Zacks Investment Research Upgrades Nabors Industries Ltd. (NBR) to “Buy”
Nabors Industries Ltd. (NYSE:NBR) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Tuesday. The firm currently has a $14.00 price target on the stock. Zacks Investment Research’s target price suggests a potential upside of 13.82% from the company’s current price.
According to Zacks, “With leading positions in most natural gas and oil-based shale plays, Nabors Industries is a big player in the North American land drilling market. The company continues to fare well on its aggressive cost-management techniques and strong performance by the international business segment that has helped the well service provider to trump estimates in each of the past 4 quarters. Moreover, with the recent OPEC deal and the subsequent advancement of crude oil, producers are likely to revive spending on drilling activities that would spur rig count. This, in turn, will result in improved demand for oilfield equipments, thereby driving Nabors' revenues, earnings and cash flow. Consequently, we think Nabors offers substantial upside potential from the current price levels and label it as an attractive investment.”
A number of other analysts also recently issued reports on the stock. Argus reissued a “hold” rating on shares of Nabors Industries in a report on Friday, September 23rd. Capital One Financial Corp. raised shares of Nabors Industries from an “equal weight” rating to an “overweight” rating and set a $13.00 price objective for the company in a report on Monday, September 19th. DA Davidson began coverage on shares of Nabors Industries in a report on Thursday, September 15th. They issued a “buy” rating and a $16.00 price objective for the company. Citigroup Inc. boosted their price objective on shares of Nabors Industries from $12.00 to $13.00 and gave the company a “buy” rating in a report on Monday, September 12th. Finally, Nomura set a $8.00 price objective on shares of Nabors Industries and gave the company a “hold” rating in a report on Tuesday, August 16th. Seven research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the company. Nabors Industries currently has a consensus rating of “Buy” and an average price target of $11.50.
Nabors Industries (NYSE:NBR) traded down 2.68% during mid-day trading on Tuesday, hitting $11.97. 5,651,031 shares of the stock traded hands. Nabors Industries has a 52 week low of $4.93 and a 52 week high of $12.46. The firm’s 50-day moving average price is $10.25 and its 200-day moving average price is $9.63. The firm’s market cap is $3.39 billion.
Nabors Industries (NYSE:NBR) last announced its quarterly earnings results on Tuesday, August 2nd. The company reported ($0.26) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.45) by $0.19. Nabors Industries had a negative net margin of 39.78% and a negative return on equity of 6.31%. The business had revenue of $571.60 million for the quarter, compared to analyst estimates of $497.83 million. During the same quarter in the prior year, the business earned ($0.14) EPS. Nabors Industries’s quarterly revenue was down 40.1% on a year-over-year basis. On average, equities analysts forecast that Nabors Industries will post ($1.21) earnings per share 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 given a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 1.95%. The ex-dividend date of this dividend is Friday, September 9th. Nabors Industries’s dividend payout ratio (DPR) is currently -6.56%.
A number of institutional investors have recently made changes to their positions in NBR. Seven Eight Capital LLC purchased a new stake in Nabors Industries during the first quarter valued at $118,000. LS Investment Advisors LLC boosted its stake in Nabors Industries by 77.7% in the second quarter. LS Investment Advisors LLC now owns 16,763 shares of the company’s stock valued at $168,000 after buying an additional 7,332 shares during the period. Janney Montgomery Scott LLC purchased a new stake in Nabors Industries during the second quarter valued at $150,000. Brave Asset Management Inc boosted its stake in Nabors Industries by 36.2% in the second quarter. Brave Asset Management Inc now owns 18,800 shares of the company’s stock valued at $189,000 after buying an additional 5,000 shares during the period. Finally, World Asset Management Inc boosted its stake in Nabors Industries by 3.3% in the second quarter. World Asset Management Inc now owns 19,609 shares of the company’s stock valued at $197,000 after buying an additional 622 shares during the period. Hedge funds and other institutional investors own 93.06% of the company’s stock.
Nabors Industries Company Profile
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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