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 sent to investors on Monday. The firm currently has $13.00 price target on the stock.

A number of other research firms also recently 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 objective for the company in a report on Friday, August 19th. Citigroup Inc. raised their price target on shares of Nabors Industries from $12.00 to $13.00 and gave the stock a buy rating in a 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 report on Tuesday, August 16th. Simmons restated a neutral rating and set a $12.50 price target (up previously from $12.25) on shares of Nabors Industries in a report on Monday, August 8th. Finally, Jefferies Group restated a hold rating and set a $10.00 price target (up previously from $9.00) on shares of Nabors Industries in a 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 assigned a strong buy rating to the stock. The stock has an average rating of Buy and an average price target of $11.42.

Shares of Nabors Industries (NYSE:NBR) opened at 10.44 on Monday. The stock’s market cap is $2.96 billion. The firm’s 50-day moving average price is $9.92 and its 200-day moving average price is $9.49. Nabors Industries has a 12-month low of $4.93 and a 12-month high of $12.33.

Nabors Industries (NYSE:NBR) last released its quarterly earnings data on Tuesday, August 2nd. The company reported ($0.26) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.45) by $0.19. The company earned $571.60 million during the quarter, compared to the consensus estimate 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 quarterly revenue was down 40.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.14) EPS. On average, analysts forecast that Nabors Industries will post ($1.22) EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 4th. Shareholders of record on Tuesday, September 13th will be issued a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 2.30%. The ex-dividend date is Friday, September 9th. Nabors Industries’s dividend payout ratio (DPR) is presently -6.56%.

Several hedge funds have recently made changes to their positions in NBR. Vanguard Group Inc. increased its position in shares of Nabors Industries by 3.0% in the second quarter. Vanguard Group Inc. now owns 20,284,448 shares of the company’s stock valued at $203,858,000 after buying an additional 582,523 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of Nabors Industries by 89.8% in the second quarter. Dimensional Fund Advisors LP now owns 13,302,571 shares of the company’s stock valued at $133,684,000 after buying an additional 6,292,257 shares during the last quarter. FMR LLC increased its position in shares of Nabors Industries by 12.0% in the second quarter. FMR LLC now owns 11,858,824 shares of the company’s stock valued at $119,181,000 after buying an additional 1,270,934 shares during the last quarter. Van ECK Associates Corp increased its position in shares of Nabors Industries by 13.5% in the second quarter. Van ECK Associates Corp now owns 11,699,198 shares of the company’s stock valued at $117,577,000 after buying an additional 1,394,726 shares during the last quarter. Finally, BlackRock Fund Advisors increased its position in shares of Nabors Industries by 3.4% in the second quarter. BlackRock Fund Advisors now owns 10,681,545 shares of the company’s stock valued at $107,350,000 after buying an additional 351,903 shares during the last quarter. 93.06% of the stock is currently 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.

5 Day Chart for NYSE:NBR

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