Royal Bank of Canada set a $12.00 price target on Nabors Industries (NYSE:NBR) in a report issued on Thursday. The firm currently has a buy rating on the oil and gas company’s stock.

NBR has been the topic of several other reports. Morgan Stanley upgraded shares of Nabors Industries from an equal weight rating to an overweight rating and set a $9.00 target price on the stock in a research report on Thursday, July 12th. Wells Fargo & Co upgraded shares of Nabors Industries from a market perform rating to an outperform rating and set a $8.00 target price on the stock in a research report on Friday, June 29th. Guggenheim reiterated a buy rating and set a $13.00 target price on shares of Nabors Industries in a research report on Wednesday, August 8th. ValuEngine upgraded shares of Nabors Industries from a strong sell rating to a sell rating in a research report on Saturday, June 2nd. Finally, Citigroup cut their target price on shares of Nabors Industries from $10.00 to $9.00 and set a buy rating on the stock in a research report on Wednesday, July 11th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and thirteen have assigned a buy rating to the stock. The stock currently has a consensus rating of Buy and an average target price of $9.22.

NYSE:NBR opened at $6.24 on Thursday. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.84 and a current ratio of 2.04. Nabors Industries has a one year low of $5.32 and a one year high of $8.86. The company has a market cap of $2.23 billion, a P/E ratio of -3.83 and a beta of 1.64.

Nabors Industries (NYSE:NBR) last posted its earnings results on Tuesday, July 31st. The oil and gas company reported ($0.39) EPS for the quarter, missing the consensus estimate of ($0.24) by ($0.15). Nabors Industries had a negative return on equity of 14.97% and a negative net margin of 21.21%. The business had revenue of $761.92 million for the quarter, compared to analyst estimates of $755.76 million. During the same quarter in the prior year, the business earned ($0.41) earnings per share. The firm’s quarterly revenue was up 20.7% on a year-over-year basis. analysts expect that Nabors Industries will post -1.03 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 2nd. Stockholders of record on Tuesday, September 11th will be given a $0.06 dividend. The ex-dividend date of this dividend is Monday, September 10th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 3.85%. Nabors Industries’s dividend payout ratio (DPR) is currently -14.72%.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Northern Trust Corp lifted its position in shares of Nabors Industries by 8.2% in the 2nd quarter. Northern Trust Corp now owns 3,093,157 shares of the oil and gas company’s stock worth $19,826,000 after purchasing an additional 235,459 shares during the period. Energy Opportunities Capital Management LLC lifted its position in shares of Nabors Industries by 23.1% in the 2nd quarter. Energy Opportunities Capital Management LLC now owns 279,617 shares of the oil and gas company’s stock worth $1,792,000 after purchasing an additional 52,500 shares during the period. Miller Value Partners LLC lifted its position in shares of Nabors Industries by 25.5% in the 2nd quarter. Miller Value Partners LLC now owns 87,900 shares of the oil and gas company’s stock worth $563,000 after purchasing an additional 17,870 shares during the period. PVG Asset Management Corp acquired a new position in shares of Nabors Industries in the 2nd quarter worth approximately $2,397,000. Finally, SCP Investment LP lifted its position in shares of Nabors Industries by 4.5% in the 2nd quarter. SCP Investment LP now owns 230,000 shares of the oil and gas company’s stock worth $1,474,000 after purchasing an additional 10,000 shares during the period. Hedge funds and other institutional investors own 96.20% of the company’s stock.

Nabors Industries Company Profile

Nabors Industries Ltd. provides drilling and drilling-related services and technologies for land-based and offshore oil and natural gas wells. It operates through five segments: U.S., Canada, International, Drilling Solutions, and Rig Technologies. The company offers equipment manufacturing, rig instrumentation, optimization software, and directional drilling services.

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Analyst Recommendations for Nabors Industries (NYSE:NBR)

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