Shares of Nabors Industries Ltd. (NYSE:NBR) dropped 4.4% during trading on Monday . The company traded as low as $9.38 and last traded at $9.39, with a volume of 4,755,513 shares traded. The stock had previously closed at $9.82.

NBR has been the subject of a number of recent analyst reports. GMP Securities upgraded shares of Nabors Industries from a “hold” rating to a “buy” rating in a research note on Wednesday, April 27th. Deutsche Bank AG reiterated a “buy” rating and issued a $10.00 target price on shares of Nabors Industries in a research note on Sunday, March 13th. Morgan Stanley cut shares of Nabors Industries to a “buy” rating in a research note on Saturday, March 19th. Citigroup Inc. restated a “buy” rating and set a $11.00 price objective (up from $10.00) on shares of Nabors Industries in a research note on Friday, March 18th. Finally, Wells Fargo & Co. restated a “buy” rating on shares of Nabors Industries in a research note on Wednesday, April 27th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, sixteen have given a buy rating and one has given a strong buy rating to the company’s stock. Nabors Industries has a consensus rating of “Buy” and a consensus price target of $10.98.

The firm’s 50-day moving average is $9.78 and its 200 day moving average is $8.52. The stock’s market cap is $2.64 billion.

Nabors Industries (NYSE:NBR) last issued its quarterly earnings results 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 company had revenue of $597.60 million for the quarter, compared to analyst estimates of $630.81 million. Nabors Industries’s revenue for the quarter was down 57.8% compared to the same quarter last year. During the same period in the prior year, the business earned $0.20 earnings per share. Equities analysts expect that Nabors Industries Ltd. will post ($1.67) earnings per share for the current year.

The firm also recently announced a quarterly dividend, which was paid on Friday, July 1st. Shareholders of record on Friday, June 10th were issued a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 2.56%. The ex-dividend date was Wednesday, June 8th.

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

A number of large investors have added to or reduced their stakes in NBR. Retirement Systems of Alabama increased its stake in Nabors Industries by 1.5% in the fourth quarter. Retirement Systems of Alabama now owns 681,912 shares of the company’s stock worth $5,803,000 after buying an additional 9,858 shares during the period. Nationwide Fund Advisors boosted 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 worth $7,699,000 after buying an additional 49,075 shares in the last quarter. California State Teachers Retirement System boosted 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 worth $5,376,000 after buying an additional 9,992 shares in the last quarter. First Trust Advisors LP boosted its position in shares of Nabors Industries by 48.4% in the fourth quarter. First Trust Advisors LP now owns 570,708 shares of the company’s stock worth $4,857,000 after buying an additional 186,078 shares in the last quarter. Finally, Rhumbline Advisers boosted its position in shares of Nabors Industries by 0.8% in the fourth quarter. Rhumbline Advisers now owns 472,555 shares of the company’s stock worth $4,021,000 after buying an additional 3,791 shares in 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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