Nabors Industries Ltd. (NBR) Upgraded at Capital One Financial Corp.
Capital One Financial Corp. upgraded shares of Nabors Industries Ltd. (NYSE:NBR) from an equal weight rating to an overweight rating in a research report released on Monday morning. The brokerage currently has $13.00 price objective on the stock.
A number of other research firms have also issued reports on NBR. Zacks Investment Research raised shares of Nabors Industries from a hold rating to a buy rating and set a $12.00 target price for the company in a research note on Friday, August 19th. Citigroup Inc. boosted their price target on shares of Nabors Industries from $12.00 to $13.00 and gave the stock a buy rating in a research report on Monday, September 12th. Nomura set a $8.00 price target on shares of Nabors Industries and gave the stock a hold rating in a research report on Tuesday, August 16th. Simmons restated a neutral rating and set a $12.50 price target (up from $12.25) on shares of Nabors Industries in a research report on Monday, August 8th. Finally, Jefferies Group restated a hold rating and set a $10.00 price target (up from $9.00) on shares of Nabors Industries in a research report on Monday, August 8th. Eight research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has an average rating of Buy and a consensus target price of $11.42.
Nabors Industries (NYSE:NBR) opened at 10.44 on Monday. Nabors Industries has a 52 week low of $4.93 and a 52 week high of $12.33. The stock’s market cap is $2.96 billion. The company’s 50 day moving average is $9.92 and its 200 day moving average is $9.49.
Nabors Industries (NYSE:NBR) last posted its 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 firm earned $571.60 million during the quarter, compared to analyst estimates of $497.83 million. Nabors Industries had a negative net margin of 39.78% and a negative return on equity of 6.31%. Nabors Industries’s revenue was down 40.1% on a year-over-year basis. During the same period in the previous year, the business posted ($0.14) EPS. Equities analysts predict that Nabors Industries will post ($1.22) earnings per share for the current year.
The firm also recently announced 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. This represents a $0.24 annualized dividend and a yield of 2.30%. The ex-dividend date is Friday, September 9th. Nabors Industries’s dividend payout ratio is -6.56%.
A number of hedge funds have recently bought and sold shares of NBR. Renaissance Technologies LLC increased its stake in Nabors Industries by 182.1% in the first quarter. Renaissance Technologies LLC now owns 2,814,000 shares of the company’s stock valued at $25,889,000 after buying an additional 1,816,495 shares in the last quarter. Magnetar Financial LLC boosted its stake in shares of Nabors Industries by 27.5% in the first quarter. Magnetar Financial LLC now owns 53,471 shares of the company’s stock worth $492,000 after buying an additional 11,545 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Nabors Industries by 217.5% in the first quarter. JPMorgan Chase & Co. now owns 4,646,232 shares of the company’s stock worth $42,745,000 after buying an additional 3,182,840 shares during the last quarter. Hudson Bay Capital Management LP purchased a new stake in shares of Nabors Industries during the first quarter worth $1,923,000. Finally, Norges Bank purchased a new stake in shares of Nabors Industries during the fourth quarter worth $37,105,000. 93.06% of the stock is owned by institutional investors.
About Nabors Industries
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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