Nabors Industries Ltd. (NBR) Stock Price Up 7%
Shares of Nabors Industries Ltd. (NYSE:NBR) rose 7% on Monday . The stock traded as high as $10.25 and last traded at $10.24, with a volume of 6,048,405 shares traded. The stock had previously closed at $9.57.
NBR has been the subject of several recent research reports. Stephens raised shares of Nabors Industries from an “equal weight” rating to an “overweight” rating in a research note on Tuesday, July 12th. Zacks Investment Research raised shares of Nabors Industries from a “hold” rating to a “buy” rating and set a $10.00 price target for the company in a research note on Monday, August 8th. Seaport Global Securities raised shares of Nabors Industries from a “neutral” rating to a “buy” rating in a research note on Friday, July 8th. GMP Securities raised shares of Nabors Industries from a “hold” rating to a “buy” rating in a research note on Wednesday, April 27th. Finally, Nomura reissued a “hold” rating and issued a $8.00 price target on shares of Nabors Industries in a research note on Sunday, May 15th. Eight analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $11.13.
The firm has a 50 day moving average price of $9.51 and a 200 day moving average price of $8.86. The firm’s market cap is $2.85 billion.
Nabors Industries (NYSE:NBR) last released its earnings results on Tuesday, August 2nd. The company reported ($0.26) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.45) by $0.19. The firm earned $571.60 million during the quarter, compared to the consensus estimate of $497.83 million. During the same quarter last year, the business posted ($0.14) EPS. Nabors Industries’s revenue was down 40.1% compared to the same quarter last year. On average, equities analysts expect that Nabors Industries Ltd. will post ($1.43) EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 4th. Stockholders of record on Tuesday, September 13th will be issued a $0.06 dividend. The ex-dividend date of this dividend is Friday, September 9th. This represents a $0.24 annualized dividend and a dividend yield of 2.38%.
Several large investors have recently added to or reduced their stakes in NBR. Trexquant Investment LP raised its stake 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. Airain ltd raised its stake in Nabors Industries by 615.0% in the fourth quarter. Airain ltd now owns 404,383 shares of the company’s stock valued at $3,441,000 after buying an additional 347,822 shares during the period. Bank of Montreal Can raised its stake 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. Finally, Dimensional Fund Advisors LP raised its stake 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.
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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