Nabors Industries Ltd. (NBR) Receives Consensus Rating of “Hold” from Brokerages
Nabors Industries Ltd. (NYSE:NBR) has received an average recommendation of “Hold” from the thirty ratings firms that are currently covering the firm, MarketBeat reports. Three equities research analysts have rated the stock with a sell recommendation, nine have assigned a hold recommendation and seventeen have assigned a buy recommendation to the company. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $14.00.
Several brokerages have recently issued reports on NBR. Jefferies Group LLC reaffirmed a “hold” rating and issued a $15.00 price target on shares of Nabors Industries in a research report on Tuesday, April 25th. Goldman Sachs Group, Inc. (The) downgraded Nabors Industries from a “conviction-buy” rating to a “buy” rating and raised their price target for the company from $17.50 to $18.00 in a research report on Friday, April 28th. Credit Suisse Group set a $18.00 price target on Nabors Industries and gave the company a “buy” rating in a research report on Sunday, April 30th. BMO Capital Markets set a $13.00 price target on Nabors Industries and gave the company a “hold” rating in a research report on Saturday, May 6th. Finally, Citigroup Inc. reissued a “buy” rating on shares of Nabors Industries in a research report on Wednesday, May 10th.
In related news, CFO William J. Restrepo acquired 22,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 30th. The stock was purchased at an average price of $8.25 per share, for a total transaction of $181,500.00. Following the transaction, the chief financial officer now directly owns 959,694 shares of the company’s stock, valued at approximately $7,917,475.50. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 4.10% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the company. Canada Pension Plan Investment Board raised its stake in 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 worth $9,131,000 after buying an additional 278,600 shares in the last quarter. Wells Fargo & Company MN raised its stake in Nabors Industries by 73.5% in the first quarter. Wells Fargo & Company MN now owns 747,410 shares of the oil and gas company’s stock worth $9,770,000 after buying an additional 316,556 shares in the last quarter. Oregon Public Employees Retirement Fund raised its stake in Nabors Industries by 1.4% in the first quarter. Oregon Public Employees Retirement Fund now owns 100,193 shares of the oil and gas company’s stock worth $1,310,000 after buying an additional 1,400 shares in the last quarter. Russell Investments Group Ltd. raised its stake in Nabors Industries by 293.5% in the first quarter. Russell Investments Group Ltd. now owns 1,449,929 shares of the oil and gas company’s stock worth $18,948,000 after buying an additional 1,081,463 shares in the last quarter. Finally, Strs Ohio raised its stake in Nabors Industries by 77.0% in the first quarter. Strs Ohio now owns 1,843,000 shares of the oil and gas company’s stock worth $24,088,000 after buying an additional 802,000 shares in the last quarter. 98.65% of the stock is owned by hedge funds and other institutional investors.
Nabors Industries (NYSE NBR) opened at 6.81 on Friday. The company has a 50-day moving average price of $7.68 and a 200-day moving average price of $11.19. The stock’s market cap is $1.95 billion. Nabors Industries has a one year low of $6.74 and a one year high of $18.40.
Nabors Industries (NYSE:NBR) last issued its quarterly earnings results 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 net margin of 32.35% and a negative return on equity of 13.31%. The company’s revenue for the quarter was up 21.9% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.35) earnings per share. On average, analysts anticipate that Nabors Industries will post ($1.45) earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 3rd. Investors of record on Tuesday, September 12th will be given a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 3.52%. The ex-dividend date is Monday, September 11th. Nabors Industries’s dividend payout ratio (DPR) is presently -9.41%.
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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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