Nabors Industries Ltd. (NBR) Bonds Trading 1% Lower
An issue of Nabors Industries Ltd. (NYSE:NBR) bonds fell 1% against their face value during trading on Monday. The debt issue has a 5.5% coupon and will mature on January 15, 2023. The debt is now trading at $92.25 and was trading at $93.50 last week. Price moves in a company’s bonds in credit markets often predict parallel moves in its stock price.
NBR has been the subject of several analyst reports. BMO Capital Markets set a $13.00 price objective on Nabors Industries and gave the company a “hold” rating in a report on Saturday, May 6th. Seaport Global Securities reiterated a “neutral” rating on shares of Nabors Industries in a report on Friday, August 4th. Cowen and Company decreased their price objective on Nabors Industries from $13.00 to $10.50 and set an “outperform” rating for the company in a report on Tuesday, August 8th. Credit Suisse Group set a $9.00 price objective on Nabors Industries and gave the company a “buy” rating in a report on Thursday, August 10th. They noted that the move was a valuation call. Finally, Jefferies Group LLC set a $8.00 price objective on Nabors Industries and gave the company a “hold” rating in a report on Friday, August 4th. Three research analysts have rated the stock with a sell rating, seven have given a hold rating and nineteen have given a buy rating to the company. Nabors Industries presently has an average rating of “Buy” and a consensus price target of $14.00.
Nabors Industries Ltd. (NYSE NBR) opened at 6.62 on Wednesday. The company has a 50-day moving average of $7.26 and a 200-day moving average of $10.42. Nabors Industries Ltd. has a 52 week low of $6.18 and a 52 week high of $18.40. The stock’s market capitalization is $1.89 billion.
Nabors Industries (NYSE:NBR) last announced its quarterly earnings data on Wednesday, August 2nd. The oil and gas company reported ($0.38) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.35) by $0.03. The business had revenue of $630.50 million during 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 for the quarter was up 21.9% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.35) EPS. Analysts anticipate that Nabors Industries Ltd. will post ($1.49) earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 3rd. Stockholders of record on Tuesday, September 12th will be paid a $0.06 dividend. The ex-dividend date of this dividend is Monday, September 11th. This represents a $0.24 annualized dividend and a dividend yield of 3.63%. Nabors Industries’s dividend payout ratio is currently -9.41%.
Several institutional investors have recently made changes to their positions in the company. State Treasurer State of Michigan boosted its position in shares of Nabors Industries by 1.6% in the first quarter. State Treasurer State of Michigan now owns 115,963 shares of the oil and gas company’s stock valued at $1,516,000 after buying an additional 1,800 shares in the last quarter. Hussman Strategic Advisors Inc. acquired a new position in shares of Nabors Industries during the first quarter valued at about $1,307,000. Great West Life Assurance Co. Can boosted its position in shares of Nabors Industries by 0.3% in the first quarter. Great West Life Assurance Co. Can now owns 229,536 shares of the oil and gas company’s stock valued at $3,001,000 after buying an additional 694 shares in the last quarter. Wright Investors Service Inc. acquired a new position in shares of Nabors Industries during the first quarter valued at about $161,000. Finally, Canada Pension Plan Investment Board boosted its position in shares of Nabors Industries by 66.3% in the first quarter. Canada Pension Plan Investment Board now owns 698,653 shares of the oil and gas company’s stock valued at $9,131,000 after buying an additional 278,600 shares in the last quarter. 95.60% of the stock is currently owned by institutional investors.
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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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