Nabors Industries Ltd. (NBR) Stock Price Down 3.8%
Nabors Industries Ltd. (NYSE:NBR) fell 3.8% during trading on Wednesday . The company traded as low as $9.79 and last traded at $9.92, with a volume of 5,850,018 shares. The stock had previously closed at $10.31.
A number of research firms have commented on NBR. Zacks Investment Research upgraded shares of Nabors Industries from a “hold” rating to a “buy” rating and set a $12.00 price target for the company in a report on Friday. Cowen and Company reiterated an “outperform” rating and set a $11.00 price objective (up from $8.75) on shares of Nabors Industries in a report on Wednesday, April 27th. Simmons reiterated a “neutral” rating and set a $12.50 price objective (up from $12.25) on shares of Nabors Industries in a report on Monday, August 8th. Wells Fargo & Co. reiterated a “buy” rating on shares of Nabors Industries in a report on Wednesday, April 27th. Finally, Morgan Stanley reiterated an “overweight” rating and set a $17.00 price objective (up from $16.50) on shares of Nabors Industries in a report on Wednesday, April 27th. Seven research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $11.22.
The company’s 50-day moving average is $9.57 and its 200 day moving average is $8.96. The stock’s market capitalization is $2.85 billion.
Nabors Industries (NYSE:NBR) last announced its quarterly earnings results on Tuesday, August 2nd. The company reported ($0.26) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.45) by $0.19. The company had revenue of $571.60 million for the quarter, compared to analysts’ expectations of $497.83 million. The business’s revenue was down 40.1% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.14) EPS. Equities analysts forecast that Nabors Industries Ltd. will post ($1.38) EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 4th. Stockholders of record on Tuesday, September 13th will be issued a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 2.33%. The ex-dividend date is Friday, September 9th.
Several hedge funds recently made changes to their positions in the stock. Airain ltd increased its stake in shares of 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 last quarter. Trexquant Investment LP increased its stake 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. Finally, 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 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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