Nabors Industries (NBR) Stock Price Up 7.9%

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Shares of Nabors Industries Ltd. (NYSE:NBR) rose 7.9% during mid-day trading on Monday . The company traded as high as $3.57 and last traded at $3.54. Approximately 11,095,109 shares traded hands during trading, a decline of 18% from the average daily volume of 13,603,335 shares. The stock had previously closed at $3.28.

NBR has been the topic of a number of analyst reports. Societe Generale set a $4.00 target price on shares of Nabors Industries and gave the stock a “buy” rating in a research report on Thursday, February 28th. Citigroup cut their price target on shares of Nabors Industries from $8.00 to $6.70 and set a “buy” rating on the stock in a research note on Tuesday, March 12th. Zacks Investment Research raised shares of Nabors Industries from a “strong sell” rating to a “hold” rating in a research note on Wednesday, March 6th. Raymond James downgraded shares of Nabors Industries from a “strong-buy” rating to a “market perform” rating and set a $2.75 price target on the stock. in a research note on Thursday, December 13th. Finally, Cowen downgraded shares of Nabors Industries from an “outperform” rating to a “market perform” rating and set a $2.75 price target on the stock. in a research note on Thursday, January 17th. Three research analysts have rated the stock with a sell rating, eight have given a hold rating and nine have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $7.13.

The company has a debt-to-equity ratio of 1.30, a quick ratio of 1.72 and a current ratio of 1.92. The company has a market capitalization of $1.18 billion, a price-to-earnings ratio of -2.81 and a beta of 2.29.

Nabors Industries (NYSE:NBR) last posted its quarterly earnings results on Tuesday, February 26th. The oil and gas company reported ($0.55) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.17) by ($0.38). Nabors Industries had a negative return on equity of 13.75% and a negative net margin of 21.03%. The company had revenue of $782.08 million for the quarter, compared to analysts’ expectations of $805.82 million. During the same period in the prior year, the business earned ($0.34) EPS. The business’s revenue for the quarter was up 10.4% on a year-over-year basis. On average, analysts predict that Nabors Industries Ltd. will post -0.74 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 2nd. Stockholders of record on Tuesday, March 12th will be paid a $0.01 dividend. This represents a $0.04 dividend on an annualized basis and a dividend yield of 1.13%. The ex-dividend date is Monday, March 11th. Nabors Industries’s dividend payout ratio is presently -3.17%.

Several hedge funds have recently modified their holdings of NBR. BlackRock Inc. raised its stake in shares of Nabors Industries by 43.5% in the 4th quarter. BlackRock Inc. now owns 42,020,803 shares of the oil and gas company’s stock valued at $84,041,000 after acquiring an additional 12,741,524 shares during the period. Norges Bank purchased a new position in shares of Nabors Industries in the 4th quarter valued at $7,534,000. Perella Weinberg Partners Capital Management LP raised its stake in shares of Nabors Industries by 5,083.2% in the 4th quarter. Perella Weinberg Partners Capital Management LP now owns 2,558,594 shares of the oil and gas company’s stock valued at $5,117,000 after acquiring an additional 2,509,231 shares during the period. Two Sigma Investments LP raised its stake in shares of Nabors Industries by 23,545.7% in the 4th quarter. Two Sigma Investments LP now owns 2,364,566 shares of the oil and gas company’s stock valued at $4,729,000 after acquiring an additional 2,354,566 shares during the period. Finally, Dimensional Fund Advisors LP raised its stake in shares of Nabors Industries by 8.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 29,443,173 shares of the oil and gas company’s stock valued at $58,887,000 after acquiring an additional 2,289,996 shares during the period. 86.65% of the stock is currently owned by institutional investors and hedge funds.

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About Nabors Industries (NYSE:NBR)

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. Drilling, Canada Drilling, International Drilling, Drilling Solutions, and Rig Technologies. The company offers equipment manufacturing, rig instrumentation, optimization software, and directional drilling services.

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