Analysts at Bernstein Bank initiated coverage on shares of Nabors Industries (NYSE:NBR) in a research report issued to clients and investors on Tuesday, Stock Target Advisor reports. The firm set an “underperform” rating and a $1.50 price target on the oil and gas company’s stock. Bernstein Bank’s target price would indicate a potential downside of 48.98% from the company’s current price.

A number of other equities analysts also recently commented on the company. Royal Bank of Canada downgraded Nabors Industries from an “outperform” rating to a “sector perform” rating and dropped their price objective for the stock from $9.00 to $3.50 in a report on Wednesday, September 25th. ValuEngine raised shares of Nabors Industries from a “sell” rating to a “hold” rating in a research report on Tuesday, January 7th. Credit Suisse Group lowered shares of Nabors Industries from an “outperform” rating to a “neutral” rating and dropped their price target for the stock from $3.25 to $2.00 in a research note on Tuesday, December 3rd. Zacks Investment Research upgraded shares of Nabors Industries from a “sell” rating to a “hold” rating and set a $3.00 price target on the stock in a report on Tuesday, December 10th. Finally, Barclays reaffirmed a “buy” rating and issued a $3.00 price objective on shares of Nabors Industries in a research note on Sunday, November 3rd. Four research analysts have rated the stock with a sell rating, ten have assigned a hold rating and three have given a buy rating to the stock. Nabors Industries currently has an average rating of “Hold” and a consensus target price of $2.73.

Shares of Nabors Industries stock traded down $0.07 on Tuesday, hitting $2.94. 129,534 shares of the company traded hands, compared to its average volume of 8,427,218. Nabors Industries has a 12-month low of $1.50 and a 12-month high of $4.08. The company has a quick ratio of 1.75, a current ratio of 2.02 and a debt-to-equity ratio of 1.50. The company has a market cap of $1.10 billion, a PE ratio of -2.33 and a beta of 2.90. The company has a 50-day moving average price of $2.68 and a 200 day moving average price of $2.25.

Nabors Industries (NYSE:NBR) last announced its quarterly earnings data on Tuesday, October 29th. The oil and gas company reported ($0.31) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.22) by ($0.09). Nabors Industries had a negative return on equity of 16.80% and a negative net margin of 20.02%. The firm had revenue of $758.08 million for the quarter, compared to analysts’ expectations of $777.69 million. During the same quarter in the prior year, the business posted ($0.29) earnings per share. Nabors Industries’s revenue was down 2.7% on a year-over-year basis. Equities research analysts anticipate that Nabors Industries will post -1.3 EPS for the current year.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Envestnet Asset Management Inc. purchased a new position in Nabors Industries in the third quarter worth about $28,000. SG Americas Securities LLC purchased a new position in Nabors Industries during the third quarter valued at approximately $30,000. Cresset Asset Management LLC lifted its holdings in Nabors Industries by 527.8% during 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 in the last quarter. Cetera Advisor Networks LLC bought a new position in shares of Nabors Industries in the third quarter worth approximately $35,000. Finally, Man Group plc bought a new position in shares of Nabors Industries in the second quarter worth approximately $38,000. 78.36% of the stock is currently owned by hedge funds and other institutional investors.

About Nabors Industries

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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