Nabors Industries Ltd. (NBR) Stock Rating Reaffirmed by Citigroup Inc.
Nabors Industries Ltd. (NYSE:NBR)‘s stock had its “buy” rating reissued by equities researchers at Citigroup Inc. in a report released on Wednesday. They currently have a $14.00 price target on the stock. Citigroup Inc.’s price objective points to a potential upside of 10.15% from the stock’s previous close.
Several other research firms also recently commented 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 on the stock in a research report on Friday, August 19th. Stephens raised shares of Nabors Industries from an “equal weight” rating to an “overweight” rating in a research report on Tuesday, July 12th. Seaport Global Securities raised shares of Nabors Industries from a “neutral” rating to a “buy” rating in a research report on Friday, July 8th. Capital One Financial Corp. raised shares of Nabors Industries from an “equal weight” rating to an “overweight” rating and set a $13.00 target price on the stock in a research report on Monday, September 19th. Finally, Simmons reissued a “neutral” rating and set a $12.50 target price (up from $12.25) on shares of Nabors Industries in a research report on Monday, August 8th. Seven analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $11.54.
Shares of Nabors Industries (NYSE:NBR) opened at 12.71 on Wednesday. The firm’s market cap is $3.60 billion. Nabors Industries has a 52 week low of $4.93 and a 52 week high of $12.89. The firm’s 50-day moving average price is $10.44 and its 200 day moving average price is $9.69.
Nabors Industries (NYSE:NBR) last announced its quarterly earnings data on Tuesday, August 2nd. The company reported ($0.26) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.45) by $0.19. Nabors Industries had a negative return on equity of 6.31% and a negative net margin of 39.78%. The business earned $571.60 million during the quarter, compared to analyst estimates of $497.83 million. During the same period last year, the company earned ($0.14) earnings per share. Nabors Industries’s quarterly revenue was down 40.1% compared to the same quarter last year. Equities analysts anticipate that Nabors Industries will post ($1.21) EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Tuesday, October 4th. Stockholders of record on Tuesday, September 13th were paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.89%. The ex-dividend date was Friday, September 9th. Nabors Industries’s dividend payout ratio (DPR) is currently -6.56%.
Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Dimensional Fund Advisors LP boosted its position in Nabors Industries by 89.8% in the second quarter. Dimensional Fund Advisors LP now owns 13,302,571 shares of the company’s stock worth $133,684,000 after buying an additional 6,292,257 shares during the period. Norges Bank purchased a new position in Nabors Industries during the fourth quarter worth about $37,105,000. CI Investments Inc. boosted its position in Nabors Industries by 858,360.0% in the second quarter. CI Investments Inc. now owns 4,292,300 shares of the company’s stock worth $43,138,000 after buying an additional 4,291,800 shares during the period. JPMorgan Chase & Co. boosted its position in 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 period. Finally, First Trust Advisors LP boosted its position in Nabors Industries by 350.7% in the second quarter. First Trust Advisors LP now owns 3,714,586 shares of the company’s stock worth $37,332,000 after buying an additional 2,890,377 shares during the period. Institutional investors own 93.06% of the company’s stock.
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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