Nabors Industries Ltd. (NBR) Trading 9.9% Higher
Nabors Industries Ltd. (NYSE:NBR) shares traded up 9.9% during mid-day trading on Tuesday . The stock traded as high as $10.36 and last traded at $10.31, with a volume of 6,657,230 shares trading hands. The stock had previously closed at $9.38.
Several research analysts have issued reports on the company. Morgan Stanley lowered Nabors Industries to a “buy” rating in a research report on Saturday, March 19th. GMP Securities upgraded Nabors Industries from a “hold” rating to a “buy” rating in a research report on Wednesday, April 27th. Nomura Holdings Inc. began coverage on shares of Nabors Industries in a research note on Friday, April 8th. They set a “neutral” rating and a $8.00 price target for the company. Wells Fargo & Co. reaffirmed a “buy” rating on shares of Nabors Industries in a research note on Wednesday, April 27th. Finally, Cowen and Company reaffirmed an “outperform” rating and set a $11.00 price target (up previously from $8.75) on shares of Nabors Industries in a research note 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 stock. The company presently has an average rating of “Buy” and a consensus target price of $10.98.
The firm’s market cap is $2.74 billion. The company’s 50 day moving average is $9.92 and its 200-day moving average is $8.54.
Nabors Industries (NYSE:NBR) last released its quarterly earnings data on Monday, April 25th. The company reported ($0.29) EPS for the quarter, topping analysts’ consensus estimates of ($0.33) by $0.04. The company had revenue of $597.60 million for the quarter, compared to analysts’ expectations of $630.81 million. The firm’s quarterly revenue was down 57.8% on a year-over-year basis. During the same period in the prior year, the firm posted $0.20 EPS. On average, equities research analysts anticipate that Nabors Industries Ltd. will post ($1.68) EPS 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 issued a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 2.47%. The ex-dividend date of this dividend was Wednesday, June 8th.
In other Nabors Industries news, Director Howard Wolf bought 15,000 shares of the business’s stock in a transaction on Thursday, April 28th. The stock was bought at an average price of $9.78 per share, for a total transaction of $146,700.00. Following the completion of the transaction, the director now owns 79,000 shares in the company, valued at approximately $772,620. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.
Other institutional investors have made changes to their positions in the company. Morgan Stanley boosted its position in shares of Nabors Industries by 796.8% in the fourth quarter. Morgan Stanley now owns 20,150,104 shares of the company’s stock worth $171,478,000 after buying an additional 17,903,305 shares during the last quarter. Systematic Financial Management LP boosted its position in shares of Nabors Industries by 22.5% in the fourth quarter. Systematic Financial Management LP now owns 1,445,711 shares of the company’s stock worth $12,303,000 after buying an additional 265,516 shares during the last quarter. Trexquant Investment LP boosted its position in shares of Nabors Industries by 314.5% in the fourth quarter. Trexquant Investment LP now owns 309,240 shares of the company’s stock worth $2,632,000 after buying an additional 234,640 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Nabors Industries by 3.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 6,966,031 shares of the company’s stock worth $59,276,000 after buying an additional 204,777 shares during the last quarter. Finally, Turner Investments L.P. boosted its position in shares of Nabors Industries by 48.2% in the fourth quarter. Turner Investments L.P. now owns 583,300 shares of the company’s stock worth $4,964,000 after buying an additional 189,580 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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