Nabors Industries Ltd. (NYSE:NBR) Receives Average Rating of “Buy” from Analysts
Nabors Industries Ltd. (NYSE:NBR) has been assigned an average recommendation of “Buy” from the twenty-eight research firms that are presently covering the stock. Eight research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating on the company. The average 12 month price target among analysts that have updated their coverage on the stock in the last year is $11.63.
Several equities analysts have recently commented on NBR shares. Zacks Investment Research raised Nabors Industries from a “hold” rating to a “buy” rating and set a $12.00 target price on the stock in a research report on Friday, August 19th. Nomura set a $8.00 target price on Nabors Industries and gave the company a “hold” rating in a research report on Tuesday, August 16th. Stephens raised Nabors Industries from an “equal weight” rating to an “overweight” rating in a research report on Tuesday, July 12th. Seaport Global Securities raised Nabors Industries from a “neutral” rating to a “buy” rating in a research report on Friday, July 8th. Finally, Jefferies Group reissued a “hold” rating and set a $10.00 price target (up previously from $9.00) on shares of Nabors Industries in a research report on Monday, August 8th.
Shares of Nabors Industries (NYSE:NBR) traded up 0.62% during trading on Tuesday, reaching $9.71. The company’s stock had a trading volume of 4,599,935 shares. The company’s market cap is $2.75 billion. Nabors Industries has a 52-week low of $4.93 and a 52-week high of $12.33. The firm’s 50-day moving average is $9.82 and its 200 day moving average is $9.47.
Nabors Industries (NYSE:NBR) last posted its earnings results on Tuesday, August 2nd. The company reported ($0.26) EPS for the quarter, beating the consensus estimate of ($0.45) by $0.19. Nabors Industries had a negative return on equity of 6.31% and a negative net margin of 39.78%. The company had revenue of $571.60 million for the quarter, compared to the consensus estimate of $497.83 million. During the same quarter in the prior year, the business earned ($0.14) earnings per share. The firm’s revenue for the quarter was down 40.1% on a year-over-year basis. On average, equities research analysts predict that Nabors Industries will post ($1.22) EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 4th. Shareholders of record on Tuesday, September 13th will be issued a dividend of $0.06 per share. The ex-dividend date of this dividend is Friday, September 9th. This represents a $0.24 dividend on an annualized basis and a yield of 2.49%. Nabors Industries’s payout ratio is currently -6.56%.
A number of hedge funds have recently modified their holdings of the company. Shoker Investment Counsel Inc. increased its stake in shares of Nabors Industries by 0.4% in the second quarter. Shoker Investment Counsel Inc. now owns 26,957 shares of the company’s stock worth $270,000 after buying an additional 119 shares during the last quarter. World Asset Management Inc increased its stake in shares of Nabors Industries by 3.3% in the second quarter. World Asset Management Inc now owns 19,609 shares of the company’s stock valued at $197,000 after buying an additional 622 shares in the last quarter. State Treasurer State of Michigan increased its stake in shares of Nabors Industries by 0.7% in the second quarter. State Treasurer State of Michigan now owns 113,163 shares of the company’s stock valued at $1,137,000 after buying an additional 800 shares in the last quarter. Commonwealth Equity Services Inc increased its stake in shares of Nabors Industries by 3.8% in the second quarter. Commonwealth Equity Services Inc now owns 36,313 shares of the company’s stock valued at $365,000 after buying an additional 1,341 shares in the last quarter. Finally, Oak Associates Ltd. OH increased its stake in shares of Nabors Industries by 0.8% in the first quarter. Oak Associates Ltd. OH now owns 217,410 shares of the company’s stock valued at $2,000,000 after buying an additional 1,800 shares in the last quarter. Hedge funds and other institutional investors own 93.07% of the company’s stock.
About Nabors Industries
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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