Shares of Nabors Industries Ltd. (NYSE:NBR) dropped 8.9% on Tuesday . The company traded as low as $9.62 and last traded at $9.64, with a volume of 3,619,109 shares changing hands. The stock had previously closed at $10.58.

NBR has been the subject of a number of research reports. Susquehanna increased their price target on shares of Nabors Industries from $11.00 to $12.00 and gave the company a “positive” rating in a report on Wednesday, March 9th. Deutsche Bank AG restated a “buy” rating and issued a $10.00 price objective on shares of Nabors Industries in a research note on Sunday, March 13th. Zacks Investment Research upgraded shares of Nabors Industries from a “sell” rating to a “hold” rating in a research note on Monday, March 14th. Citigroup Inc. restated a “buy” rating and issued a $11.00 price objective (up previously from $10.00) on shares of Nabors Industries in a research note on Friday, March 18th. Finally, Morgan Stanley cut shares of Nabors Industries to a “buy” rating in a research note on Saturday, March 19th. One analyst has rated the stock with a sell rating, eight have given a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the company. The company has a consensus rating of “Buy” and a consensus target price of $10.98.

The stock’s market cap is $2.83 billion. The firm has a 50-day moving average of $9.68 and a 200-day moving average of $8.50.

Nabors Industries (NYSE:NBR) last posted its quarterly earnings data on Monday, April 25th. The company reported ($0.29) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.33) by $0.04. The firm had revenue of $597.60 million for the quarter, compared to the consensus estimate of $630.81 million. During the same period in the prior year, the company earned $0.20 EPS. The company’s revenue for the quarter was down 57.8% compared to the same quarter last year. On average, equities research analysts forecast that Nabors Industries Ltd. will post ($1.67) earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 1st. Investors of record on Friday, June 10th were given a dividend of $0.06 per share. The ex-dividend date of this dividend was Wednesday, June 8th. This represents a $0.24 annualized dividend and a yield of 2.47%.

In other news, Director Howard Wolf acquired 15,000 shares of the business’s stock in a transaction that occurred on Thursday, April 28th. The stock was acquired at an average price of $9.78 per share, with a total value of $146,700.00. Following the completion of the transaction, the director now directly owns 79,000 shares of the company’s stock, valued at approximately $772,620. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

A number of large investors have recently bought and sold shares of the company. Rhumbline Advisers boosted its stake in Nabors Industries by 0.8% in the fourth quarter. Rhumbline Advisers now owns 472,555 shares of the company’s stock valued at $4,021,000 after buying an additional 3,791 shares in the last quarter. Retirement Systems of Alabama increased its position in shares of Nabors Industries by 1.5% in the fourth quarter. Retirement Systems of Alabama now owns 681,912 shares of the company’s stock valued at $5,803,000 after buying an additional 9,858 shares during the last quarter. California State Teachers Retirement System increased its position in shares of Nabors Industries by 1.6% in the fourth quarter. California State Teachers Retirement System now owns 631,702 shares of the company’s stock valued at $5,376,000 after buying an additional 9,992 shares during the last quarter. California Public Employees Retirement System increased its position in shares of Nabors Industries by 2.0% in the fourth quarter. California Public Employees Retirement System now owns 1,127,315 shares of the company’s stock valued at $9,593,000 after buying an additional 21,700 shares during the last quarter. Finally, Nationwide Fund Advisors increased its position in shares of Nabors Industries by 5.7% in the fourth quarter. Nationwide Fund Advisors now owns 904,744 shares of the company’s stock valued at $7,699,000 after buying an additional 49,075 shares during the last quarter.

Nabors Industries Ltd. owns and operates a land-based drilling rig fleet in North America. The Company is a provider of offshore platform work over and drilling rigs. It conducts its Drilling & Rig Services business through four segments: U.S. Drilling, Canada Drilling, International Drilling and Rig Services.

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