Nabors Industries (NYSE:NBR) was downgraded by research analysts at JPMorgan Chase & Co. from an “overweight” rating to a “neutral” rating in a research report issued on Wednesday, Marketbeat Ratings reports. They presently have a $9.00 target price on the oil and gas company’s stock. JPMorgan Chase & Co.’s price objective points to a potential upside of 12.64% from the stock’s current price.

Several other brokerages also recently issued reports on NBR. Cowen set a $9.00 price objective on shares of Nabors Industries and gave the stock a “buy” rating in a research report on Thursday, January 11th. Citigroup set a $10.00 price objective on shares of Nabors Industries and gave the stock a “buy” rating in a research report on Thursday, October 5th. SunTrust Banks restated a “buy” rating and set a $9.00 price objective (down from $20.00) on shares of Nabors Industries in a research report on Tuesday, October 3rd. Deutsche Bank began coverage on shares of Nabors Industries in a research report on Tuesday, October 10th. They set a “hold” rating and a $9.00 price objective for the company. Finally, Royal Bank of Canada restated an “outperform” rating and set a $12.00 price objective (down from $14.00) on shares of Nabors Industries in a research report on Friday, October 6th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and sixteen have assigned a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $10.89.

Shares of Nabors Industries (NBR) traded down $0.26 during mid-day trading on Wednesday, reaching $7.99. 11,081,800 shares of the company’s stock traded hands, compared to its average volume of 14,219,233. The company has a debt-to-equity ratio of 1.35, a current ratio of 1.41 and a quick ratio of 1.27. The firm has a market capitalization of $2,580.00, a P/E ratio of -2.98 and a beta of 1.59. Nabors Industries has a 1 year low of $5.32 and a 1 year high of $17.92.

Nabors Industries (NYSE:NBR) last issued its quarterly earnings data on Tuesday, October 24th. The oil and gas company reported ($0.42) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.33) by ($0.09). The company had revenue of $662.50 million for the quarter, compared to analyst estimates of $674.03 million. Nabors Industries had a negative return on equity of 14.74% and a negative net margin of 31.99%. The company’s revenue was up 27.4% on a year-over-year basis. During the same quarter last year, the business earned ($0.55) earnings per share. research analysts forecast that Nabors Industries will post -1.63 earnings per share for the current fiscal year.

Several hedge funds and other institutional investors have recently bought and sold shares of the business. State of Alaska Department of Revenue bought a new stake in shares of Nabors Industries during the fourth quarter worth $109,000. Oakbrook Investments LLC bought a new stake in shares of Nabors Industries during the fourth quarter worth $103,000. Fox Run Management L.L.C. bought a new stake in shares of Nabors Industries during the fourth quarter worth $347,000. Schwab Charles Investment Management Inc. grew its stake in shares of Nabors Industries by 33.0% during the fourth quarter. Schwab Charles Investment Management Inc. now owns 1,663,700 shares of the oil and gas company’s stock worth $11,364,000 after buying an additional 412,567 shares during the last quarter. Finally, Creative Planning grew its stake in shares of Nabors Industries by 93.9% during the fourth quarter. Creative Planning now owns 474,982 shares of the oil and gas company’s stock worth $3,244,000 after buying an additional 230,005 shares during the last quarter. 87.79% of the stock is currently owned by hedge funds and other institutional investors.

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About Nabors Industries

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.

Analyst Recommendations for Nabors Industries (NYSE:NBR)

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