Nabors Industries Ltd. (NBR) Stock Rating Upgraded by Seaport Global Securities
Nabors Industries Ltd. (NYSE:NBR) was upgraded by Seaport Global Securities from a “neutral” rating to a “buy” rating in a report issued on Friday, The Fly reports.
NBR has been the subject of a number of other reports. Evercore ISI restated an “outperform” rating and issued a $18.00 price target on shares of Nabors Industries in a research report on Tuesday, June 20th. ValuEngine downgraded Nabors Industries from a “hold” rating to a “sell” rating in a research report on Saturday, May 27th. Jefferies Group LLC set a $12.00 price target on Nabors Industries and gave the stock a “hold” rating in a research report on Tuesday, June 6th. UBS AG restated a “buy” rating and issued a $11.00 price target (down from $17.00) on shares of Nabors Industries in a research report on Thursday, July 6th. Finally, BMO Capital Markets restated a “hold” rating and issued a $8.00 price target (down from $13.00) on shares of Nabors Industries in a research report on Thursday, July 13th. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and nineteen have given a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $14.00.
Nabors Industries (NBR) opened at 6.35 on Friday. Nabors Industries has a 52 week low of $6.18 and a 52 week high of $18.40. The stock’s market capitalization is $1.81 billion. The company has a 50 day moving average of $7.48 and a 200 day moving average of $10.82.
Nabors Industries (NYSE:NBR) last issued its quarterly earnings results on Wednesday, August 2nd. The oil and gas company reported ($0.38) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.35) by $0.03. The company had revenue of $630.50 million during the quarter, compared to the consensus estimate of $589.79 million. Nabors Industries had a negative return on equity of 13.31% and a negative net margin of 32.35%. The firm’s quarterly revenue was up 21.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.35) earnings per share. Equities analysts expect that Nabors Industries will post ($1.49) EPS for the current fiscal year.
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In other news, CFO William J. Restrepo purchased 22,000 shares of the business’s stock in a transaction dated Tuesday, May 30th. The shares were purchased 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 approximately $7,917,475.50. The purchase was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 4.10% of the company’s stock.
Institutional investors have recently bought and sold shares of the stock. Park National raised its position in Nabors Industries by 30.0% in the fourth quarter. Park National now owns 41,159 shares of the oil and gas company’s stock valued at $350,000 after buying an additional 9,491 shares during the period. Janus Capital Management raised its position in Nabors Industries by 3,119.7% in the third quarter. Janus Capital Management now owns 900,400 shares of the oil and gas company’s stock valued at $8,509,000 after buying an additional 872,435 shares during the period. Creative Planning raised its position in Nabors Industries by 29.7% in the fourth quarter. Creative Planning now owns 308,515 shares of the oil and gas company’s stock valued at $2,625,000 after buying an additional 70,625 shares during the period. Thompson Siegel & Walmsley LLC raised its position in Nabors Industries by 22.9% in the fourth quarter. Thompson Siegel & Walmsley LLC now owns 3,464,912 shares of the oil and gas company’s stock valued at $29,486,000 after buying an additional 645,401 shares during the period. Finally, Strs Ohio raised its position in Nabors Industries by 23.1% in the fourth quarter. Strs Ohio now owns 2,712,000 shares of the oil and gas company’s stock valued at $23,079,000 after buying an additional 509,000 shares during the period. 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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