Nabors Industries Ltd. (NBR) Shares Gap Down to $8.07
Nabors Industries Ltd. (NYSE:NBR) shares gapped down prior to trading on Monday . The stock had previously closed at $8.25, but opened at $8.07. Nabors Industries shares last traded at $7.93, with a volume of 12,591,616 shares changing hands.
A number of equities research analysts recently commented on NBR shares. Evercore ISI reissued an “outperform” rating and issued a $18.00 price target on shares of Nabors Industries in a research report on Tuesday, June 20th. BMO Capital Markets reaffirmed a “hold” rating and set a $8.00 price objective on shares of Nabors Industries in a report on Wednesday, September 6th. Jefferies Group LLC set a $12.00 price objective on shares of Nabors Industries and gave the stock a “hold” rating in a research report on Tuesday, June 6th. Zacks Investment Research raised Nabors Industries from a “sell” rating to a “hold” rating in a report on Monday, September 11th. Finally, UBS AG restated a “buy” rating and issued a $11.00 price objective (down previously from $17.00) on shares of Nabors Industries in a research note on Thursday, July 6th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and eighteen have given a buy rating to the company. The company has an average rating of “Buy” and an average price target of $12.77.
The stock’s market cap is $2.23 billion. The firm’s 50-day moving average price is $7.16 and its 200-day moving average price is $8.98.
Nabors Industries (NYSE:NBR) last released its quarterly earnings results on Wednesday, August 2nd. The oil and gas company reported ($0.38) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.35) by ($0.03). Nabors Industries had a negative net margin of 32.35% and a negative return on equity of 13.31%. The firm had revenue of $630.50 million for the quarter, compared to analyst estimates of $589.79 million. During the same quarter in the prior year, the business posted ($0.35) EPS. The firm’s quarterly revenue was up 21.9% compared to the same quarter last year. On average, equities analysts expect that Nabors Industries Ltd. will post ($1.50) earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 3rd. Shareholders of record on Tuesday, September 12th were given a $0.06 dividend. The ex-dividend date was Monday, September 11th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 3.08%. Nabors Industries’s dividend payout ratio (DPR) is currently -9.41%.
Large investors have recently bought and sold shares of the company. BlackRock Inc. increased its stake in shares of Nabors Industries by 7,474.6% in the 1st quarter. BlackRock Inc. now owns 24,813,903 shares of the oil and gas company’s stock valued at $324,317,000 after purchasing an additional 24,486,309 shares in the last quarter. Renaissance Technologies LLC raised its holdings in Nabors Industries by 414.1% in the 1st quarter. Renaissance Technologies LLC now owns 4,467,589 shares of the oil and gas company’s stock worth $58,391,000 after purchasing an additional 3,598,589 shares during the period. Sirios Capital Management L P raised its holdings in Nabors Industries by 246.1% in the 2nd quarter. Sirios Capital Management L P now owns 4,034,937 shares of the oil and gas company’s stock worth $32,844,000 after purchasing an additional 2,869,187 shares during the period. Bank of New York Mellon Corp raised its holdings in Nabors Industries by 16.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 16,440,910 shares of the oil and gas company’s stock worth $133,828,000 after purchasing an additional 2,315,688 shares during the period. Finally, FMR LLC raised its holdings in Nabors Industries by 33.3% in the 2nd quarter. FMR LLC now owns 8,485,080 shares of the oil and gas company’s stock worth $69,068,000 after purchasing an additional 2,118,198 shares during the period. Hedge funds and other institutional investors own 95.71% of the company’s stock.
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About Nabors Industries
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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