Nabors Industries (NYSE:NBR) Shares Gap Down to $2.21

Nabors Industries Ltd. (NYSE:NBR)’s share price gapped down before the market opened on Friday . The stock had previously closed at $2.12, but opened at $2.21. Nabors Industries shares last traded at $2.31, with a volume of 92,082 shares trading hands.

A number of research analysts recently issued reports on NBR shares. Wells Fargo & Co downgraded Nabors Industries from an “outperform” rating to an “underperform” rating in a research note on Thursday. Morgan Stanley cut their price objective on Nabors Industries from $6.00 to $5.00 and set an “overweight” rating for the company in a research note on Friday, July 12th. Susquehanna Bancshares set a $3.00 price objective on Nabors Industries and gave the company a “hold” rating in a research note on Wednesday, July 31st. Citigroup set a $3.00 price objective on Nabors Industries and gave the company a “hold” rating in a research note on Tuesday, July 2nd. Finally, AltaCorp Capital reiterated a “sector perform” rating on shares of Nabors Industries in a research note on Thursday, June 20th. Three analysts have rated the stock with a sell rating, eleven have given a hold rating and six have given a buy rating to the stock. Nabors Industries presently has a consensus rating of “Hold” and a consensus target price of $5.75.

The stock has a fifty day moving average of $2.09 and a 200 day moving average of $2.86. The company has a debt-to-equity ratio of 1.45, a quick ratio of 1.67 and a current ratio of 1.90. The company has a market capitalization of $830.51 million, a PE ratio of -1.83 and a beta of 2.65.

Nabors Industries (NYSE:NBR) last posted its quarterly earnings results on Monday, July 29th. The oil and gas company reported ($0.61) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.21) by ($0.40). Nabors Industries had a negative return on equity of 16.01% and a negative net margin of 19.75%. The business had revenue of $771.40 million during the quarter, compared to analysts’ expectations of $801.17 million. During the same period in the prior year, the firm posted ($0.42) earnings per share. The firm’s revenue for the quarter was up 1.2% on a year-over-year basis. As a group, equities analysts predict that Nabors Industries Ltd. will post -1.12 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 2nd. Investors of record on Wednesday, September 11th will be issued a $0.01 dividend. The ex-dividend date is Tuesday, September 10th. This represents a $0.04 dividend on an annualized basis and a yield of 1.74%. Nabors Industries’s dividend payout ratio is presently -3.17%.

In other Nabors Industries news, Director Tanya S. Beder purchased 50,000 shares of the stock in a transaction that occurred on Thursday, August 8th. The shares were bought at an average cost of $2.31 per share, with a total value of $115,500.00. Following the acquisition, the director now owns 219,409 shares in the company, valued at $506,834.79. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 4.02% of the stock is currently owned by insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Systematic Financial Management LP purchased a new position in Nabors Industries in the 1st quarter worth approximately $1,472,000. Nomura Asset Management Co. Ltd. lifted its holdings in Nabors Industries by 63.6% in the 1st quarter. Nomura Asset Management Co. Ltd. now owns 17,500 shares of the oil and gas company’s stock worth $60,000 after purchasing an additional 6,800 shares in the last quarter. KBC Group NV purchased a new position in Nabors Industries in the 2nd quarter worth approximately $362,000. BB&T Corp lifted its holdings in Nabors Industries by 31.4% in the 2nd quarter. BB&T Corp now owns 20,500 shares of the oil and gas company’s stock worth $59,000 after purchasing an additional 4,900 shares in the last quarter. Finally, Brave Asset Management Inc. raised its holdings in shares of Nabors Industries by 35.2% during the 2nd quarter. Brave Asset Management Inc. now owns 55,100 shares of the oil and gas company’s stock worth $160,000 after acquiring an additional 14,350 shares in the last quarter. 79.61% of the stock is currently owned by institutional investors.

About Nabors Industries (NYSE:NBR)

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.

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