Nabors Industries Ltd. (NBR) Stock Price Down 6.9% on Analyst Downgrade
Nabors Industries Ltd. (NYSE:NBR) fell 6.9% on Monday after Cowen and lowered their price target on the stock from $13.00 to $10.50. Cowen and currently has an outperform rating on the stock. Nabors Industries traded as low as $6.97 and last traded at $7.05, with a volume of 12,051,751 shares. The stock had previously closed at $7.57.
Other equities research analysts have also issued reports about the stock. BMO Capital Markets set a $13.00 price objective on shares of Nabors Industries and gave the stock a “hold” rating in a report on Saturday, May 6th. Credit Suisse Group set a $18.00 price objective on shares of Nabors Industries and gave the stock a “buy” rating in a report on Sunday, April 30th. Morgan Stanley lowered their price objective on shares of Nabors Industries from $10.00 to $9.00 and set an “equal weight” rating for the company in a report on Monday. Evercore ISI restated an “outperform” rating and issued a $18.00 price objective on shares of Nabors Industries in a report on Tuesday, June 20th. Finally, 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. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating and eighteen have given a buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $14.64.
In other Nabors Industries news, CFO William J. Restrepo bought 22,000 shares of Nabors Industries stock in a transaction dated 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 transaction, the chief financial officer now directly owns 959,694 shares of the company’s stock, valued at $7,917,475.50. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 4.10% of the stock is owned by corporate insiders.
Several hedge funds have recently added to or reduced their stakes in the company. Manning & Napier Advisors LLC acquired a new stake in Nabors Industries during the first quarter worth $3,416,000. E&G Advisors LP acquired a new stake in Nabors Industries during the first quarter worth $477,000. Viking Fund Management LLC acquired a new stake in Nabors Industries during the first quarter worth $4,313,000. Louisiana State Employees Retirement System increased its stake in Nabors Industries by 2.9% in the first quarter. Louisiana State Employees Retirement System now owns 72,100 shares of the oil and gas company’s stock worth $942,000 after buying an additional 2,000 shares in the last quarter. Finally, Bollard Group LLC increased its stake in Nabors Industries by 15.5% in the first quarter. Bollard Group LLC now owns 308,363 shares of the oil and gas company’s stock worth $4,030,000 after buying an additional 41,433 shares in the last quarter. 98.65% of the stock is currently owned by hedge funds and other institutional investors.
The firm’s market cap is $1.97 billion. The firm has a 50 day moving average price of $7.79 and a 200-day moving average price of $11.49.
Nabors Industries (NYSE:NBR) last released its quarterly earnings data on Wednesday, August 2nd. The oil and gas company reported ($0.38) earnings per share for the quarter, missing the consensus estimate of ($0.35) by $0.03. The firm had revenue of $630.50 million during the quarter, compared to the consensus estimate of $589.79 million. Nabors Industries had a negative net margin of 32.35% and a negative return on equity of 13.31%. The business’s revenue was up 21.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.35) earnings per share. On average, analysts anticipate that Nabors Industries Ltd. will post ($1.42) earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 3rd. Investors of record on Tuesday, September 12th will be issued a $0.06 dividend. The ex-dividend date is Monday, September 11th. This represents a $0.24 annualized dividend and a dividend yield of 3.40%. Nabors Industries’s payout ratio is currently -9.41%.
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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.
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