Nabors Industries Ltd. (NBR) Trading Down 5.5%
Nabors Industries Ltd. (NYSE:NBR) shares were down 5.5% during trading on Friday . The stock traded as low as $7.51 and last traded at $7.55. Approximately 9,005,162 shares were traded during mid-day trading, an increase of 12% from the average daily volume of 8,034,130 shares. The stock had previously closed at $7.99.
Several research analysts recently commented on NBR shares. Societe Generale started coverage on shares of Nabors Industries in a research note on Thursday, August 31st. They issued a “hold” rating and a $7.00 target price on the stock. Zacks Investment Research downgraded shares of Nabors Industries from a “hold” rating to a “sell” rating in a research note on Tuesday, July 11th. Wells Fargo & Company cut shares of Nabors Industries from an “outperform” rating to a “market perform” rating in a report on Friday, July 7th. Citigroup Inc. reiterated a “buy” rating and issued a $8.00 price target (down previously from $9.00) on shares of Nabors Industries in a report on Wednesday, September 13th. Finally, BidaskClub cut shares of Nabors Industries from a “sell” rating to a “strong sell” rating in a report on Friday, July 28th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and eighteen have issued a buy rating to the stock. Nabors Industries has an average rating of “Buy” and an average target price of $12.24.
The firm’s market capitalization is $2.16 billion. The company’s 50 day moving average is $7.28 and its 200-day moving average is $8.92.
Nabors Industries (NYSE:NBR) last announced its quarterly earnings results on Wednesday, August 2nd. The oil and gas company reported ($0.38) earnings per share for the quarter, missing the consensus estimate of ($0.35) by ($0.03). The company had revenue of $630.50 million for the quarter, compared to analysts’ expectations of $589.79 million. Nabors Industries had a negative net margin of 32.35% and a negative return on equity of 13.31%. The firm’s revenue was up 21.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.35) earnings per share. On average, equities research analysts expect that Nabors Industries Ltd. will post ($1.50) earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 3rd. Stockholders of record on Tuesday, September 12th were given a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 3.18%. The ex-dividend date was Monday, September 11th. Nabors Industries’s dividend payout ratio (DPR) is presently -9.41%.
Several institutional investors have recently bought and sold shares of NBR. Wright Investors Service Inc. increased its position in shares of 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 valued at $102,000 after buying an additional 265 shares in the last quarter. Frontier Wealth Management LLC boosted its stake in shares of Nabors Industries by 11.4% in the second quarter. Frontier Wealth Management LLC now owns 12,561 shares of the oil and gas company’s stock worth $102,000 after acquiring an additional 1,284 shares during the last quarter. Invictus RG acquired a new stake in shares of Nabors Industries in the first quarter worth approximately $109,000. Carlton Hofferkamp & Jenks Wealth Management LLC boosted its stake in shares of Nabors Industries by 3.3% in the second quarter. Carlton Hofferkamp & Jenks Wealth Management LLC now owns 13,550 shares of the oil and gas company’s stock worth $110,000 after acquiring an additional 435 shares during the last quarter. Finally, M&T Bank Corp boosted its stake in shares of Nabors Industries by 6.0% in the second quarter. M&T Bank Corp now owns 16,320 shares of the oil and gas company’s stock worth $133,000 after acquiring an additional 925 shares during the last quarter. Institutional investors and hedge funds 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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