Nabors Industries Ltd. (NBR) Stock Rating Reaffirmed by Seaport Global Securities
A number of other research analysts have also issued reports on NBR. BMO Capital Markets set a $15.00 price target on Nabors Industries and gave the stock a hold rating in a research report on Wednesday, April 12th. Jefferies Group LLC restated a hold rating and issued a $15.00 price objective on shares of Nabors Industries in a report on Tuesday, April 25th. Goldman Sachs Group, Inc. (The) lowered Nabors Industries from a conviction-buy rating to a buy rating and upped their price objective for the company from $17.50 to $18.00 in a report on Friday, April 28th. Credit Suisse Group set a $18.00 price objective on Nabors Industries and gave the company a buy rating in a report on Sunday, April 30th. Finally, Citigroup Inc. restated a buy rating on shares of Nabors Industries in a report on Wednesday, May 10th. Three equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and eighteen have issued a buy rating to the company’s stock. The company has a consensus rating of Buy and an average target price of $14.54.
Shares of Nabors Industries (NYSE:NBR) opened at 7.05 on Friday. The firm’s market cap is $1.97 billion. Nabors Industries has a 12-month low of $6.93 and a 12-month high of $18.40. The firm has a 50-day moving average price of $7.87 and a 200-day moving average price of $11.58.
Nabors Industries (NYSE:NBR) last announced its quarterly earnings results on Wednesday, August 2nd. The oil and gas company reported ($0.38) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.35) by $0.03. Nabors Industries had a negative return on equity of 13.31% and a negative net margin of 32.35%. The business had revenue of $630.50 million for the quarter, compared to analyst estimates of $589.79 million. During the same quarter last year, the firm posted ($0.35) EPS. The company’s revenue was up 21.9% compared to the same quarter last year. On average, equities research analysts expect that Nabors Industries will post ($1.42) earnings per share for the current fiscal year.
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The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 3rd. Shareholders of record on Tuesday, September 12th will be given a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 3.40%. The ex-dividend date of this dividend is Monday, September 11th. Nabors Industries’s payout ratio is currently -9.41%.
In other news, CFO William J. Restrepo bought 22,000 shares of the company’s stock in a transaction on Tuesday, May 30th. The shares were bought at an average cost of $8.25 per share, with a total value of $181,500.00. Following the transaction, the chief financial officer now directly owns 959,694 shares in the company, valued at approximately $7,917,475.50. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 4.10% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of the company. Invictus RG bought a new position in shares of Nabors Industries during the first quarter worth approximately $109,000. Aviance Capital Management LLC bought a new position in shares of Nabors Industries during the first quarter worth approximately $143,000. Coconut Grove Bank raised its position in shares of Nabors Industries by 47.1% in the first quarter. Coconut Grove Bank now owns 10,960 shares of the oil and gas company’s stock worth $143,000 after buying an additional 3,510 shares in the last quarter. Point72 Asia Hong Kong Ltd raised its position in shares of Nabors Industries by 92.2% in the first quarter. Point72 Asia Hong Kong Ltd now owns 11,262 shares of the oil and gas company’s stock worth $147,000 after buying an additional 5,401 shares in the last quarter. Finally, Harbour Capital Advisors LLC raised its position in shares of Nabors Industries by 714.0% in the second quarter. Harbour Capital Advisors LLC now owns 11,396 shares of the oil and gas company’s stock worth $1,400,000 after buying an additional 9,996 shares in the last quarter. 98.65% of the stock is currently owned by institutional investors.
Nabors Industries Company Profile
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.
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