Nabors Industries Ltd. (NBR) Bonds Rise 2.7% During Trading

An issue of Nabors Industries Ltd. (NYSE:NBR) bonds rose 2.7% as a percentage of their face value during trading on Monday. The high-yield debt issue has a 5.5% coupon and is set to mature on January 15, 2023. The debt is now trading at $99.47 and was trading at $96.50 last week. Price moves in a company’s bonds in credit markets often predict parallel moves in its stock price.

Several equities research analysts recently commented on NBR shares. 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. Citigroup Inc. restated a “buy” rating and set a $8.00 price target (down from $9.00) on shares of Nabors Industries in a report on Wednesday, September 13th. BidaskClub lowered shares of Nabors Industries from a “sell” rating to a “strong sell” rating in a research note on Friday, July 28th. Sanford C. Bernstein reaffirmed an “outperform” rating and issued a $12.50 price objective on shares of Nabors Industries in a research note on Wednesday, September 6th. Finally, Guggenheim raised shares of Nabors Industries from a “neutral” rating to a “buy” rating and set a $10.00 price objective for the company in a research note on Tuesday, August 15th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and seventeen have issued a buy rating to the company’s stock. Nabors Industries has a consensus rating of “Buy” and a consensus target price of $11.30.

Shares of Nabors Industries Ltd. (NYSE NBR) traded up $0.11 during trading on Monday, reaching $5.79. 6,200,800 shares of the company’s stock traded hands, compared to its average volume of 8,607,034. The company has a current ratio of 1.41, a quick ratio of 1.27 and a debt-to-equity ratio of 1.35. Nabors Industries Ltd. has a 1 year low of $5.32 and a 1 year high of $18.40.

Nabors Industries (NYSE:NBR) last issued its quarterly earnings data on Tuesday, October 24th. The oil and gas company reported ($0.42) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.33) by ($0.09). The firm had revenue of $662.50 million for the quarter, compared to the consensus estimate of $674.03 million. Nabors Industries had a negative return on equity of 14.74% and a negative net margin of 31.99%. Nabors Industries’s quarterly revenue was up 27.4% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.55) earnings per share. equities analysts anticipate that Nabors Industries Ltd. will post -1.61 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 3rd. Shareholders of record on Wednesday, December 13th will be paid a dividend of $0.06 per share. The ex-dividend date of this dividend is Tuesday, December 12th. This represents a $0.24 annualized dividend and a yield of 4.15%. Nabors Industries’s dividend payout ratio is -8.96%.

A number of institutional investors have recently modified their holdings of the business. Elm Ridge Management LLC grew its stake in Nabors Industries by 2.7% during the third quarter. Elm Ridge Management LLC now owns 717,816 shares of the oil and gas company’s stock worth $5,793,000 after buying an additional 19,101 shares during the last quarter. Algert Global LLC bought a new stake in Nabors Industries during the third quarter worth about $323,000. Cetera Advisors LLC bought a new stake in Nabors Industries during the third quarter worth about $115,000. California Public Employees Retirement System grew its stake in Nabors Industries by 9.9% during the third quarter. California Public Employees Retirement System now owns 1,198,300 shares of the oil and gas company’s stock worth $9,670,000 after buying an additional 108,285 shares during the last quarter. Finally, Cubist Systematic Strategies LLC grew its stake in Nabors Industries by 1,921.0% during the third quarter. Cubist Systematic Strategies LLC now owns 100,889 shares of the oil and gas company’s stock worth $814,000 after buying an additional 95,897 shares during the last quarter. 98.76% of the stock is currently owned by hedge funds and other institutional investors.

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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.

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