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Nabors Industries (NYSE:NBR)‘s stock had its “neutral” rating restated by Zacks in a research note issued on Wednesday. They currently have a $28.00 price target on the stock. Zacks‘s price target would indicate a potential upside of 4.40% from the company’s current price.

Zacks’ analyst wrote, “We are maintaining our Neutral recommendation on Nabors Industries following its second quarter earnings results. The onshore contract driller reported higher June quarter profits on the back of impressive international operations along with improved production services. With leading positions in most natural gas and oil-based shale plays, Nabors is a big player in the North American land drilling market. Since last year, the company has also started paying quarterly dividends, which will create further value for shareholders. However, we remain concerned about the volatile natural gas fundamentals, which are likely to limit the company’s ability to generate positive earnings surprises. Nabors’ fairly debt-heavy balance sheet also remains an issue. “

Nabors Industries (NYSE:NBR) traded down 0.11% during mid-day trading on Wednesday, hitting $26.79. 1,551,694 shares of the company’s stock traded hands. Nabors Industries has a 52-week low of $15.21 and a 52-week high of $30.24. The stock’s 50-day moving average is $27.29 and its 200-day moving average is $25.. The company has a market cap of $8.030 billion and a price-to-earnings ratio of 51.28. Nabors Industries also was the recipient of unusually large options trading activity on Monday. Stock investors bought 13,045 call options on the company. This is an increase of approximately 1,151% compared to the typical daily volume of 1,043 call options.

Nabors Industries (NYSE:NBR) last posted its quarterly earnings results on Tuesday, July 22nd. The company reported $0.24 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.23 by $0.01. The company had revenue of $1.62 billion for the quarter, compared to the consensus estimate of $1.59 billion. During the same quarter last year, the company posted $0.08 earnings per share. Nabors Industries’s revenue was up 10.9% compared to the same quarter last year. Analysts expect that Nabors Industries will post $1.22 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which is scheduled for Tuesday, September 30th. Shareholders of record on Tuesday, September 9th will be given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 0.89%. The ex-dividend date of this dividend is Friday, September 5th. This is a positive change from Nabors Industries’s previous quarterly dividend of $0.04.

Other equities research analysts have also recently issued reports about the stock. Analysts at Global Hunter Securities raised their price target on shares of Nabors Industries to $32.00 in a research note on Monday, July 28th. Separately, analysts at Cowen and Company raised their price target on shares of Nabors Industries from $26.00 to $31.00 in a research note on Friday, July 25th. They now have a “market perform” rating on the stock. Finally, analysts at Raymond James reiterated an “outperform” rating on shares of Nabors Industries in a research note on Thursday, July 24th. They now have a $37.00 price target on the stock, up previously from $35.00. Six equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. Nabors Industries currently has an average rating of “Buy” and a consensus price target of $30.80.

Nabors Industries Ltd. (NYSE:NBR) is the land drilling contractor and land well-servicing and workover contractors in the United States and Canada.

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