Analysts Issue Forecasts for Nabors Industries Ltd.’s Q3 2023 Earnings (NYSE:NBR)

Posted by on Sep 8th, 2023

Nabors Industries Ltd. (NYSE:NBR – Free Report) – Equities research analysts at Zacks Research reduced their Q3 2023 EPS estimates for shares of Nabors Industries in a research report issued on Monday, September 4th. Zacks Research analyst T. Saha now anticipates that the oil and gas company will post earnings of $0.10 per share for the quarter, down from their prior estimate of $1.56. The consensus estimate for Nabors Industries’ current full-year earnings is ($3.48) per share. Zacks Research also issued estimates for Nabors Industries’ Q4 2023 earnings at $1.13 EPS, Q1 2024 earnings at $0.99 EPS, Q2 2024 earnings at $1.87 EPS, Q3 2024 earnings at $3.04 EPS, Q4 2024 earnings at $2.64 EPS, FY2024 earnings at $8.54 EPS, Q1 2025 earnings at $4.42 EPS and Q2 2025 earnings at $3.33 EPS.

Nabors Industries (NYSE:NBR – Get Free Report) last posted its earnings results on Tuesday, July 25th. The oil and gas company reported ($2.26) earnings per share for the quarter, missing analysts’ consensus estimates of $1.50 by ($3.76). The business had revenue of $778.81 million during the quarter, compared to the consensus estimate of $777.59 million. Nabors Industries had a negative return on equity of 17.98% and a negative net margin of 0.96%.

Several other equities research analysts have also recently issued reports on the stock. Barclays lowered their price objective on shares of Nabors Industries from $150.00 to $140.00 in a research report on Thursday, June 8th. Susquehanna lowered their price target on shares of Nabors Industries from $110.00 to $91.00 in a research report on Friday, June 2nd. Benchmark raised shares of Nabors Industries from a “hold” rating to a “buy” rating in a research report on Wednesday, July 19th. Citigroup cut their price target on shares of Nabors Industries from $200.00 to $140.00 in a research note on Friday, May 19th. Finally, Royal Bank of Canada upped their price target on shares of Nabors Industries from $124.00 to $140.00 in a research note on Thursday, July 27th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, Nabors Industries presently has a consensus rating of “Hold” and a consensus target price of $145.00.

Read Our Latest Stock Analysis on Nabors Industries

Nabors Industries Stock Performance

Shares of NYSE:NBR opened at $121.01 on Thursday. The company has a market capitalization of $1.15 billion, a price-to-earnings ratio of -20.61 and a beta of 2.82. Nabors Industries has a 12 month low of $83.05 and a 12 month high of $190.90. The firm’s 50-day moving average is $111.52 and its 200 day moving average is $111.70. The company has a current ratio of 1.80, a quick ratio of 1.52 and a debt-to-equity ratio of 4.23.

Hedge Funds Weigh In On Nabors Industries

Several hedge funds and other institutional investors have recently modified their holdings of the business. Wells Fargo & Company MN increased its position in Nabors Industries by 66.6% during the second quarter. Wells Fargo & Company MN now owns 18,905 shares of the oil and gas company’s stock worth $1,759,000 after purchasing an additional 7,556 shares during the last quarter. Webs Creek Capital Management LP acquired a new position in shares of Nabors Industries in the second quarter valued at approximately $13,872,000. Y Intercept Hong Kong Ltd acquired a new position in shares of Nabors Industries in the second quarter valued at approximately $519,000. Goldman Sachs Group Inc. lifted its stake in Nabors Industries by 11.0% in the second quarter. Goldman Sachs Group Inc. now owns 95,898 shares of the oil and gas company’s stock worth $8,921,000 after acquiring an additional 9,472 shares during the last quarter. Finally, KB Financial Partners LLC lifted its stake in Nabors Industries by 239.3% in the second quarter. KB Financial Partners LLC now owns 22,331 shares of the oil and gas company’s stock worth $2,077,000 after acquiring an additional 15,750 shares during the last quarter. 80.39% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Nabors Industries news, Director John P. Kotts sold 4,975 shares of the stock in a transaction on Tuesday, September 5th. The shares were sold at an average price of $125.13, for a total transaction of $622,521.75. Following the transaction, the director now directly owns 4,787 shares of the company’s stock, valued at $598,997.31. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 7.09% of the stock is currently owned by insiders.

About Nabors Industries

(Get Free Report)

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 U.S. Drilling, International Drilling, Drilling Solutions, and Rig Technologies. It provides tubular running, wellbore placement, directional drilling, measurement-while-drilling (MWD), equipment manufacturing, and rig instrumentation services; and logging-while-drilling systems and services, as well as drilling optimization software.

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Earnings History and Estimates for Nabors Industries (NYSE:NBR)

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