Nabors Industries’ (NBR) “Hold” Rating Reaffirmed at Jefferies Group LLC
Nabors Industries Ltd. (NYSE:NBR)‘s stock had its “hold” rating reissued by analysts at Jefferies Group LLC in a research note issued on Friday. They presently have a $11.50 price objective on the oil and gas company’s stock. Jefferies Group LLC’s price objective would indicate a potential upside of 47.81% from the company’s previous close.
A number of other research analysts have also commented on NBR. BMO Capital Markets set a $13.00 target price on Nabors Industries and gave the company a “hold” rating in a research note on Saturday, May 6th. TheStreet lowered Nabors Industries from a “c-” rating to a “d+” rating in a research note on Monday, March 27th. Credit Suisse Group set a $18.00 target price on Nabors Industries and gave the company a “buy” rating in a research note on Sunday, April 30th. Guggenheim lowered Nabors Industries from a “buy” rating to a “neutral” rating in a research note on Tuesday, June 27th. Finally, Zacks Investment Research lowered Nabors Industries from a “hold” rating to a “sell” rating in a research note on Tuesday. Three research analysts have rated the stock with a sell rating, nine have given a hold rating and seventeen have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $14.93.
Nabors Industries (NYSE NBR) traded down 0.26% during mid-day trading on Friday, reaching $7.78. 6,280,233 shares of the company’s stock traded hands. The firm’s 50-day moving average price is $8.81 and its 200 day moving average price is $13.06. The stock’s market capitalization is $2.22 billion. Nabors Industries has a 12 month low of $7.16 and a 12 month high of $18.40.
Nabors Industries (NYSE:NBR) last issued its earnings results on Wednesday, April 26th. The oil and gas company reported ($0.52) EPS for the quarter, missing analysts’ consensus estimates of ($0.36) by $0.16. The firm had revenue of $563 million during the quarter, compared to analyst estimates of $569.96 million. Nabors Industries had a negative net margin of 36.49% and a negative return on equity of 11.57%. The business’s revenue for the quarter was up 30.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.29) earnings per share. Equities research analysts predict that Nabors Industries will post ($1.35) EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 5th. Stockholders of record on Wednesday, June 14th were paid a $0.06 dividend. The ex-dividend date of this dividend was Monday, June 12th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 3.08%. Nabors Industries’s dividend payout ratio (DPR) is presently -8.76%.
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In other Nabors Industries news, CFO William J. Restrepo bought 22,000 shares of the stock in a transaction dated Thursday, May 4th. The stock was bought at an average cost of $9.43 per share, for a total transaction of $207,460.00. Following the completion of the purchase, the chief financial officer now owns 939,694 shares in the company, valued at approximately $8,861,314.42. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 4.10% of the company’s stock.
Institutional investors have recently bought and sold shares of the stock. BlackRock Inc. boosted its position in Nabors Industries by 7,474.6% in the first quarter. BlackRock Inc. now owns 24,813,903 shares of the oil and gas company’s stock valued at $324,317,000 after buying an additional 24,486,309 shares in the last quarter. Renaissance Technologies LLC boosted its position in Nabors Industries by 414.1% in the first quarter. Renaissance Technologies LLC now owns 4,467,589 shares of the oil and gas company’s stock valued at $58,391,000 after buying an additional 3,598,589 shares in the last quarter. Bank of New York Mellon Corp boosted its position in Nabors Industries by 30.4% in the first quarter. Bank of New York Mellon Corp now owns 14,125,222 shares of the oil and gas company’s stock valued at $184,617,000 after buying an additional 3,296,758 shares in the last quarter. Deprince Race & Zollo Inc. purchased a new position in Nabors Industries during the first quarter valued at about $35,002,000. Finally, Bank of America Corp DE boosted its position in Nabors Industries by 29.1% in the first quarter. Bank of America Corp DE now owns 5,933,232 shares of the oil and gas company’s stock valued at $77,547,000 after buying an additional 1,336,220 shares in the last quarter. Institutional investors and hedge funds 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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