Nabors Industries Ltd. (NBR) Expected to Post Quarterly Sales of $597.34 Million
Wall Street brokerages expect Nabors Industries Ltd. (NYSE:NBR) to announce sales of $597.34 million for the current quarter, according to Zacks. Five analysts have made estimates for Nabors Industries’ earnings. The highest sales estimate is $627.00 million and the lowest is $563.00 million. Nabors Industries reported sales of $517.09 million during the same quarter last year, which would suggest a positive year over year growth rate of 15.5%. The business is scheduled to announce its next quarterly earnings results after the market closes on Wednesday, August 2nd.
On average, analysts expect that Nabors Industries will report full year sales of $597.34 million for the current fiscal year, with estimates ranging from $2.40 billion to $2.64 billion. For the next financial year, analysts expect that the firm will post sales of $3.25 billion per share, with estimates ranging from $3.05 billion to $3.63 billion. Zacks’ sales averages are an average based on a survey of sell-side analysts that that provide coverage for Nabors Industries.
Nabors Industries (NYSE:NBR) last announced its earnings results on Wednesday, April 26th. The oil and gas company reported ($0.52) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.36) by $0.16. Nabors Industries had a negative net margin of 36.49% and a negative return on equity of 11.57%. The business had revenue of $563 million for the quarter, compared to analysts’ expectations of $569.96 million. During the same quarter last year, the business earned ($0.29) EPS. The company’s quarterly revenue was up 30.7% on a year-over-year basis.
NBR has been the topic of a number of recent analyst reports. Citigroup Inc. reaffirmed a “buy” rating on shares of Nabors Industries in a report on Wednesday, May 10th. ValuEngine lowered Nabors Industries from a “hold” rating to a “sell” rating in a report on Saturday, May 27th. Goldman Sachs Group, Inc. (The) lowered Nabors Industries from a “conviction-buy” rating to a “buy” rating and upped their price objective for the stock from $17.50 to $18.00 in a report on Friday, April 28th. Jefferies Group LLC dropped their price objective on Nabors Industries from $15.00 to $11.50 and set a “hold” rating on the stock in a report on Wednesday, May 3rd. Finally, Deutsche Bank AG reaffirmed a “buy” rating and set a $13.00 price objective (down previously from $20.00) on shares of Nabors Industries in a report on Tuesday, May 30th. Three equities 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’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $14.93.
In related news, CFO William J. Restrepo bought 22,000 shares of the stock in a transaction dated Tuesday, May 30th. The stock was acquired 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 owns 959,694 shares in the company, valued at $7,917,475.50. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 4.10% of the stock is currently owned by company insiders.
Large investors have recently bought and sold shares of the stock. State Treasurer State of Michigan raised its stake in Nabors Industries by 1.6% in the second quarter. State Treasurer State of Michigan now owns 117,863 shares of the oil and gas company’s stock worth $959,000 after buying an additional 1,900 shares during the period. Aperio Group LLC raised its stake in Nabors Industries by 30.2% in the second quarter. Aperio Group LLC now owns 126,989 shares of the oil and gas company’s stock worth $1,034,000 after buying an additional 29,450 shares during the period. Sippican Capital Advisors raised its stake in Nabors Industries by 12.8% in the second quarter. Sippican Capital Advisors now owns 158,928 shares of the oil and gas company’s stock worth $1,294,000 after buying an additional 17,976 shares during the period. Louisiana State Employees Retirement System raised its stake in Nabors Industries by 3.5% in the second quarter. Louisiana State Employees Retirement System now owns 74,600 shares of the oil and gas company’s stock worth $607,000 after buying an additional 2,500 shares during the period. Finally, Nisa Investment Advisors LLC raised its stake in Nabors Industries by 50.9% in the second quarter. Nisa Investment Advisors LLC now owns 247,100 shares of the oil and gas company’s stock worth $2,034,000 after buying an additional 83,300 shares during the period.
Shares of Nabors Industries (NYSE NBR) traded up 6.51% on Wednesday, hitting $8.02. The stock had a trading volume of 11,078,119 shares. The firm has a 50 day moving average of $8.08 and a 200 day moving average of $12.26. Nabors Industries has a 12 month low of $6.93 and a 12 month high of $18.40. The stock’s market cap is $2.29 billion.
The business 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 2.99%. Nabors Industries’s dividend payout ratio (DPR) is currently -8.76%.
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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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