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Nabors Industries Ltd. (NYSE:NBR) stock has tumbled to $31.68, near its 52-week low of $34.42, as the company faces a challenging market environment. According to InvestingPro data, the stock’s dramatic decline from its 52-week high of $105.96 reflects significant market volatility. This latest price level reflects a significant downturn for the oil and gas drilling contractor, which has seen its stock price plummet over the past year. The company has recorded a -57.89% total return over the past year, while maintaining a FAIR financial health score according to InvestingPro analysis. Investors are closely monitoring the company’s performance and industry trends to gauge the potential for recovery or further decline, with analyst price targets ranging from $45 to $75. For deeper insights, access the comprehensive Pro Research Report, available exclusively to InvestingPro subscribers, along with 12 additional key ProTips for NBR.
In other recent news, Nabors Industries reported a significant miss in its fourth-quarter 2024 earnings, with an earnings per share (EPS) of -6.67, well below the forecasted -2.07. Revenue for the quarter was $730 million, slightly under projections, highlighting ongoing challenges in the U.S. drilling market. Despite these results, Nabors maintained a strong position internationally, with slight revenue growth in its international drilling segment. The company is advancing strategic initiatives in the Middle East, with plans to deploy 10 new rigs internationally in 2025. In leadership developments, Nabors announced that CFO William Restrepo will retire in September 2025, with Miguel Rodriguez set to gradually assume the role. Meanwhile, Vast Renewables Limited secured up to AUD180 million in funding from the Australian Renewable Energy Agency for its Port Augusta clean energy project, marking a significant step in its renewable energy initiatives. The funding is contingent on meeting specific milestones, including securing additional construction funds.
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