Nabors Industries Ltd. (NBR) Shares Gap Up to $6.61
Nabors Industries Ltd. (NYSE:NBR) shares gapped up before the market opened on Tuesday . The stock had previously closed at $6.44, but opened at $6.61. Nabors Industries shares last traded at $6.90, with a volume of 8,486,216 shares traded.
A number of research analysts recently issued reports on the company. Seaport Global Securities restated a “neutral” rating on shares of Nabors Industries in a research note on Friday, August 4th. Cowen and Company dropped their price target on Nabors Industries from $13.00 to $10.50 and set an “outperform” rating on the stock in a research note on Tuesday, August 8th. Credit Suisse Group set a $9.00 price target on Nabors Industries and gave the stock a “buy” rating in a research note on Thursday, August 10th. They noted that the move was a valuation call. Jefferies Group LLC set a $8.00 price target on Nabors Industries and gave the stock a “hold” rating in a research note on Friday, August 4th. Finally, ValuEngine downgraded Nabors Industries from a “sell” rating to a “strong sell” rating in a research note on Friday, September 1st. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating and nineteen have given a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $13.42.
The stock’s market capitalization is $2.02 billion. The stock has a 50-day moving average of $7.09 and a 200 day moving average of $9.90.
Nabors Industries (NYSE:NBR) last released its 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. The business had revenue of $630.50 million during the quarter, compared to analysts’ expectations of $589.79 million. Nabors Industries had a negative net margin of 32.35% and a negative return on equity of 13.31%. Nabors Industries’s revenue for the quarter was up 21.9% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.35) EPS. Equities analysts predict that Nabors Industries Ltd. will post ($1.50) EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 3rd. Stockholders 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 dividend on an annualized basis and a dividend yield of 3.39%. Nabors Industries’s payout ratio is currently -9.41%.
Several institutional investors and hedge funds have recently added to or reduced their stakes in NBR. Wright Investors Service Inc. lifted its holdings in shares of Nabors Industries by 2.2% in the second quarter. Wright Investors Service Inc. now owns 12,560 shares of the oil and gas company’s stock valued at $102,000 after purchasing an additional 265 shares in the last quarter. Frontier Wealth Management LLC lifted its holdings in shares of Nabors Industries by 11.4% in the second quarter. Frontier Wealth Management LLC now owns 12,561 shares of the oil and gas company’s stock valued at $102,000 after purchasing an additional 1,284 shares in the last quarter. Invictus RG purchased a new stake in shares of Nabors Industries in the first quarter valued at $109,000. Carlton Hofferkamp & Jenks Wealth Management LLC lifted its holdings in shares of Nabors Industries by 3.3% in the second quarter. Carlton Hofferkamp & Jenks Wealth Management LLC now owns 13,550 shares of the oil and gas company’s stock valued at $110,000 after purchasing an additional 435 shares in the last quarter. Finally, M&T Bank Corp lifted its holdings in shares of Nabors Industries by 6.0% in the second quarter. M&T Bank Corp now owns 16,320 shares of the oil and gas company’s stock valued at $133,000 after purchasing an additional 925 shares in the last quarter. Institutional investors own 95.60% of the company’s stock.
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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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