Zacks Investment Research upgraded shares of Nabors Industries Ltd. (NYSE:NBR) from a sell rating to a hold rating in a research note published on Monday, September 11th.
According to Zacks, “Nabors Industries is one of the market leaders in the North American land drilling market and is well positioned with a sound mix of high performance rigs and new rigs working in the key shale plays. As it is, the company is poised to grow on the OPEC output- cut deal which is expected to improve the crude prices and thus spur the drilling activities. The company’s recent acquisition of Tesco is expected to prove immediately accretive to its earnings and result into various synergies. However, Nabors’ high leverage along with rising operating and direct costs pose risk. We also need to factor the company’s poor earnings surprise history and unfavorable return on equity. All these are also reflected in the dismal price performance of the company which have tumbled more than 60% year-to-date. Therefore, until the commodity price environment strengthens, we maintain a cautious stance on the stock.”
A number of other equities analysts also recently weighed in on the company. Societe Generale started coverage on Nabors Industries in a research note on Thursday, August 31st. They issued a hold rating and a $7.00 target price on the stock. ValuEngine downgraded Nabors Industries from a hold rating to a sell rating in a research note on Saturday, May 27th. Wells Fargo & Company cut shares of Nabors Industries from an outperform rating to a market perform rating in a report on Friday, July 7th. BidaskClub cut shares of Nabors Industries from a sell rating to a strong sell rating in a report on Friday, July 28th. Finally, Guggenheim raised shares of 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. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and eighteen have assigned a buy rating to the company’s stock. The stock currently has an average rating of Buy and an average price target of $13.27.
Nabors Industries (NBR) opened at 7.78 on Monday. The stock’s 50 day moving average price is $6.91 and its 200-day moving average price is $9.39. The firm’s market capitalization is $2.22 billion. Nabors Industries has a one year low of $6.18 and a one year high of $18.40.
Nabors Industries (NYSE:NBR) last issued its 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). Nabors Industries had a negative net margin of 32.35% and a negative return on equity of 13.31%. The firm had revenue of $630.50 million during the quarter, compared to the consensus estimate of $589.79 million. During the same period in the previous year, the firm earned ($0.35) earnings per share. The business’s quarterly revenue was up 21.9% on a year-over-year basis. On average, equities research analysts anticipate that Nabors Industries will post ($1.50) earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 3rd. Shareholders of record on Tuesday, September 12th will be issued a $0.06 dividend. The ex-dividend date of this dividend is Monday, September 11th. This represents a $0.24 annualized dividend and a yield of 3.03%. Nabors Industries’s dividend payout ratio (DPR) is presently -9.41%.
Several hedge funds and other institutional investors have recently made changes to their positions in the business. Capstone Asset Management Co. increased its stake in shares of Nabors Industries by 0.9% during the second quarter. Capstone Asset Management Co. now owns 23,571 shares of the oil and gas company’s stock valued at $192,000 after purchasing an additional 220 shares in the last quarter. Wright Investors Service Inc. increased its stake in shares of Nabors Industries by 2.2% during the second quarter. Wright Investors Service Inc. now owns 12,560 shares of the oil and gas company’s stock valued at $102,000 after purchasing an additional 265 shares in the last quarter. Raymond James Financial Services Advisors Inc. increased its stake in shares of Nabors Industries by 0.9% during the first quarter. Raymond James Financial Services Advisors Inc. now owns 36,812 shares of the oil and gas company’s stock valued at $481,000 after purchasing an additional 317 shares in the last quarter. Venturi Wealth Management LLC increased its stake in shares of Nabors Industries by 2.7% during the first quarter. Venturi Wealth Management LLC now owns 12,260 shares of the oil and gas company’s stock valued at $154,000 after purchasing an additional 320 shares in the last quarter. Finally, World Asset Management Inc increased its stake in shares of Nabors Industries by 1.7% during the first quarter. World Asset Management Inc now owns 23,099 shares of the oil and gas company’s stock valued at $302,000 after purchasing an additional 381 shares in the last quarter. 95.71% of the stock is owned by institutional investors and hedge funds.
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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