Nabors Industries Ltd. (NBR) Rating Increased to Sell at BidaskClub
Nabors Industries Ltd. (NYSE:NBR) was upgraded by research analysts at BidaskClub from a “strong sell” rating to a “sell” rating in a research report issued to clients and investors on Wednesday.
Other equities analysts have also recently issued reports about the company. Credit Suisse Group set a $18.00 price target on Nabors Industries and gave the stock a “buy” rating in a report on Sunday, April 30th. Goldman Sachs Group, Inc. (The) downgraded Nabors Industries from a “conviction-buy” rating to a “buy” rating and lifted their price objective for the company from $17.50 to $18.00 in a research report on Friday, April 28th. Scotiabank reaffirmed a “buy” rating and issued a $22.00 price objective on shares of Nabors Industries in a research report on Wednesday, March 22nd. Evercore ISI began coverage on Nabors Industries in a research report on Wednesday, February 22nd. They issued a “buy” rating and a $20.00 price objective for the company. Finally, Nomura raised Nabors Industries from a “neutral” rating to a “buy” rating in a research report on Wednesday, April 5th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and eighteen have given a buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $16.16.
Nabors Industries (NYSE:NBR) traded down 5.23% during midday trading on Wednesday, hitting $8.52. The company had a trading volume of 9,025,583 shares. The company’s market cap is $2.44 billion. Nabors Industries has a 12 month low of $7.90 and a 12 month high of $18.40. The firm has a 50-day moving average price of $9.60 and a 200-day moving average price of $13.73. Nabors Industries also saw unusually large options trading on Tuesday. Stock traders acquired 24,742 call options on the company. This is an increase of 222% compared to the average daily volume of 7,687 call options.
Nabors Industries (NYSE:NBR) last released its quarterly earnings results on Wednesday, April 26th. The oil and gas company reported ($0.52) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.36) by $0.16. Nabors Industries had a negative return on equity of 11.57% and a negative net margin of 36.49%. The company had revenue of $563 million during the quarter, compared to analyst estimates of $569.96 million. During the same period last year, the firm earned ($0.29) earnings per share. The business’s revenue was up 30.7% compared to the same quarter last year. Equities analysts anticipate that Nabors Industries will post ($1.34) EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 5th. Shareholders of record on Wednesday, June 14th will be paid a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 2.82%. The ex-dividend date is Monday, June 12th. Nabors Industries’s dividend payout ratio is presently -8.76%.
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In related news, CFO William J. Restrepo acquired 22,000 shares of Nabors Industries stock in a transaction on Tuesday, May 30th. The shares were bought at an average price of $8.25 per share, for a total transaction of $181,500.00. Following the completion of the purchase, the chief financial officer now directly owns 959,694 shares in the company, valued at approximately $7,917,475.50. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 4.10% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of NBR. Invictus RG bought a new position in shares of Nabors Industries during the first quarter worth approximately $109,000. Coconut Grove Bank boosted its position in shares of Nabors Industries by 47.1% in the first quarter. Coconut Grove Bank now owns 10,960 shares of the oil and gas company’s stock worth $143,000 after buying an additional 3,510 shares in the last quarter. Aviance Capital Management LLC bought a new position in shares of Nabors Industries during the first quarter worth approximately $143,000. Point72 Asia Hong Kong Ltd boosted its position in shares of Nabors Industries by 92.2% in the first quarter. Point72 Asia Hong Kong Ltd now owns 11,262 shares of the oil and gas company’s stock worth $147,000 after buying an additional 5,401 shares in the last quarter. Finally, Venturi Wealth Management LLC boosted its position in shares of Nabors Industries by 2.7% in the first quarter. Venturi Wealth Management LLC now owns 12,260 shares of the oil and gas company’s stock worth $154,000 after buying an additional 320 shares in the last quarter. Institutional investors own 98.65% of the company’s stock.
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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