$678.26 Million in Sales Expected for Nabors Industries Ltd. (NBR) This Quarter
Analysts forecast that Nabors Industries Ltd. (NYSE:NBR) will announce $678.26 million in sales for the current quarter, Zacks reports. Five analysts have issued estimates for Nabors Industries’ earnings, with estimates ranging from $663.30 million to $693.83 million. Nabors Industries posted sales of $520.04 million in the same quarter last year, which suggests a positive year over year growth rate of 30.4%. The business is expected to announce its next earnings report on Tuesday, October 24th.
On average, analysts expect that Nabors Industries will report full year sales of $678.26 million for the current financial year, with estimates ranging from $2.57 billion to $2.64 billion. For the next year, analysts forecast that the firm will report sales of $3.26 billion per share, with estimates ranging from $3.01 billion to $3.77 billion. Zacks’ sales averages are a mean average based on a survey of research firms that cover Nabors Industries.
Nabors Industries (NYSE:NBR) last posted its quarterly earnings data on Wednesday, August 2nd. The oil and gas company reported ($0.38) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.35) by ($0.03). The company had revenue of $630.50 million for the quarter, compared to analyst estimates of $589.79 million. Nabors Industries had a negative return on equity of 13.31% and a negative net margin of 32.35%. The business’s revenue was up 21.9% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.35) earnings per share.
A number of analysts have commented on the stock. Morgan Stanley decreased their price target on shares of Nabors Industries from $10.00 to $9.00 and set an “equal weight” rating for the company in a research note on Monday, August 7th. BMO Capital Markets restated a “hold” rating and set a $8.00 price objective (down previously from $13.00) on shares of Nabors Industries in a report on Thursday, July 13th. Guggenheim lowered shares of Nabors Industries from a “buy” rating to a “neutral” rating in a research note on Tuesday, June 27th. Evercore ISI reaffirmed an “outperform” rating and issued a $18.00 price objective on shares of Nabors Industries in a research note on Tuesday, June 20th. Finally, Cowen and Company dropped their price objective on shares of Nabors Industries from $13.00 to $10.50 and set an “outperform” rating on the stock in a research note on Tuesday, August 8th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and eighteen have given a buy rating to the stock. Nabors Industries currently has an average rating of “Buy” and a consensus target price of $13.27.
A number of institutional investors have recently bought and sold shares of the stock. Invictus RG bought a new position in Nabors Industries during the first quarter valued at $109,000. Aviance Capital Management LLC purchased a new stake in Nabors Industries in the first quarter worth $143,000. Point72 Asia Hong Kong Ltd increased its position in Nabors Industries by 92.2% in the first quarter. Point72 Asia Hong Kong Ltd now owns 11,262 shares of the oil and gas company’s stock worth $147,000 after buying an additional 5,401 shares during the last quarter. Harbour Capital Advisors LLC increased its position in Nabors Industries by 714.0% in the second quarter. Harbour Capital Advisors LLC now owns 11,396 shares of the oil and gas company’s stock worth $1,400,000 after buying an additional 9,996 shares during the last quarter. Finally, Wright Investors Service Inc. increased its position in Nabors Industries by 2.2% in the second quarter. Wright Investors Service Inc. now owns 12,560 shares of the oil and gas company’s stock worth $102,000 after buying an additional 265 shares during the last quarter. Institutional investors and hedge funds own 95.71% of the company’s stock.
Shares of Nabors Industries (NYSE NBR) opened at 8.07 on Monday. The stock has a 50 day moving average of $6.91 and a 200 day moving average of $9.39. Nabors Industries has a 12 month low of $6.18 and a 12 month high of $18.40. The firm’s market cap is $2.31 billion.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 3rd. Stockholders of record on Tuesday, September 12th will be paid a dividend of $0.06 per share. The ex-dividend date is Monday, September 11th. This represents a $0.24 annualized dividend and a dividend yield of 2.97%. Nabors Industries’s payout ratio is currently -9.41%.
Nabors Industries Company Profile
Nabors Industries Ltd. owns and operates a land-based drilling rig fleet. The Company is a provider of offshore platform drilling rigs in the United States and multiple international markets. The Company conducts its Drilling & Rig Services business through four segments: U.S. Drilling, Canada Drilling, International Drilling and Rig Services.
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