Nabors Industries Ltd. (NYSE:NBR) Rating Increased to Buy at Guggenheim
Nabors Industries Ltd. (NYSE:NBR) was upgraded by Guggenheim from a “neutral” rating to a “buy” rating in a research note issued on Tuesday, The Fly reports.
NBR has been the subject of a number of other reports. Evercore ISI reaffirmed an “outperform” rating and issued a $18.00 price target on shares of Nabors Industries in a report on Tuesday, June 20th. ValuEngine cut Nabors Industries from a “hold” rating to a “sell” rating in a report on Saturday, May 27th. Jefferies Group LLC set a $12.00 price target on Nabors Industries and gave the company a “hold” rating in a report on Tuesday, June 6th. UBS AG reaffirmed a “buy” rating and issued a $11.00 price target (down from $17.00) on shares of Nabors Industries in a report on Thursday, July 6th. Finally, BMO Capital Markets reaffirmed a “hold” rating and issued a $8.00 price target (down from $13.00) on shares of Nabors Industries in a report on Thursday, July 13th. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating and eighteen have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $14.18.
Shares of Nabors Industries (NYSE:NBR) opened at 6.64 on Tuesday. The firm’s market capitalization is $1.90 billion. The firm’s 50 day moving average is $7.62 and its 200-day moving average is $10.96. Nabors Industries has a one year low of $6.47 and a one year high of $18.40.
Nabors Industries (NYSE:NBR) last issued its earnings results on Wednesday, August 2nd. The oil and gas company reported ($0.38) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.35) by $0.03. Nabors Industries had a negative net margin of 32.35% and a negative return on equity of 13.31%. The firm had revenue of $630.50 million during the quarter, compared to analyst estimates of $589.79 million. During the same quarter in the prior year, the firm posted ($0.35) EPS. The firm’s revenue for the quarter was up 21.9% on a year-over-year basis. On average, equities research analysts predict that Nabors Industries will post ($1.49) earnings per share for the current fiscal year.
In related news, CFO William J. Restrepo purchased 22,000 shares of the stock in a transaction dated Tuesday, May 30th. The stock was bought at an average cost of $8.25 per share, with a total value of $181,500.00. Following 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 legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 4.10% of the company’s stock.
Several institutional investors have recently modified their holdings of NBR. BlackRock Inc. raised its position in shares of 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 raised its position in shares of 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 raised its position in shares of 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. Sirios Capital Management L P raised its position in shares of Nabors Industries by 246.1% in the second quarter. Sirios Capital Management L P now owns 4,034,937 shares of the oil and gas company’s stock valued at $32,844,000 after buying an additional 2,869,187 shares in the last quarter. Finally, Deprince Race & Zollo Inc. acquired a new position in shares of Nabors Industries during the first quarter valued at about $35,002,000. 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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