Nabors Industries Ltd. (NYSE:NBR) announced a quarterly dividend on Wednesday, February 28th, Wall Street Journal reports. Investors of record on Tuesday, March 13th will be paid a dividend of 0.06 per share by the oil and gas company on Tuesday, April 3rd. This represents a $0.24 annualized dividend and a dividend yield of 3.71%. The ex-dividend date is Monday, March 12th.
Nabors Industries has increased its dividend payment by an average of 6.3% annually over the last three years and has raised its dividend every year for the last 4 years. Nabors Industries has a dividend payout ratio of -14.7% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect Nabors Industries to earn ($0.26) per share next year, which means the company may not be able to cover its $0.24 annual dividend with an expected future payout ratio of -92.3%.
Shares of Nabors Industries (NBR) opened at $6.47 on Thursday. The company has a debt-to-equity ratio of 1.35, a quick ratio of 1.27 and a current ratio of 1.41. Nabors Industries has a 12-month low of $5.32 and a 12-month high of $15.25. The company has a market capitalization of $2,115.61, a P/E ratio of -3.41 and a beta of 1.59.
Several analysts have issued reports on the company. Zacks Investment Research cut Nabors Industries from a “hold” rating to a “sell” rating in a report on Tuesday, February 6th. ValuEngine cut Nabors Industries from a “sell” rating to a “strong sell” rating in a report on Friday, February 2nd. Seaport Global Securities restated a “buy” rating and issued a $13.00 target price on shares of Nabors Industries in a report on Thursday, January 18th. JPMorgan Chase & Co. cut Nabors Industries from an “overweight” rating to a “neutral” rating and set a $9.00 target price for the company. in a report on Wednesday, January 17th. Finally, Cowen set a $9.00 target price on Nabors Industries and gave the company a “buy” rating in a report on Thursday, January 11th. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating and sixteen have issued a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $10.89.
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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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