Nabors Industries (NYSE:NBR) Downgraded by Credit Suisse Group

Credit Suisse Group downgraded shares of Nabors Industries (NYSE:NBR) from an outperform rating to a neutral rating in a research note published on Tuesday, BenzingaRatingsTable reports. The brokerage currently has $2.00 target price on the oil and gas company’s stock, down from their prior target price of $3.25.

NBR has been the subject of several other reports. Bank of America downgraded Nabors Industries from a buy rating to a neutral rating in a research report on Wednesday, August 28th. Wells Fargo & Co cut Nabors Industries from an outperform rating to an underperform rating and set a $2.00 target price on the stock. in a report on Thursday, September 12th. Citigroup dropped their price target on Nabors Industries from $2.50 to $2.25 and set a neutral rating for the company in a research report on Tuesday, October 1st. Morgan Stanley cut their price target on Nabors Industries from $5.00 to $3.00 and set an overweight rating for the company in a report on Monday, October 7th. Finally, Royal Bank of Canada downgraded Nabors Industries from an outperform rating to a sector perform rating and reduced their price objective for the company from $9.00 to $3.50 in a research report on Wednesday, September 25th. Three research analysts have rated the stock with a sell rating, eleven have given a hold rating and three have issued a buy rating to the company’s stock. The company has an average rating of Hold and a consensus target price of $2.93.

Shares of NBR opened at $1.97 on Tuesday. The company has a current ratio of 2.02, a quick ratio of 1.75 and a debt-to-equity ratio of 1.50. The stock has a market cap of $748.64 million, a P/E ratio of -1.56 and a beta of 2.79. The company has a 50-day moving average of $1.93 and a two-hundred day moving average of $2.20. Nabors Industries has a 12-month low of $1.50 and a 12-month high of $4.08.

Nabors Industries (NYSE:NBR) last released its quarterly earnings results on Tuesday, October 29th. The oil and gas company reported ($0.31) EPS for the quarter, missing the consensus estimate of ($0.22) by ($0.09). The business had revenue of $758.08 million during the quarter, compared to analyst estimates of $777.69 million. Nabors Industries had a negative net margin of 20.02% and a negative return on equity of 16.80%. The firm’s revenue for the quarter was down 2.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.29) earnings per share. As a group, analysts forecast that Nabors Industries will post -1.34 EPS for the current fiscal year.

Several hedge funds have recently bought and sold shares of NBR. Cresset Asset Management LLC grew its position in shares of Nabors Industries by 527.8% in the second quarter. Cresset Asset Management LLC now owns 11,521 shares of the oil and gas company’s stock valued at $33,000 after purchasing an additional 9,686 shares during the period. Cerebellum GP LLC purchased a new position in Nabors Industries during the third quarter worth about $87,000. Man Group plc acquired a new stake in Nabors Industries in the 2nd quarter worth about $38,000. Envestnet Asset Management Inc. acquired a new stake in Nabors Industries in the 3rd quarter worth about $28,000. Finally, SG Americas Securities LLC purchased a new stake in Nabors Industries in the 3rd quarter valued at about $30,000. Institutional investors and hedge funds own 78.35% 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.

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Analyst Recommendations for Nabors Industries (NYSE:NBR)

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