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.

COPYRIGHT VIOLATION NOTICE: “Nabors Industries Ltd. (NBR) Earns “Buy” Rating from Citigroup Inc.” was posted by Daily Political and is the property of of Daily Political. If you are viewing this news story on another publication, it was copied illegally and reposted in violation of US & international copyright & trademark legislation. The original version of this news story can be accessed at https://www.dailypolitical.com/2017/09/16/nabors-industries-ltd-nbr-earns-buy-rating-from-citigroup-inc.html.

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.

Analyst Recommendations for Nabors Industries (NYSE:NBR)

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.