Jefferies Group LLC Upgrades Nabors Industries Ltd. (NBR) to Buy
Nabors Industries Ltd. (NYSE:NBR) was upgraded by equities researchers at Jefferies Group LLC from a “hold” rating to a “buy” rating in a research note issued on Wednesday.
Other equities research analysts have also issued research reports about the company. Cowen and Company dropped their price objective on Nabors Industries from $13.00 to $10.50 and set an “outperform” rating for the company in a research note on Tuesday, August 8th. Seaport Global Securities reaffirmed a “neutral” rating on shares of Nabors Industries in a research note on Friday, August 4th. 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. UBS AG dropped their price target on Nabors Industries from $11.00 to $10.00 and set a “buy” rating for the company in a research note on Friday, October 27th. Finally, ValuEngine lowered Nabors Industries from a “sell” rating to a “strong sell” rating in a research note on Friday, September 1st. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and eighteen have assigned a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $11.64.
Nabors Industries (NYSE:NBR) opened at $6.19 on Wednesday. The company has a quick ratio of 1.22, a current ratio of 1.41 and a debt-to-equity ratio of 1.35. Nabors Industries has a 12-month low of $5.32 and a 12-month high of $18.40.
Nabors Industries (NYSE:NBR) last announced its quarterly earnings results on Tuesday, October 24th. The oil and gas company reported ($0.42) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.33) by ($0.09). The business had revenue of $662.50 million for the quarter, compared to analyst estimates of $674.03 million. Nabors Industries had a negative net margin of 31.99% and a negative return on equity of 14.74%. The company’s quarterly revenue was up 27.4% on a year-over-year basis. During the same period last year, the firm earned ($0.55) earnings per share. equities analysts forecast that Nabors Industries will post -1.61 earnings per share for the current year.
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A number of hedge funds have recently added to or reduced their stakes in NBR. Vanguard Group Inc. lifted its stake in Nabors Industries by 0.7% in the second quarter. Vanguard Group Inc. now owns 22,714,902 shares of the oil and gas company’s stock worth $184,900,000 after purchasing an additional 149,637 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in shares of 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 worth $133,828,000 after buying an additional 2,315,688 shares during the period. Van ECK Associates Corp lifted its stake in shares of Nabors Industries by 2.7% during the second quarter. Van ECK Associates Corp now owns 15,978,658 shares of the oil and gas company’s stock worth $130,066,000 after buying an additional 426,858 shares during the period. State Street Corp lifted its stake in shares of Nabors Industries by 3.0% during the second quarter. State Street Corp now owns 8,519,273 shares of the oil and gas company’s stock worth $69,351,000 after buying an additional 248,054 shares during the period. Finally, FMR LLC lifted its stake in shares of Nabors Industries by 33.3% during the second quarter. FMR LLC now owns 8,485,080 shares of the oil and gas company’s stock worth $69,068,000 after buying an additional 2,118,198 shares during the period. 96.45% of the stock is currently owned by institutional investors and hedge funds.
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.
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