Nabors Industries Ltd. (NBR) Stock Rating Upgraded by Zacks Investment Research
Nabors Industries Ltd. (NYSE:NBR) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Wednesday.
According to Zacks, “With leading positions in most natural gas and oil-based shale plays, Nabors Industries is a big player in the North American land drilling market. Increased rig activities along with rising margins in Nabors’ Lower 48 operations have helped the well service provider notch up impressive revenue numbers. Moreover, with the recent talks of OPEC deal extension and the subsequent advancement of crude oil, producers are likely to revive spending on drilling activities that would spur rig count. However, rising operating and direct costs have impacted the results of the firm in recent times, adversely affecting the already weak financials of the company. The company’s escalating labor and reactivation costs are big concerns too. As it is, over the last few years, Nabors has kept adding debt to its balance sheet for fleet recapitalization program. Given these factors, we take a cautious stance on the stock.”
Other equities research analysts also recently issued research reports about the company. Nomura set a $12.00 price target on Nabors Industries and gave the stock a “buy” rating in a report on Wednesday, August 9th. Seaport Global Securities upgraded Nabors Industries from a “neutral” rating to a “buy” rating and set a $8.00 price target for the company in a report on Friday, August 18th. Guggenheim upgraded Nabors Industries from a “neutral” rating to a “buy” rating and set a $10.00 price target for the company in a report on Tuesday, August 15th. Credit Suisse Group set a $9.00 price target on Nabors Industries and gave the stock a “buy” rating in a report on Thursday, August 10th. They noted that the move was a valuation call. Finally, Citigroup Inc. reissued a “buy” rating and issued a $8.00 price objective (down previously from $9.00) on shares of Nabors Industries in a research report on Wednesday, September 13th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and nineteen have issued a buy rating to the company’s stock. Nabors Industries has a consensus rating of “Buy” and an average price target of $11.52.
Shares of Nabors Industries (NYSE NBR) traded up $0.12 during trading on Wednesday, reaching $6.31. The company had a trading volume of 2,651,478 shares, compared to its average volume of 12,120,000. Nabors Industries has a 1-year low of $5.32 and a 1-year high of $18.40. The company has a quick ratio of 1.22, a current ratio of 1.41 and a debt-to-equity ratio of 1.35.
Nabors Industries (NYSE:NBR) last announced its quarterly earnings results on Tuesday, October 24th. The oil and gas company reported ($0.42) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.33) by ($0.09). Nabors Industries had a negative return on equity of 14.74% and a negative net margin of 31.99%. The company had revenue of $662.50 million for the quarter, compared to the consensus estimate of $674.03 million. During the same quarter last year, the company posted ($0.55) EPS. The company’s quarterly revenue was up 27.4% compared to the same quarter last year. equities analysts anticipate that Nabors Industries will post -1.61 EPS for the current year.
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A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Park National increased its position in Nabors Industries by 30.0% during the 4th 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 in the last quarter. Janus Capital Management increased its holdings in shares of 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 worth $8,509,000 after purchasing an additional 872,435 shares during the last quarter. Creative Planning increased its holdings in shares of Nabors Industries by 29.7% in the fourth quarter. Creative Planning now owns 308,515 shares of the oil and gas company’s stock worth $2,625,000 after purchasing an additional 70,625 shares during the last quarter. Thompson Siegel & Walmsley LLC increased its holdings in shares of 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 worth $29,486,000 after purchasing an additional 645,401 shares during the last quarter. Finally, Strs Ohio increased its holdings in shares of 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 worth $23,079,000 after purchasing an additional 509,000 shares during the last quarter. Institutional investors and hedge funds own 96.45% 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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