Nabors Industries Ltd. (NBR) Earns “Buy” Rating from Citigroup Inc.
Citigroup Inc. reaffirmed their buy rating on shares of Nabors Industries Ltd. (NYSE:NBR) in a report issued on Wednesday. They currently have a $8.00 target price on the oil and gas company’s stock, down from their prior target price of $9.00.
Several other equities analysts have also recently issued reports on NBR. Societe Generale began coverage on Nabors Industries in a report on Thursday, August 31st. They set a hold rating and a $7.00 price objective for the company. Zacks Investment Research cut Nabors Industries from a hold rating to a sell rating in a report on Tuesday, July 11th. ValuEngine cut Nabors Industries from a hold rating to a sell rating in a report on Saturday, May 27th. Wells Fargo & Company cut Nabors Industries from an outperform rating to a market perform rating in a report on Friday, July 7th. Finally, BidaskClub cut Nabors Industries from a sell rating to a strong sell rating in a report on Friday, July 28th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and nineteen have given a buy rating to the company. The company presently has an average rating of Buy and an average target price of $13.26.
Shares of Nabors Industries (NYSE NBR) opened at 7.44 on Wednesday. The stock’s market capitalization is $2.13 billion. Nabors Industries has a 12 month low of $6.18 and a 12 month high of $18.40. The company’s 50 day moving average price is $6.92 and its 200 day moving average price is $9.56.
Nabors Industries (NYSE:NBR) last posted its quarterly earnings results 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 business had revenue of $630.50 million during the quarter, compared to analyst estimates of $589.79 million. Nabors Industries had a negative net margin of 32.35% and a negative return on equity of 13.31%. The firm’s quarterly revenue was up 21.9% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.35) earnings per share. Equities analysts anticipate that Nabors Industries will post ($1.50) earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 3rd. Stockholders of record on Tuesday, September 12th will be given a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 3.23%. The ex-dividend date is Monday, September 11th. Nabors Industries’s dividend payout ratio is currently -9.41%.
Several large investors have recently made changes to their positions in the company. BlackRock Inc. grew its position in Nabors Industries by 7,474.6% during the first quarter. BlackRock Inc. now owns 24,813,903 shares of the oil and gas company’s stock valued at $324,317,000 after acquiring an additional 24,486,309 shares during the period. Vanguard Group Inc. grew its position in Nabors Industries by 0.7% during the second quarter. Vanguard Group Inc. now owns 22,714,902 shares of the oil and gas company’s stock valued at $184,900,000 after acquiring an additional 149,637 shares during the period. Dimensional Fund Advisors LP grew its position in Nabors Industries by 5.6% during the first quarter. Dimensional Fund Advisors LP now owns 19,723,712 shares of the oil and gas company’s stock valued at $257,786,000 after acquiring an additional 1,053,328 shares during the period. Morgan Stanley grew its position in Nabors Industries by 0.6% during the first quarter. Morgan Stanley now owns 18,787,378 shares of the oil and gas company’s stock valued at $245,552,000 after acquiring an additional 114,423 shares during the period. Finally, Bank of New York Mellon Corp grew its position in Nabors Industries by 16.4% during the second quarter. Bank of New York Mellon Corp now owns 16,440,910 shares of the oil and gas company’s stock valued at $133,828,000 after acquiring an additional 2,315,688 shares during the period. 95.60% of the stock is owned by institutional investors and hedge funds.
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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