Nabors Industries Ltd. to Post Q2 2024 Earnings of ($1.97) Per Share, Zacks Research Forecasts (NYSE:NBR)

Nabors Industries Ltd. (NYSE:NBR) – Zacks Research raised their Q2 2024 earnings per share (EPS) estimates for Nabors Industries in a research note issued on Tuesday, May 21st. Zacks Research analyst R. Department now expects that the oil and gas company will earn ($1.97) per share for the quarter, up from their previous estimate of ($2.12). The consensus estimate for Nabors Industries’ current full-year earnings is ($5.12) per share. Zacks Research also issued estimates for Nabors Industries’ Q3 2024 earnings at ($1.54) EPS, Q4 2024 earnings at ($1.00) EPS, FY2024 earnings at ($9.67) EPS, Q4 2025 earnings at $1.57 EPS and FY2026 earnings at $10.38 EPS.

Nabors Industries (NYSE:NBR) last announced its quarterly earnings data on Wednesday, April 24th. The oil and gas company reported ($5.16) earnings per share for the quarter, missing the consensus estimate of ($2.24) by ($2.92). The firm had revenue of $743.91 million during the quarter, compared to analyst estimates of $730.59 million. Nabors Industries had a negative net margin of 3.45% and a negative return on equity of 23.52%.

NBR has been the subject of several other reports. Susquehanna reduced their target price on Nabors Industries from $88.00 to $79.00 and set a “neutral” rating for the company in a report on Friday, April 26th. Morgan Stanley reduced their target price on Nabors Industries from $160.00 to $150.00 and set an “overweight” rating for the company in a report on Monday, February 12th. Finally, Benchmark reaffirmed a “hold” rating on shares of Nabors Industries in a report on Thursday, April 25th. Five research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to MarketBeat, Nabors Industries currently has a consensus rating of “Hold” and a consensus price target of $124.75.

Nabors Industries Trading Down 1.7 %

Shares of Nabors Industries stock opened at $73.58 on Thursday. The company has a quick ratio of 1.53, a current ratio of 1.78 and a debt-to-equity ratio of 4.81. The firm has a market cap of $787.31 million, a price-to-earnings ratio of -5.33 and a beta of 2.37. The business has a fifty day simple moving average of $80.37 and a 200-day simple moving average of $82.40. Nabors Industries has a fifty-two week low of $70.25 and a fifty-two week high of $141.47.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. increased its holdings in shares of Nabors Industries by 5.1% during the 1st quarter. Vanguard Group Inc. now owns 819,113 shares of the oil and gas company’s stock valued at $70,550,000 after acquiring an additional 40,078 shares during the last quarter. Gendell Jeffrey L boosted its stake in Nabors Industries by 10.1% during the 1st quarter. Gendell Jeffrey L now owns 436,442 shares of the oil and gas company’s stock valued at $37,591,000 after purchasing an additional 40,141 shares during the period. Goldman Sachs Group Inc. boosted its stake in Nabors Industries by 111.6% during the 4th quarter. Goldman Sachs Group Inc. now owns 397,102 shares of the oil and gas company’s stock valued at $32,415,000 after purchasing an additional 209,450 shares during the period. Apollo Management Holdings L.P. boosted its stake in Nabors Industries by 64.6% during the 1st quarter. Apollo Management Holdings L.P. now owns 335,091 shares of the oil and gas company’s stock valued at $28,861,000 after purchasing an additional 131,490 shares during the period. Finally, Dimensional Fund Advisors LP boosted its stake in Nabors Industries by 4.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 295,256 shares of the oil and gas company’s stock valued at $24,102,000 after purchasing an additional 13,324 shares during the period. Institutional investors and hedge funds own 81.92% of the company’s stock.

Nabors Industries Company Profile

Nabors Industries Ltd. provides drilling and drilling-related services for land-based and offshore oil and natural gas wells in the United States and internationally. The company operates through four segments: U.S. Drilling, International Drilling, Drilling Solutions, and Rig Technologies. It provides tubular running services, including casing and tubing running, and torque monitoring; managed pressure drilling services; and drilling-bit steering systems and rig instrumentation software.