Nabors Industries Ltd. (NBR) Stock Rating Reaffirmed by Sanford C. Bernstein
Nabors Industries Ltd. (NYSE:NBR)‘s stock had its “outperform” rating restated by equities research analysts at Sanford C. Bernstein in a research note issued on Wednesday. They presently have a $12.50 price target on the oil and gas company’s stock. Sanford C. Bernstein’s price target points to a potential upside of 91.72% from the stock’s current price.
Other analysts have also issued research reports about the company. Morgan Stanley dropped their price objective on Nabors Industries from $10.00 to $9.00 and set an “equal weight” rating on the stock in a research note on Monday, August 7th. Evercore ISI restated an “outperform” rating and issued a $18.00 price objective on shares of Nabors Industries in a research note on Tuesday, June 20th. Guggenheim lowered Nabors Industries from a “buy” rating to a “neutral” rating in a research note on Tuesday, June 27th. BMO Capital Markets restated a “hold” rating and issued a $8.00 price objective (down previously from $13.00) on shares of Nabors Industries in a research note on Thursday, July 13th. Finally, Cowen and Company dropped their price objective on Nabors Industries from $13.00 to $10.50 and set an “outperform” rating on the stock in a research note on Tuesday, August 8th. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating and nineteen have issued a buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $13.42.
Nabors Industries (NYSE NBR) traded down 6.05% on Wednesday, reaching $6.52. The company had a trading volume of 8,683,863 shares. The company’s market capitalization is $1.86 billion. The company’s 50 day moving average price is $7.02 and its 200-day moving average price is $9.85. Nabors Industries has a 12 month low of $6.18 and a 12 month high of $18.40.
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 consensus estimate of ($0.35) by $0.03. The business had revenue of $630.50 million during the quarter, compared to the consensus estimate of $589.79 million. Nabors Industries had a negative net margin of 32.35% and a negative return on equity of 13.31%. Nabors Industries’s quarterly revenue was up 21.9% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.35) EPS. On average, equities analysts predict that Nabors Industries will post ($1.50) earnings per share for the current fiscal year.
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Hedge funds have recently modified their holdings of the business. Bollard Group LLC boosted its holdings in shares of Nabors Industries by 1.2% in the 2nd quarter. Bollard Group LLC now owns 312,179 shares of the oil and gas company’s stock valued at $2,541,000 after purchasing an additional 3,816 shares in the last quarter. TFS Capital LLC acquired a new stake in shares of Nabors Industries in the 1st quarter valued at $647,000. KBC Group NV boosted its holdings in shares of Nabors Industries by 15.4% in the 1st quarter. KBC Group NV now owns 423,891 shares of the oil and gas company’s stock valued at $5,540,000 after purchasing an additional 56,564 shares in the last quarter. Wells Fargo & Company MN boosted its holdings in shares of Nabors Industries by 73.5% in the 1st quarter. Wells Fargo & Company MN now owns 747,410 shares of the oil and gas company’s stock valued at $9,770,000 after purchasing an additional 316,556 shares in the last quarter. Finally, Paloma Partners Management Co boosted its holdings in shares of Nabors Industries by 117.2% in the 1st quarter. Paloma Partners Management Co now owns 68,892 shares of the oil and gas company’s stock valued at $901,000 after purchasing an additional 37,175 shares in the last quarter. 95.60% of the stock is currently owned by hedge funds and other institutional investors.
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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