Nabors Industries Ltd. (NBR) Shares Up 2.6%
Nabors Industries Ltd. (NYSE:NBR) shot up 2.6% during trading on Wednesday . The company traded as high as $10.11 and last traded at $9.93, with a volume of 3,843,939 shares changing hands. The stock had previously closed at $9.68.
A number of research firms have recently commented on NBR. Zacks Investment Research upgraded shares of Nabors Industries from a “hold” rating to a “buy” rating and set a $12.00 price target on the stock in a report on Friday, August 19th. Citigroup Inc. increased their price target on shares of Nabors Industries from $12.00 to $13.00 and gave the company a “buy” rating in a report on Monday, September 12th. Nomura set a $8.00 price target on shares of Nabors Industries and gave the company a “hold” rating in a report on Tuesday, August 16th. Simmons reiterated a “neutral” rating and set a $12.50 price target (up previously from $12.25) on shares of Nabors Industries in a report on Monday, August 8th. Finally, Jefferies Group reiterated a “hold” rating and set a $10.00 price target (up previously from $9.00) on shares of Nabors Industries in a report on Monday, August 8th. Eight investment analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $11.56.
The firm’s market capitalization is $2.85 billion. The company has a 50-day moving average price of $9.85 and a 200 day moving average price of $9.48.
Nabors Industries (NYSE:NBR) last released its quarterly earnings data on Tuesday, August 2nd. The company reported ($0.26) EPS for the quarter, beating the consensus estimate of ($0.45) by $0.19. The business had revenue of $571.60 million for the quarter, compared to the consensus estimate of $497.83 million. Nabors Industries had a negative net margin of 39.78% and a negative return on equity of 6.31%. The business’s revenue for the quarter was down 40.1% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.14) EPS. Equities analysts anticipate that Nabors Industries Ltd. will post ($1.22) earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 4th. Stockholders of record on Tuesday, September 13th will be issued a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 2.39%. The ex-dividend date of this dividend is Friday, September 9th. Nabors Industries’s dividend payout ratio (DPR) is currently -6.56%.
Several hedge funds have recently added to or reduced their stakes in NBR. Wolverine Asset Management LLC purchased a new position in Nabors Industries during the second quarter valued at about $242,000. CI Investments Inc. boosted its position in Nabors Industries by 858,360.0% in the second quarter. CI Investments Inc. now owns 4,292,300 shares of the company’s stock valued at $43,138,000 after buying an additional 4,291,800 shares in the last quarter. Royal Bank of Canada boosted its position in Nabors Industries by 3.0% in the second quarter. Royal Bank of Canada now owns 755,199 shares of the company’s stock valued at $7,590,000 after buying an additional 21,767 shares in the last quarter. Schwab Charles Investment Management Inc. boosted its position in Nabors Industries by 9.0% in the second quarter. Schwab Charles Investment Management Inc. now owns 1,221,129 shares of the company’s stock valued at $12,273,000 after buying an additional 100,763 shares in the last quarter. Finally, Legal & General Group Plc boosted its position in Nabors Industries by 18.1% in the second quarter. Legal & General Group Plc now owns 430,219 shares of the company’s stock valued at $4,312,000 after buying an additional 65,847 shares in the last quarter. 93.06% of the stock is currently owned by institutional investors and hedge funds.
Nabors Industries Company Profile
Nabors Industries Ltd. owns and operates a land-based drilling rig fleet in North America. The Company is a provider of offshore platform work over and drilling rigs. It conducts its Drilling & Rig Services business through four segments: U.S. Drilling, Canada Drilling, International Drilling and Rig Services.
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