Instinet upgraded shares of Nabors Industries Ltd. (NYSE:NBR) from a neutral rating to a buy rating in a report released on Wednesday. They currently have $17.00 price target on the oil and gas company’s stock, up from their prior price target of $15.00.
A number of other equities research analysts have also recently commented on the stock. Zacks Investment Research cut shares of Nabors Industries from a buy rating to a hold rating in a research report on Tuesday, January 24th. Credit Suisse Group AG raised shares of Nabors Industries from a neutral rating to an outperform rating and increased their target price for the company from $12.00 to $21.00 in a research report on Wednesday, January 4th. Jefferies Group LLC reissued a hold rating and set a $15.00 target price on shares of Nabors Industries in a research report on Wednesday, March 22nd. Evercore ISI initiated coverage on shares of Nabors Industries in a report on Wednesday, February 22nd. They issued a buy rating and a $20.00 price target for the company. Finally, Scotiabank reaffirmed a buy rating and issued a $22.00 price target on shares of Nabors Industries in a report on Wednesday, March 22nd. Five analysts have rated the stock with a hold rating, twenty have assigned a buy rating and two have issued a strong buy rating to the stock. Nabors Industries currently has an average rating of Buy and an average target price of $16.24.
Shares of Nabors Industries (NYSE:NBR) traded down 0.722% on Wednesday, hitting $11.685. The stock had a trading volume of 4,264,442 shares. The firm has a 50 day moving average of $13.26 and a 200-day moving average of $14.54. Nabors Industries has a 1-year low of $7.61 and a 1-year high of $18.40. The firm’s market capitalization is $3.33 billion.
Nabors Industries (NYSE:NBR) last posted its earnings results on Wednesday, February 22nd. The oil and gas company reported ($0.30) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.34) by $0.04. Nabors Industries had a negative net margin of 36.84% and a negative return on equity of 8.04%. The company earned $539.20 million during the quarter, compared to analysts’ expectations of $543.04 million. During the same quarter in the prior year, the company posted ($0.22) earnings per share. Nabors Industries’s revenue for the quarter was down 22.3% compared to the same quarter last year. Equities analysts predict that Nabors Industries will post ($0.99) earnings per share for the current year.
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The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 4th. Investors of record on Tuesday, March 14th were issued a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 2.04%. The ex-dividend date of this dividend was Friday, March 10th. Nabors Industries’s dividend payout ratio (DPR) is currently -7.92%.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Nine Chapters Capital Management LLC acquired a new position in shares of Nabors Industries during the third quarter worth $130,000. CSS LLC IL acquired a new position in shares of Nabors Industries during the third quarter worth $146,000. Carlton Hofferkamp & Jenks Wealth Management LLC acquired a new position in shares of Nabors Industries during the third quarter worth $159,000. M&T Bank Corp boosted its position in shares of Nabors Industries by 16.4% in the third quarter. M&T Bank Corp now owns 14,582 shares of the oil and gas company’s stock worth $177,000 after buying an additional 2,057 shares during the period. Finally, Tyers Asset Management LLC acquired a new position in shares of Nabors Industries during the fourth quarter worth $187,000. Hedge funds and other institutional investors own 93.88% 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.
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