Nabors Industries (NBR) Given a $7.00 Price Target by Piper Jaffray Companies Analysts

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Nabors Industries (NYSE:NBR) has been given a $7.00 target price by stock analysts at Piper Jaffray Companies in a report released on Thursday. The firm presently has a “hold” rating on the oil and gas company’s stock. Piper Jaffray Companies’ price objective suggests a potential upside of 33.59% from the company’s current price.

A number of other research analysts have also recently commented on NBR. Citigroup cut their price target on shares of Nabors Industries from $10.00 to $9.00 and set a “buy” rating for the company in a research note on Wednesday, July 11th. Morgan Stanley upgraded shares of Nabors Industries from an “equal weight” rating to an “overweight” rating and set a $9.00 price target for the company in a research note on Thursday, July 12th. BMO Capital Markets set a $8.00 price target on shares of Nabors Industries and gave the stock a “hold” rating in a research note on Thursday, July 12th. ValuEngine upgraded shares of Nabors Industries from a “strong sell” rating to a “sell” rating in a research note on Thursday, August 2nd. Finally, Seaport Global Securities restated a “buy” rating and set a $11.00 price target on shares of Nabors Industries in a research note on Thursday, August 2nd. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and eleven have given a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $8.96.

Shares of NBR opened at $5.24 on Thursday. The stock has a market cap of $1.95 billion, a price-to-earnings ratio of -3.21 and a beta of 1.69. The company has a debt-to-equity ratio of 1.26, a current ratio of 2.05 and a quick ratio of 1.84. Nabors Industries has a 12 month low of $4.49 and a 12 month high of $8.86.

Nabors Industries (NYSE:NBR) last announced its quarterly earnings results on Tuesday, October 30th. The oil and gas company reported ($0.31) EPS for the quarter, missing analysts’ consensus estimates of ($0.20) by ($0.11). The business had revenue of $779.43 million for the quarter, compared to the consensus estimate of $800.78 million. Nabors Industries had a negative return on equity of 14.21% and a negative net margin of 19.25%. The firm’s revenue for the quarter was up 17.7% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.42) EPS. As a group, sell-side analysts anticipate that Nabors Industries will post -1.18 earnings per share for the current fiscal year.

In other news, Director John P. Kotts bought 100,000 shares of the business’s stock in a transaction dated Tuesday, November 6th. The stock was bought at an average price of $5.61 per share, for a total transaction of $561,000.00. Following the completion of the purchase, the director now owns 301,949 shares of the company’s stock, valued at approximately $1,693,933.89. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director John Yearwood bought 197,000 shares of the business’s stock in a transaction dated Thursday, November 1st. The stock was purchased at an average price of $5.14 per share, with a total value of $1,012,580.00. The disclosure for this purchase can be found here. Insiders own 4.15% of the company’s stock.

Several large investors have recently bought and sold shares of the company. Canada Pension Plan Investment Board raised its position in Nabors Industries by 15.5% in the 3rd quarter. Canada Pension Plan Investment Board now owns 514,800 shares of the oil and gas company’s stock worth $3,171,000 after purchasing an additional 69,000 shares during the last quarter. Ffcm LLC bought a new position in Nabors Industries in the 3rd quarter worth approximately $620,000. Alliancebernstein L.P. raised its position in Nabors Industries by 5.8% in the 3rd quarter. Alliancebernstein L.P. now owns 333,960 shares of the oil and gas company’s stock worth $2,057,000 after purchasing an additional 18,401 shares during the last quarter. Teachers Retirement System of The State of Kentucky raised its position in Nabors Industries by 32.1% in the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 73,181 shares of the oil and gas company’s stock worth $451,000 after purchasing an additional 17,800 shares during the last quarter. Finally, Commonwealth Bank of Australia raised its position in Nabors Industries by 115.2% in the 3rd quarter. Commonwealth Bank of Australia now owns 216,131 shares of the oil and gas company’s stock worth $1,328,000 after purchasing an additional 115,718 shares during the last quarter. Institutional investors own 96.82% of the company’s stock.

About Nabors Industries

Nabors Industries Ltd. provides drilling and drilling-related services and technologies for land-based and offshore oil and natural gas wells. It operates through five segments: U.S., Canada, International, Drilling Solutions, and Rig Technologies. The company offers equipment manufacturing, rig instrumentation, optimization software, and directional drilling services.

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