Shares of Nabors Industries Ltd. (NYSE:NBR) dropped 3.8% on Wednesday . The company traded as low as $9.79 and last traded at $9.92, with a volume of 5,850,018 shares changing hands. The stock had previously closed at $10.31.

NBR has been the subject of a number of research reports. Stephens raised shares of Nabors Industries from an “equal weight” rating to an “overweight” rating in a report 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 report on Monday, August 8th. Seaport Global Securities raised shares of Nabors Industries from a “neutral” rating to a “buy” rating in a report on Friday, July 8th. GMP Securities raised shares of Nabors Industries from a “hold” rating to a “buy” rating in a report on Wednesday, April 27th. Finally, Nomura reissued a “hold” rating and issued a $8.00 price target on shares of Nabors Industries in a report on Sunday, May 15th. Eight investment analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $11.13.

The firm has a 50-day moving average of $9.54 and a 200-day moving average of $8.94. The stock’s market cap is $2.80 billion.

Nabors Industries (NYSE:NBR) last posted its quarterly earnings data on Tuesday, August 2nd. The company reported ($0.26) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.45) by $0.19. The firm had revenue of $571.60 million for the quarter, compared to the consensus estimate of $497.83 million. During the same period in the prior year, the company earned ($0.14) EPS. The company’s revenue for the quarter was down 40.1% compared to the same quarter last year. On average, equities research analysts forecast that Nabors Industries Ltd. will post ($1.38) earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 4th. Investors of record on Tuesday, September 13th will be given a dividend of $0.06 per share. The ex-dividend date is Friday, September 9th. This represents a $0.24 annualized dividend and a yield of 2.43%.

Other large investors have recently bought and sold shares of the company. Dimensional Fund Advisors LP boosted 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 in the last quarter. Bank of Montreal Can boosted 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 worth $4,041,000 after buying an additional 158,059 shares during the period. Airain ltd boosted its position in Nabors Industries by 615.0% in the fourth quarter. Airain ltd now owns 404,383 shares of the company’s stock worth $3,441,000 after buying an additional 347,822 shares during the period. Finally, Trexquant Investment LP boosted 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 worth $2,632,000 after buying an additional 234,640 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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