Nabors Industries Ltd. (NBR) Trading 9.9% Higher
Nabors Industries Ltd. (NYSE:NBR) traded up 9.9% on Tuesday . The company traded as high as $10.36 and last traded at $10.31, with a volume of 6,657,230 shares. The stock had previously closed at $9.38.
A number of equities research analysts have weighed in on the stock. Morgan Stanley cut shares of Nabors Industries to a “buy” rating in a report on Saturday, March 19th. Stephens upgraded shares of Nabors Industries from an “equal weight” rating to an “overweight” rating in a report on Tuesday. Wells Fargo & Co. reiterated a “buy” rating on shares of Nabors Industries in a report on Wednesday, April 27th. Cowen and Company reiterated an “outperform” rating and set a $11.00 price target (up previously from $8.75) on shares of Nabors Industries in a report on Wednesday, April 27th. Finally, Raymond James Financial Inc. upgraded shares of Nabors Industries from an “outperform” rating to a “strong-buy” rating and set a $12.00 price target on the stock in a report on Wednesday, April 27th. One analyst has rated the stock with a sell rating, seven have given a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $10.98.
The firm’s 50-day moving average is $9.81 and its 200-day moving average is $8.52. The company’s market capitalization is $2.87 billion.
Nabors Industries (NYSE:NBR) last released its quarterly earnings results on Monday, April 25th. The company reported ($0.29) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.33) by $0.04. The business earned $597.60 million during the quarter, compared to the consensus estimate of $630.81 million. The company’s revenue for the quarter was down 57.8% compared to the same quarter last year. During the same period in the previous year, the company posted $0.20 EPS. Equities analysts predict that Nabors Industries Ltd. will post ($1.68) EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, July 1st. Stockholders of record on Friday, June 10th were paid a $0.06 dividend. The ex-dividend date was Wednesday, June 8th. This represents a $0.24 annualized dividend and a dividend yield of 2.56%.
In other Nabors Industries news, Director Howard Wolf purchased 15,000 shares of the firm’s stock in a transaction dated 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 purchase, the director now owns 79,000 shares in the company, valued at approximately $772,620. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link.
A number of hedge funds and institutional investors have recently made changes to their positions in NBR. Retirement Systems of Alabama boosted 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 in the last quarter. 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 valued at $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 valued at $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 valued at $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 valued at $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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