Nabors Industries Ltd. (NBR) Rating Lowered to Strong Sell at BidaskClub
BidaskClub cut shares of Nabors Industries Ltd. (NYSE:NBR) from a sell rating to a strong sell rating in a report published on Friday.
Several other equities research analysts have also issued reports on NBR. BMO Capital Markets set a $13.00 price objective on shares of Nabors Industries and gave the company a hold rating in a research note on Saturday, May 6th. Credit Suisse Group set a $18.00 price objective on shares of Nabors Industries and gave the company a buy rating in a research note on Sunday, April 30th. 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. Jefferies Group LLC reaffirmed a hold rating and issued a $11.50 price objective on shares of Nabors Industries in a research note on Friday, July 14th. Finally, Seaport Global Securities lowered shares of Nabors Industries from a buy rating to a neutral rating and reduced their price objective for the company from $13.00 to $8.00 in a research note on Wednesday, June 21st. Three investment analysts have rated the stock with a sell rating, nine have issued a hold rating and seventeen have given a buy rating to the company. The stock currently has an average rating of Hold and an average price target of $14.93.
Shares of Nabors Industries (NBR) traded down 1.56% during mid-day trading on Friday, reaching $7.59. The company had a trading volume of 1,279,580 shares. Nabors Industries has a 52-week low of $6.93 and a 52-week high of $18.40. The stock’s market capitalization is $2.17 billion. The company’s 50-day moving average is $7.90 and its 200 day moving average is $11.65.
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In other Nabors Industries news, CFO William J. Restrepo bought 22,000 shares of the stock in a transaction that occurred on Tuesday, May 30th. The shares were acquired at an average price of $8.25 per share, with a total value of $181,500.00. Following the completion of the purchase, the chief financial officer now directly owns 959,694 shares in the company, valued at approximately $7,917,475.50. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 4.10% of the company’s stock.
A number of hedge funds have recently bought and sold shares of NBR. Tortoise Capital Advisors L.L.C. boosted its stake in Nabors Industries by 82.0% in the second quarter. Tortoise Capital Advisors L.L.C. now owns 111,723 shares of the oil and gas company’s stock worth $909,000 after buying an additional 50,353 shares during the last quarter. Texas Permanent School Fund boosted its stake in Nabors Industries by 1.0% in the second quarter. Texas Permanent School Fund now owns 208,665 shares of the oil and gas company’s stock worth $1,699,000 after buying an additional 2,073 shares during the last quarter. Sasco Capital Inc. CT boosted its stake in Nabors Industries by 9.0% in the second quarter. Sasco Capital Inc. CT now owns 76,331 shares of the oil and gas company’s stock worth $621,000 after buying an additional 6,300 shares during the last quarter. Grove Bank & Trust boosted its stake in Nabors Industries by 124.6% in the second quarter. Grove Bank & Trust now owns 24,620 shares of the oil and gas company’s stock worth $200,000 after buying an additional 13,660 shares during the last quarter. Finally, Harbour Capital Advisors LLC boosted its stake 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. 98.65% 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. 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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