Zacks: Analysts Anticipate Nabors Industries Ltd. (NBR) Will Post Quarterly Sales of $675.07 Million
Equities research analysts expect Nabors Industries Ltd. (NYSE:NBR) to report sales of $675.07 million for the current quarter, according to Zacks. Eight analysts have provided estimates for Nabors Industries’ earnings, with the lowest sales estimate coming in at $653.20 million and the highest estimate coming in at $693.83 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 29.8%. The company is scheduled to issue its next quarterly earnings report after the market closes on Tuesday, October 24th.
On average, analysts expect that Nabors Industries will report full year sales of $675.07 million for the current year, with estimates ranging from $2.54 billion to $2.64 billion. For the next fiscal year, analysts forecast that the business will post sales of $3.20 billion per share, with estimates ranging from $2.99 billion to $3.37 billion. Zacks’ sales calculations are a mean average based on a survey of research analysts that cover Nabors Industries.
Nabors Industries (NYSE:NBR) last released its quarterly earnings results on Wednesday, August 2nd. The oil and gas company reported ($0.38) EPS for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $589.79 million. During the same quarter last year, the business posted ($0.35) earnings per share. The company’s quarterly revenue was up 21.9% compared to the same quarter last year.
NBR has been the subject of several analyst reports. Zacks Investment Research raised Nabors Industries from a “sell” rating to a “hold” rating in a research report on Monday, September 11th. Deutsche Bank AG initiated coverage on Nabors Industries in a research report on Tuesday, October 10th. They set a “hold” rating and a $9.00 price objective for the company. ValuEngine cut Nabors Industries from a “sell” rating to a “strong sell” rating in a research report on Friday, September 1st. Wells Fargo & Co cut Nabors Industries from an “outperform” rating to a “market perform” rating in a research report on Friday, July 7th. Finally, Guggenheim raised Nabors Industries from a “neutral” rating to a “buy” rating and set a $10.00 price objective for the company in a research report on Tuesday, August 15th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and seventeen have issued a buy rating to the company. Nabors Industries presently has an average rating of “Buy” and an average target price of $12.07.
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Shares of Nabors Industries (NBR) opened at 6.70 on Friday. The stock’s market capitalization is $1.91 billion. Nabors Industries has a 1-year low of $6.18 and a 1-year high of $18.40. The firm has a 50-day moving average price of $7.45 and a 200-day moving average price of $8.53.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 3rd. Stockholders of record on Tuesday, September 12th were paid a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 3.58%. The ex-dividend date of this dividend was Monday, September 11th. Nabors Industries’s dividend payout ratio (DPR) is -9.41%.
Several hedge funds have recently modified their holdings of the company. BlackRock Inc. raised its stake in shares of Nabors Industries by 7,474.6% during the 1st quarter. BlackRock Inc. now owns 24,813,903 shares of the oil and gas company’s stock worth $324,317,000 after buying an additional 24,486,309 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of Nabors Industries by 0.7% during the 2nd quarter. Vanguard Group Inc. now owns 22,714,902 shares of the oil and gas company’s stock worth $184,900,000 after buying an additional 149,637 shares in the last quarter. Bank of New York Mellon Corp raised its stake in shares of Nabors Industries by 16.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 16,440,910 shares of the oil and gas company’s stock worth $133,828,000 after buying an additional 2,315,688 shares in the last quarter. Van ECK Associates Corp raised its stake in shares of Nabors Industries by 2.7% during the 2nd quarter. Van ECK Associates Corp now owns 15,978,658 shares of the oil and gas company’s stock worth $130,066,000 after buying an additional 426,858 shares in the last quarter. Finally, State Street Corp raised its stake in shares of Nabors Industries by 3.0% during the 2nd quarter. State Street Corp now owns 8,519,273 shares of the oil and gas company’s stock worth $69,351,000 after buying an additional 248,054 shares in the last quarter. 95.55% of the stock is owned by institutional investors and hedge funds.
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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