$667.03 Million in Sales Expected for Nabors Industries Ltd. (NBR) This Quarter
Equities analysts expect Nabors Industries Ltd. (NYSE:NBR) to report sales of $667.03 million for the current quarter, according to Zacks. Six analysts have made estimates for Nabors Industries’ earnings, with the highest sales estimate coming in at $693.83 million and the lowest estimate coming in at $614.00 million. Nabors Industries reported sales of $520.04 million during the same quarter last year, which would suggest a positive year-over-year growth rate of 28.3%. The firm is expected to issue its next earnings report on Tuesday, October 24th.
According to Zacks, analysts expect that Nabors Industries will report full year sales of $667.03 million for the current fiscal year, with estimates ranging from $2.40 billion to $2.64 billion. For the next year, analysts expect that the firm will post sales of $3.27 billion per share, with estimates ranging from $3.01 billion to $3.73 billion. Zacks’ sales calculations are a mean average based on a survey of analysts that that provide coverage for Nabors Industries.
Nabors Industries (NYSE:NBR) last released its earnings results on Wednesday, August 2nd. The oil and gas company reported ($0.38) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.35) by $0.03. Nabors Industries had a negative return on equity of 13.31% and a negative net margin of 32.35%. The company had revenue of $630.50 million for the quarter, compared to the consensus estimate of $589.79 million. During the same quarter in the previous year, the company posted ($0.35) EPS. The business’s revenue was up 21.9% on a year-over-year basis.
A number of research firms have issued reports on NBR. BMO Capital Markets set a $13.00 price target on Nabors Industries and gave the company a “hold” rating in a research note on Saturday, May 6th. Credit Suisse Group set a $18.00 price target on Nabors Industries and gave the company a “buy” rating in a research note on Sunday, April 30th. Morgan Stanley cut their price target on Nabors Industries from $10.00 to $9.00 and set an “equal weight” rating for the company in a research note on Monday. Seaport Global Securities reiterated a “neutral” rating on shares of Nabors Industries in a research note on Friday. Finally, Cowen and Company cut their price target on Nabors Industries from $13.00 to $10.50 and set an “outperform” rating for the company in a research note on Tuesday. Three research analysts have rated the stock with a sell rating, nine have assigned a hold rating and eighteen have issued a buy rating to the company. Nabors Industries has an average rating of “Buy” and a consensus price target of $14.54.
In other Nabors Industries news, CFO William J. Restrepo bought 22,000 shares of the stock in a transaction on Tuesday, May 30th. The shares were acquired at an average price of $8.25 per share, with a total value of $181,500.00. Following the acquisition, the chief financial officer now directly owns 959,694 shares of the company’s stock, valued at approximately $7,917,475.50. The transaction was disclosed in a document filed with the SEC, which is available through this link. Insiders own 4.10% of the company’s stock.
Large investors have recently modified their holdings of the stock. Oregon Public Employees Retirement Fund boosted its stake in shares of Nabors Industries by 1.4% in the first quarter. Oregon Public Employees Retirement Fund now owns 100,193 shares of the oil and gas company’s stock worth $1,310,000 after buying an additional 1,400 shares during the last quarter. Russell Investments Group Ltd. boosted its stake in shares of Nabors Industries by 293.5% in the first quarter. Russell Investments Group Ltd. now owns 1,449,929 shares of the oil and gas company’s stock worth $18,948,000 after buying an additional 1,081,463 shares during the last quarter. Strs Ohio boosted its stake in shares of Nabors Industries by 77.0% in the first quarter. Strs Ohio now owns 1,843,000 shares of the oil and gas company’s stock worth $24,088,000 after buying an additional 802,000 shares during the last quarter. Shell Asset Management Co. boosted its stake in shares of Nabors Industries by 83.1% in the first quarter. Shell Asset Management Co. now owns 87,067 shares of the oil and gas company’s stock worth $1,138,000 after buying an additional 39,520 shares during the last quarter. Finally, Glen Harbor Capital Management LLC boosted its stake in shares of Nabors Industries by 99.8% in the first quarter. Glen Harbor Capital Management LLC now owns 16,560 shares of the oil and gas company’s stock worth $216,000 after buying an additional 8,272 shares during the last quarter. 98.65% of the stock is currently owned by institutional investors and hedge funds.
Shares of Nabors Industries (NBR) opened at 7.05 on Tuesday. Nabors Industries has a 12-month low of $6.93 and a 12-month high of $18.40. The company’s market cap is $1.97 billion. The company’s 50-day moving average price is $7.87 and its 200 day moving average price is $11.58.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 3rd. Investors 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 dividend on an annualized basis and a dividend yield of 3.40%. Nabors Industries’s dividend payout ratio (DPR) is presently -9.41%.
ILLEGAL ACTIVITY WARNING: This piece was reported by American Banking News and is owned by of American Banking News. If you are reading this piece on another publication, it was stolen and republished in violation of US & international trademark & copyright laws. The correct version of this piece can be viewed at https://www.americanbankingnews.com/2017/08/08/667-03-million-in-sales-expected-for-nabors-industries-ltd-nbr-this-quarter.html.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Nabors Industries Ltd. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Nabors Industries Ltd. and related companies with MarketBeat.com's FREE daily email newsletter.