Investors Buy Shares of Nabors Industries Ltd. (NBR) on Weakness
Investors bought shares of Nabors Industries Ltd. (NYSE:NBR) on weakness during trading hours on Wednesday. $33.68 million flowed into the stock on the tick-up and $12.67 million flowed out of the stock on the tick-down, for a money net flow of $21.01 million into the stock. Of all companies tracked, Nabors Industries had the 20th highest net in-flow for the day. Nabors Industries traded down ($0.15) for the day and closed at $9.70
A number of research analysts have recently issued reports on NBR shares. Morgan Stanley lifted their price objective on shares of Nabors Industries from $13.00 to $16.50 and gave the company an “overweight” rating in a research note on Tuesday, April 19th. Citigroup Inc. reiterated a “buy” rating and issued a $11.00 target price (up from $10.00) on shares of Nabors Industries in a research note on Friday, March 18th. Zacks Investment Research upgraded shares of Nabors Industries from a “sell” rating to a “hold” rating in a research note on Monday, March 14th. Scotiabank upgraded shares of Nabors Industries from a “sector perform” rating to an “outperform” rating in a research note on Monday, March 28th. Finally, Howard Weil upgraded shares of Nabors Industries from a “sector perform” rating to a “sector outperform” rating in a research note on Monday, March 28th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $10.98.
The company’s market cap is $2.73 billion. The company’s 50-day moving average is $9.68 and its 200 day moving average is $8.50.
Nabors Industries (NYSE:NBR) last announced its earnings results on Monday, April 25th. The company reported ($0.29) EPS for the quarter, beating the consensus estimate of ($0.33) by $0.04. The company had revenue of $597.60 million for the quarter, compared to analysts’ expectations of $630.81 million. During the same period in the prior year, the company earned $0.20 earnings per share. The company’s revenue for the quarter was down 57.8% on a year-over-year basis. Equities research analysts anticipate that Nabors Industries Ltd. will post ($1.67) EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, July 1st. Shareholders of record on Friday, June 10th were given a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 2.47%. The ex-dividend date of this dividend was Wednesday, June 8th.
In related news, Director Howard Wolf acquired 15,000 shares of the stock in a transaction dated Thursday, April 28th. The shares were acquired at an average price of $9.78 per share, with a total value of $146,700.00. Following the acquisition, the director now owns 79,000 shares in the company, valued at approximately $772,620. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.
Other hedge funds have recently made changes to their positions in the company. Morgan Stanley boosted its position in shares of Nabors Industries by 796.8% in the fourth quarter. Morgan Stanley now owns 20,150,104 shares of the company’s stock worth $171,478,000 after buying an additional 17,903,305 shares during the last quarter. Engineers Gate Manager LP bought a new position in shares of Nabors Industries during the fourth quarter worth about $4,916,000. Systematic Financial Management LP boosted its position in shares of Nabors Industries by 22.5% in the fourth quarter. Systematic Financial Management LP now owns 1,445,711 shares of the company’s stock worth $12,303,000 after buying an additional 265,516 shares during the last quarter. Trexquant Investment LP boosted its position 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 worth $59,276,000 after buying an additional 204,777 shares during the last quarter.
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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