Nabors Industries Ltd. (NYSE:NBR) PT Lowered to $9.00
Nabors Industries Ltd. (NYSE:NBR) had its price objective lowered by equities research analysts at Morgan Stanley from $10.00 to $9.00 in a report released on Monday. The firm currently has an “equal weight” rating on the oil and gas company’s stock. Morgan Stanley’s price target would suggest a potential upside of 18.89% from the stock’s current price.
Several other research firms have also commented on NBR. BMO Capital Markets set a $13.00 price objective on shares of Nabors Industries and gave the stock a “hold” rating in a research note on Saturday, May 6th. Credit Suisse Group set a $18.00 price target on shares of Nabors Industries and gave the company a “buy” rating in a research note on Sunday, April 30th. Wells Fargo & Company lowered shares of Nabors Industries from an “outperform” rating to a “market perform” rating in a research note on Friday, July 7th. Deutsche Bank AG restated a “buy” rating and set a $13.00 price target (down previously from $20.00) on shares of Nabors Industries in a research note on Tuesday, May 30th. Finally, Seaport Global Securities lowered shares of Nabors Industries from a “buy” rating to a “neutral” rating and cut their price target for the company from $13.00 to $8.00 in a research note on Wednesday, June 21st. Three research analysts have rated the stock with a sell rating, nine have given a hold rating and seventeen have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $14.73.
Shares of Nabors Industries (NBR) traded down 5.3382% during midday trading on Monday, hitting $7.1659. 4,533,276 shares of the company traded hands. Nabors Industries has a 52 week low of $6.93 and a 52 week high of $18.40. The company has a 50-day moving average price of $7.87 and a 200-day moving average price of $11.58. The stock’s market capitalization is $2.00 billion.
Nabors Industries (NYSE:NBR) last posted its quarterly earnings data on Wednesday, August 2nd. The oil and gas company reported ($0.38) EPS for the quarter, missing the consensus estimate of ($0.35) by $0.03. The firm had revenue of $630.50 million for the quarter, compared to the consensus estimate of $589.79 million. Nabors Industries had a negative return on equity of 13.31% and a negative net margin of 32.35%. The company’s revenue was up 21.9% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.35) EPS. Analysts anticipate that Nabors Industries will post ($1.41) earnings per share for the current fiscal year.
TRADEMARK VIOLATION WARNING: This piece was first posted by Daily Political and is the property of of Daily Political. If you are viewing this piece on another publication, it was illegally stolen and reposted in violation of U.S. and international copyright & trademark legislation. The original version of this piece can be viewed at https://www.dailypolitical.com/2017/08/07/nabors-industries-ltd-nysenbr-pt-lowered-to-9-00.html.
In other news, CFO William J. Restrepo purchased 22,000 shares of the stock in a transaction that occurred on Tuesday, May 30th. The shares were purchased at an average cost of $8.25 per share, with a total value of $181,500.00. Following the completion of the acquisition, the chief financial officer now owns 959,694 shares of the company’s stock, valued at approximately $7,917,475.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 4.10% of the company’s stock.
A number of hedge funds have recently made changes to their positions in the company. BlackRock Inc. increased its stake in shares of Nabors Industries by 7,474.6% in the first quarter. BlackRock Inc. now owns 24,813,903 shares of the oil and gas company’s stock worth $324,317,000 after buying an additional 24,486,309 shares during the period. Renaissance Technologies LLC increased its stake in shares of Nabors Industries by 414.1% in the first quarter. Renaissance Technologies LLC now owns 4,467,589 shares of the oil and gas company’s stock worth $58,391,000 after buying an additional 3,598,589 shares during the period. Bank of New York Mellon Corp increased its stake in shares of Nabors Industries by 30.4% in the first quarter. Bank of New York Mellon Corp now owns 14,125,222 shares of the oil and gas company’s stock worth $184,617,000 after buying an additional 3,296,758 shares during the period. Deprince Race & Zollo Inc. purchased a new stake in shares of Nabors Industries during the first quarter worth about $35,002,000. Finally, Bank of America Corp DE increased its stake in shares of Nabors Industries by 29.1% in the first quarter. Bank of America Corp DE now owns 5,933,232 shares of the oil and gas company’s stock worth $77,547,000 after buying an additional 1,336,220 shares during the period. 98.65% of the stock is currently owned by hedge funds and other institutional investors.
About Nabors Industries
Nabors Industries Ltd. owns and operates a land-based drilling rig fleet. The Company is a provider of offshore platform drilling rigs in the United States and multiple international markets. The Company conducts its Drilling & Rig Services business through four segments: U.S. Drilling, Canada Drilling, International Drilling and Rig Services.
Receive News & Ratings for Nabors Industries Ltd. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Nabors Industries Ltd. and related companies with MarketBeat.com's FREE daily email newsletter.