Nabors Industries (NYSE:NBR) Price Target Cut to $5.00

Nabors Industries (NYSE:NBR) had its price target decreased by Morgan Stanley from $6.00 to $5.00 in a research note issued to investors on Friday, BenzingaRatingsTable reports. Morgan Stanley currently has an overweight rating on the oil and gas company’s stock.

A number of other research analysts have also weighed in on NBR. Citigroup reaffirmed a buy rating and set a $25.00 price objective on shares of Propetro in a research report on Tuesday, July 2nd. AltaCorp Capital reaffirmed a sector perform rating on shares of STEP Energy Services in a research report on Thursday, June 20th. Finally, ValuEngine lowered Zosano Pharma from a buy rating to a hold rating in a research report on Wednesday, May 1st. Three analysts have rated the stock with a sell rating, nine have issued a hold rating and eight have assigned a buy rating to the company’s stock. Nabors Industries presently has an average rating of Hold and a consensus price target of $6.42.

NBR opened at $2.35 on Friday. The stock has a market cap of $853.43 million, a PE ratio of -1.87 and a beta of 2.50. The company has a current ratio of 2.11, a quick ratio of 1.89 and a debt-to-equity ratio of 1.39. The company has a 50 day moving average price of $2.50. Nabors Industries has a 52 week low of $1.81 and a 52 week high of $6.85.

Nabors Industries (NYSE:NBR) last posted its quarterly earnings data on Tuesday, April 30th. The oil and gas company reported ($0.36) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.25) by ($0.11). Nabors Industries had a negative net margin of 19.68% and a negative return on equity of 14.79%. The company had revenue of $809.31 million for the quarter, compared to the consensus estimate of $774.35 million. During the same period last year, the business earned ($0.46) EPS. The firm’s quarterly revenue was up 10.2% on a year-over-year basis. Sell-side analysts predict that Nabors Industries will post -0.91 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 2nd. Shareholders of record on Tuesday, June 11th were issued a $0.01 dividend. This represents a $0.04 dividend on an annualized basis and a dividend yield of 1.70%. The ex-dividend date was Monday, June 10th. Nabors Industries’s payout ratio is -3.17%.

In other news, CFO William J. Restrepo acquired 177,100 shares of the business’s stock in a transaction that occurred on Friday, June 14th. The stock was bought at an average price of $2.03 per share, with a total value of $359,513.00. Following the completion of the acquisition, the chief financial officer now directly owns 2,136,255 shares of the company’s stock, valued at approximately $4,336,597.65. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 4.02% of the stock is currently owned by company insiders.

Several institutional investors and hedge funds have recently modified their holdings of NBR. BlackRock Inc. grew its holdings in shares of Nabors Industries by 43.5% in the fourth quarter. BlackRock Inc. now owns 42,020,803 shares of the oil and gas company’s stock worth $84,041,000 after acquiring an additional 12,741,524 shares during the period. Norges Bank bought a new stake in shares of Nabors Industries in the fourth quarter worth $7,534,000. Two Sigma Investments LP grew its holdings in shares of Nabors Industries by 23,545.7% in the fourth quarter. Two Sigma Investments LP now owns 2,364,566 shares of the oil and gas company’s stock worth $4,729,000 after acquiring an additional 2,354,566 shares during the period. Dimensional Fund Advisors LP grew its holdings in shares of Nabors Industries by 8.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 29,443,173 shares of the oil and gas company’s stock worth $58,887,000 after acquiring an additional 2,289,996 shares during the period. Finally, Parametric Portfolio Associates LLC grew its holdings in shares of Nabors Industries by 44.3% in the first quarter. Parametric Portfolio Associates LLC now owns 5,123,458 shares of the oil and gas company’s stock worth $17,625,000 after acquiring an additional 1,572,495 shares during the period. 80.92% of the stock is owned by institutional investors.

Nabors Industries Company Profile

Nabors Industries Ltd. provides drilling and drilling-related services and technologies for land-based and offshore oil and natural gas wells. It operates through five segments: U.S. Drilling, Canada Drilling, International Drilling, Drilling Solutions, and Rig Technologies. The company offers equipment manufacturing, rig instrumentation, optimization software, and directional drilling services.

Featured Article: How to interpret a stock’s beta number

Analyst Recommendations for Nabors Industries (NYSE:NBR)

Receive News & Ratings for Nabors Industries Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Nabors Industries and related companies with's FREE daily email newsletter.