Nabors Industries Ltd. (NBR) Trading Down 4.4%
Nabors Industries Ltd. (NYSE:NBR) dropped 4.4% during mid-day 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 trading hands. The stock had previously closed at $9.82.
NBR has been the topic of a number of research analyst reports. Seaport Global Securities raised shares of Nabors Industries from a “neutral” rating to a “buy” rating in a research note on Friday, July 8th. Stephens raised shares of Nabors Industries from an “equal weight” rating to an “overweight” rating in a research note on Tuesday. Scotiabank raised shares of Nabors Industries from a “sector perform” rating to an “outperform” rating in a research note on Monday, March 28th. Morgan Stanley reissued an “overweight” rating and issued a $13.00 price target (up previously from $12.00) on shares of Nabors Industries in a research note on Sunday, March 20th. Finally, Nomura Holdings Inc. reissued a “hold” rating and issued a $8.00 price target on shares of Nabors Industries in a research note on Sunday, May 15th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $10.98.
The firm’s 50-day moving average is $9.88 and its 200-day moving average is $8.54. The stock’s market capitalization is $2.79 billion.
Nabors Industries (NYSE:NBR) last posted its quarterly earnings data on Monday, April 25th. The company reported ($0.29) EPS for the quarter, beating analysts’ consensus estimates 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. During the same period in the previous year, the business earned $0.20 EPS. The firm’s revenue was down 57.8% on a year-over-year basis. On average, analysts anticipate that Nabors Industries Ltd. will post ($1.68) earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, July 1st. Investors of record on Friday, June 10th were paid a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 2.36%. The ex-dividend date was Wednesday, June 8th.
In related news, Director Howard Wolf acquired 15,000 shares of the firm’s stock in a transaction that occurred on Thursday, April 28th. The shares were acquired 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 directly owns 79,000 shares in the company, valued at $772,620. The purchase was disclosed in a document filed with the SEC, which is available through this link.
A number of institutional investors have added to or reduced their stakes in NBR. Dimensional Fund Advisors LP increased its position in Nabors Industries by 3.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 6,966,031 shares of the company’s stock valued at $59,276,000 after buying an additional 204,777 shares during the period. Trexquant Investment LP increased its position in Nabors Industries by 314.5% in the fourth quarter. Trexquant Investment LP now owns 309,240 shares of the company’s stock valued at $2,632,000 after buying an additional 234,640 shares during the period. Systematic Financial Management LP increased its position in Nabors Industries by 22.5% in the fourth quarter. Systematic Financial Management LP now owns 1,445,711 shares of the company’s stock valued at $12,303,000 after buying an additional 265,516 shares during the period. Turner Investments L.P. increased its position in Nabors Industries by 48.2% in the fourth quarter. Turner Investments L.P. now owns 583,300 shares of the company’s stock valued at $4,964,000 after buying an additional 189,580 shares during the period. Finally, Bank of Montreal Can increased its position in Nabors Industries by 49.9% in the fourth quarter. Bank of Montreal Can now owns 475,040 shares of the company’s stock valued at $4,041,000 after buying an additional 158,059 shares during the period.
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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