s operations span two core segments: drilling and evaluation, which includes land‐based and platform drilling rigs as well as wellbore survey services, and wellbore technologies, offering pressure control equipment, downhole tools and specialized maintenance services. Nabors’ integrated model combines rig operations with engineered products and field support, positioning it as a full‐service provider in the upstream sector.

The company maintains a diverse, modern fleet of automated and conventional drilling rigs and has pioneered advanced drilling technologies, including automated drilling controls and managed pressure drilling systems.