Citigroup Inc. set a $10.00 price target on Nabors Industries Ltd. (NYSE:NBR) in a research report report published on Thursday morning. The brokerage currently has a buy rating on the oil and gas company’s stock.
Other analysts have also issued research reports about the company. Zacks Investment Research upgraded Nabors Industries from a sell rating to a hold rating in a report on Monday, September 11th. ValuEngine lowered Nabors Industries from a sell rating to a strong sell rating in a report on Friday, September 1st. Wells Fargo & Company lowered Nabors Industries from an outperform rating to a market perform rating in a report on Friday, July 7th. Guggenheim upgraded Nabors Industries from a neutral rating to a buy rating and set a $10.00 target price on the stock in a report on Tuesday, August 15th. Finally, Societe Generale started coverage on Nabors Industries in a report on Thursday, August 31st. They set a hold rating and a $7.00 target price on the stock. Two analysts have rated the stock with a sell rating, seven have given a hold rating and eighteen have given a buy rating to the stock. Nabors Industries currently has a consensus rating of Buy and a consensus price target of $12.24.
Shares of Nabors Industries (NYSE:NBR) traded down 5.51% on Thursday, reaching $7.55. The company’s stock had a trading volume of 9,005,312 shares. Nabors Industries has a 1-year low of $6.18 and a 1-year high of $18.40. The company’s 50 day moving average is $7.24 and its 200-day moving average is $8.96. The stock’s market cap is $2.16 billion.
Nabors Industries (NYSE:NBR) last issued its quarterly earnings results on Wednesday, August 2nd. The oil and gas company reported ($0.38) EPS for the quarter, missing analysts’ consensus estimates of ($0.35) by ($0.03). The firm had revenue of $630.50 million during the quarter, compared to the consensus estimate of $589.79 million. Nabors Industries had a negative net margin of 32.35% and a negative return on equity of 13.31%. The business’s revenue for the quarter was up 21.9% on a year-over-year basis. During the same quarter last year, the firm earned ($0.35) earnings per share. On average, equities analysts predict that Nabors Industries will post ($1.50) earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Tuesday, October 3rd. Stockholders of record on Tuesday, September 12th were given a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 3.18%. The ex-dividend date of this dividend was Monday, September 11th. Nabors Industries’s payout ratio is -9.41%.
Several institutional investors have recently bought and sold shares of the company. BlackRock Inc. grew its position in shares of Nabors Industries by 7,474.6% in 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 purchasing an additional 24,486,309 shares during the last quarter. Vanguard Group Inc. grew its position in shares of 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 valued at $184,900,000 after purchasing an additional 149,637 shares during the last quarter. Dimensional Fund Advisors LP grew its position in shares of Nabors Industries by 5.6% in 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 purchasing an additional 1,053,328 shares during the last quarter. Morgan Stanley grew its position in shares of Nabors Industries by 0.6% in 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 purchasing an additional 114,423 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its position in shares of Nabors Industries by 16.4% in 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 purchasing an additional 2,315,688 shares during the last quarter. 95.71% of the stock is currently owned by institutional investors.
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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