Short Interest in Nabors Industries Ltd. (NBR) Decreases By 23.1%
Nabors Industries Ltd. (NYSE:NBR) was the recipient of a significant decline in short interest in the month of September. As of September 29th, there was short interest totalling 28,659,036 shares, a decline of 23.1% from the September 15th total of 37,269,929 shares. Currently, 10.4% of the shares of the company are sold short. Based on an average trading volume of 8,691,433 shares, the short-interest ratio is presently 3.3 days.
A number of equities research analysts have weighed in on NBR shares. ValuEngine downgraded Nabors Industries from a “sell” rating to a “strong sell” rating in a report on Friday, September 1st. Cowen and Company decreased their price objective on Nabors Industries from $13.00 to $10.50 and set an “outperform” rating on the stock in a report on Tuesday, August 8th. Morgan Stanley decreased their price objective on Nabors Industries from $10.00 to $9.00 and set an “equal weight” rating on the stock in a report on Monday, August 7th. Citigroup Inc. set a $10.00 price objective on Nabors Industries and gave the company a “buy” rating in a report on Thursday, October 5th. Finally, Wells Fargo & Company downgraded Nabors Industries from an “outperform” rating to a “market perform” rating in a report on Friday, July 7th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and seventeen have issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $12.05.
Nabors Industries (NBR) opened at 7.35 on Monday. Nabors Industries has a 52-week low of $6.18 and a 52-week high of $18.40. The company’s market cap is $2.10 billion. The company has a 50-day moving average of $7.41 and a 200 day moving average of $8.68.
Nabors Industries (NYSE:NBR) last issued its earnings results on Wednesday, August 2nd. The oil and gas company reported ($0.38) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.35) by ($0.03). Nabors Industries had a negative net margin of 32.35% and a negative return on equity of 13.31%. The company had revenue of $630.50 million during the quarter, compared to analyst estimates of $589.79 million. During the same quarter in the prior year, the business earned ($0.35) EPS. The business’s quarterly revenue was up 21.9% on a year-over-year basis. Equities research analysts predict that Nabors Industries will post ($1.49) EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Tuesday, October 3rd. Shareholders of record on Tuesday, September 12th were given a $0.06 dividend. The ex-dividend date of this dividend was Monday, September 11th. This represents a $0.24 dividend on an annualized basis and a yield of 3.27%. Nabors Industries’s dividend payout ratio is currently -9.41%.
A number of institutional investors have recently modified their holdings of NBR. UBS Asset Management Americas Inc. boosted its position in Nabors Industries by 1.9% in the first quarter. UBS Asset Management Americas Inc. now owns 335,523 shares of the oil and gas company’s stock valued at $4,385,000 after buying an additional 6,122 shares in the last quarter. M&T Bank Corp boosted its position in Nabors Industries by 6.1% in the first quarter. M&T Bank Corp now owns 15,395 shares of the oil and gas company’s stock valued at $203,000 after buying an additional 885 shares in the last quarter. OppenheimerFunds Inc. boosted its position in Nabors Industries by 112.0% in the first quarter. OppenheimerFunds Inc. now owns 65,917 shares of the oil and gas company’s stock valued at $862,000 after buying an additional 34,831 shares in the last quarter. Wellington Management Group LLP boosted its position in Nabors Industries by 112.9% in the first quarter. Wellington Management Group LLP now owns 531,026 shares of the oil and gas company’s stock valued at $6,941,000 after buying an additional 281,641 shares in the last quarter. Finally, Legal & General Group Plc boosted its position in Nabors Industries by 4.3% in the first quarter. Legal & General Group Plc now owns 548,180 shares of the oil and gas company’s stock valued at $7,164,000 after buying an additional 22,791 shares in the last quarter. Hedge funds and other institutional investors own 95.71% of the company’s stock.
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.
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.