Nabors Industries Ltd. (NYSE:NBR) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday. The firm presently has a $14.00 target price on the stock. Zacks Investment Research’s price target points to a potential upside of 12.00% from the stock’s previous close.
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. The company continues to fare well on its aggressive cost-management techniques and strong performance by the international business segment that has helped the well service provider to trump estimates in each of the past 4 quarters. Moreover, with the recent OPEC deal and the subsequent advancement of crude oil, producers are likely to revive spending on drilling activities that would spur rig count. This, in turn, will result in improved demand for oilfield equipments, thereby driving Nabors' revenues, earnings and cash flow. Consequently, we think Nabors offers substantial upside potential from the current price levels and label it as an attractive investment.”
Several other brokerages have also issued reports on NBR. Seaport Global Securities raised Nabors Industries from a “neutral” rating to a “buy” rating in a research report on Friday, July 8th. Stephens raised Nabors Industries from an “equal weight” rating to an “overweight” rating in a research report on Tuesday, July 12th. Jefferies Group reissued a “hold” rating and issued a $10.00 target price (up previously from $9.00) on shares of Nabors Industries in a research report on Monday, August 8th. Simmons reissued a “neutral” rating and issued a $12.50 target price (up previously from $12.25) on shares of Nabors Industries in a research report on Monday, August 8th. Finally, Nomura set a $8.00 target price on Nabors Industries and gave the stock a “hold” rating in a research report on Tuesday, August 16th. Seven equities research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the company. Nabors Industries presently has an average rating of “Buy” and a consensus price target of $11.54.
Shares of Nabors Industries (NYSE:NBR) opened at 12.50 on Tuesday. Nabors Industries has a one year low of $4.93 and a one year high of $12.74. The company’s 50-day moving average price is $10.36 and its 200-day moving average price is $9.67. The company’s market capitalization is $3.54 billion.
Nabors Industries (NYSE:NBR) last released its quarterly earnings results on Tuesday, August 2nd. The company reported ($0.26) EPS for the quarter, beating analysts’ consensus estimates of ($0.45) by $0.19. The business earned $571.60 million during the quarter, compared to analyst estimates of $497.83 million. Nabors Industries had a negative return on equity of 6.31% and a negative net margin of 39.78%. Nabors Industries’s quarterly revenue was down 40.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.14) EPS. On average, equities research analysts predict that Nabors Industries will post ($1.21) earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 4th. Shareholders of record on Tuesday, September 13th were issued a dividend of $0.06 per share. The ex-dividend date of this dividend was Friday, September 9th. This represents a $0.24 dividend on an annualized basis and a yield of 1.92%. Nabors Industries’s dividend payout ratio is presently -6.56%.
A number of large investors have recently bought and sold shares of the stock. Wolverine Asset Management LLC purchased a new position in shares of Nabors Industries during the second quarter worth $242,000. CI Investments Inc. raised its position in shares of Nabors Industries by 858,360.0% in the second quarter. CI Investments Inc. now owns 4,292,300 shares of the company’s stock worth $43,138,000 after buying an additional 4,291,800 shares during the last quarter. Royal Bank of Canada raised its position in shares of Nabors Industries by 3.0% in the second quarter. Royal Bank of Canada now owns 755,199 shares of the company’s stock worth $7,590,000 after buying an additional 21,767 shares during the last quarter. Schwab Charles Investment Management Inc. raised its position in shares of Nabors Industries by 9.0% in the second quarter. Schwab Charles Investment Management Inc. now owns 1,221,129 shares of the company’s stock worth $12,273,000 after buying an additional 100,763 shares during the last quarter. Finally, Legal & General Group Plc raised its position in shares of Nabors Industries by 18.1% in the second quarter. Legal & General Group Plc now owns 430,219 shares of the company’s stock worth $4,312,000 after buying an additional 65,847 shares during the last quarter. 93.06% of the stock is currently owned by institutional investors and hedge funds.
About Nabors Industries
Nabors Industries Ltd. owns and operates a land-based drilling rig fleet in North America. The Company is a provider of offshore platform work over and drilling rigs. It conducts its Drilling & Rig Services business through four segments: U.S. Drilling, Canada Drilling, International Drilling and Rig Services.
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