Nabors Industries Ltd. (NBR) Trading Up 7%
Shares of Nabors Industries Ltd. (NYSE:NBR) were up 7% on Monday . The company traded as high as $10.25 and last traded at $10.24, with a volume of 6,048,405 shares trading hands. The stock had previously closed at $9.57.
Several analysts have recently commented on NBR shares. Morgan Stanley increased their target price on Nabors Industries from $13.00 to $16.50 and gave the stock an “overweight” rating in a report on Tuesday, April 19th. Seaport Global Securities upgraded Nabors Industries from a “neutral” rating to a “buy” rating in a report on Friday, July 8th. Nomura restated a “hold” rating and set a $8.00 target price on shares of Nabors Industries in a report on Sunday, May 15th. Credit Suisse Group AG cut Nabors Industries from an “outperform” rating to a “neutral” rating and decreased their target price for the stock from $10.00 to $9.00 in a report on Wednesday, June 1st. Finally, Stephens upgraded Nabors Industries from an “equal weight” rating to an “overweight” rating in a report on Tuesday, July 12th. Eight research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the stock. Nabors Industries has an average rating of “Buy” and a consensus price target of $11.13.
The stock’s 50 day moving average price is $9.54 and its 200 day moving average price is $8.94. The stock’s market cap is $2.92 billion.
Nabors Industries (NYSE:NBR) last released its quarterly earnings results on Tuesday, August 2nd. The company reported ($0.26) EPS for the quarter, beating analysts’ consensus estimates of ($0.45) by $0.19. The company earned $571.60 million during the quarter, compared to the consensus estimate of $497.83 million. The company’s quarterly revenue was down 40.1% on a year-over-year basis. During the same quarter last year, the firm posted ($0.14) EPS. On average, equities research analysts expect that Nabors Industries Ltd. will post ($1.41) earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 4th. Shareholders of record on Tuesday, September 13th will be given a $0.06 dividend. The ex-dividend date is Friday, September 9th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 2.33%.
Several large investors recently added to or reduced their stakes in the stock. 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 worth $4,041,000 after buying an additional 158,059 shares during the period. 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 worth $2,632,000 after buying an additional 234,640 shares during the period. 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 worth $59,276,000 after buying an additional 204,777 shares during the period. Finally, 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 worth $3,441,000 after buying an additional 347,822 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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