Nabors Industries Ltd. (NBR) Receives New Coverage from Analysts at Societe Generale
Equities researchers at Societe Generale assumed coverage on shares of Nabors Industries Ltd. (NYSE:NBR) in a research note issued on Thursday, MarketBeat Ratings reports. The brokerage set a “hold” rating and a $7.00 price target on the oil and gas company’s stock. Societe Generale’s price objective indicates a potential upside of 8.19% from the company’s current price.
NBR has been the subject of a number of other research reports. Deutsche Bank AG reissued a “buy” rating and set a $13.00 target price (down previously from $20.00) on shares of Nabors Industries in a research report on Tuesday, May 30th. Citigroup Inc. reissued a “buy” rating on shares of Nabors Industries in a research report on Wednesday, May 10th. Wells Fargo & Company cut shares of Nabors Industries from an “outperform” rating to a “market perform” rating in a research report on Friday, July 7th. Guggenheim raised shares of Nabors Industries from a “neutral” rating to a “buy” rating and set a $10.00 target price for the company in a research report on Tuesday, August 15th. Finally, Zacks Investment Research cut shares of Nabors Industries from a “hold” rating to a “sell” rating in a research report on Tuesday, July 11th. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and nineteen have given a buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $13.71.
Nabors Industries (NBR) traded up 0.46% on Thursday, reaching $6.50. The company had a trading volume of 2,077,997 shares. The company’s 50 day moving average is $7.26 and its 200-day moving average is $10.42. Nabors Industries has a one year low of $6.18 and a one year high of $18.40. The firm’s market capitalization is $1.86 billion.
Nabors Industries (NYSE:NBR) last released its quarterly earnings data on Wednesday, August 2nd. The oil and gas company reported ($0.38) earnings per share (EPS) for the quarter, missing the Zacks’ 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 business had revenue of $630.50 million for the quarter, compared to the consensus estimate of $589.79 million. During the same quarter in the prior year, the business posted ($0.35) earnings per share. Nabors Industries’s revenue for the quarter was up 21.9% on a year-over-year basis. On average, equities research analysts expect that Nabors Industries will post ($1.49) earnings per share for the current fiscal year.
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Several hedge funds have recently made changes to their positions in NBR. Wright Investors Service Inc. raised its stake in shares of Nabors Industries by 2.2% in the second quarter. Wright Investors Service Inc. now owns 12,560 shares of the oil and gas company’s stock valued at $102,000 after buying an additional 265 shares during the period. Frontier Wealth Management LLC increased its position in Nabors Industries by 11.4% in the second quarter. Frontier Wealth Management LLC now owns 12,561 shares of the oil and gas company’s stock valued at $102,000 after buying an additional 1,284 shares in the last quarter. Invictus RG acquired a new position in Nabors Industries during the first quarter valued at $109,000. Carlton Hofferkamp & Jenks Wealth Management LLC increased its position in Nabors Industries by 3.3% in the second quarter. Carlton Hofferkamp & Jenks Wealth Management LLC now owns 13,550 shares of the oil and gas company’s stock valued at $110,000 after buying an additional 435 shares in the last quarter. Finally, M&T Bank Corp increased its position in Nabors Industries by 6.0% in the second quarter. M&T Bank Corp now owns 16,320 shares of the oil and gas company’s stock valued at $133,000 after buying an additional 925 shares in the last quarter. Institutional investors and hedge funds own 95.60% of the company’s stock.
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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