Zacks Investment Research Upgrades Nabors Industries Ltd. (NBR) to “Buy”
Nabors Industries Ltd. (NYSE:NBR) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday. The firm presently has a $14.00 target price on the stock. Zacks Investment Research’s price objective suggests a potential upside of 13.82% 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.”
NBR has been the topic of a number of other reports. Citigroup Inc. upped their price target on shares of Nabors Industries from $12.00 to $13.00 and gave the stock a “buy” rating in a research note on Monday, September 12th. Seaport Global Securities raised shares of Nabors Industries from a “neutral” rating to a “buy” rating in a research note on Friday, July 8th. Capital One Financial Corp. raised shares of Nabors Industries from an “equal weight” rating to an “overweight” rating and set a $13.00 price target on the stock in a research note on Monday, September 19th. DA Davidson initiated coverage on shares of Nabors Industries in a research note on Thursday, September 15th. They issued a “buy” rating and a $16.00 price target on the stock. Finally, Nomura set a $8.00 price target on shares of Nabors Industries and gave the stock a “hold” rating in a research note on Tuesday, August 16th. Seven equities research analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $11.50.
Shares of Nabors Industries (NYSE:NBR) traded down 2.68% during mid-day trading on Tuesday, reaching $11.97. The company had a trading volume of 5,651,031 shares. Nabors Industries has a 52-week low of $4.93 and a 52-week high of $12.46. The company’s 50-day moving average price is $10.25 and its 200-day moving average price is $9.63. The company’s market capitalization is $3.39 billion.
Nabors Industries (NYSE:NBR) last announced its earnings results on Tuesday, August 2nd. The company reported ($0.26) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.45) by $0.19. Nabors Industries had a negative net margin of 39.78% and a negative return on equity of 6.31%. The company had revenue of $571.60 million for the quarter, compared to the consensus estimate of $497.83 million. During the same period in the previous year, the business earned ($0.14) EPS. The company’s revenue was down 40.1% on a year-over-year basis. On average, analysts forecast that Nabors Industries will post ($1.21) earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 4th. Stockholders of record on Tuesday, September 13th will be issued a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 1.95%. The ex-dividend date of this dividend is Friday, September 9th. Nabors Industries’s payout ratio is -6.56%.
Several hedge funds have recently bought and sold shares of the company. UBS Asset Management Americas Inc. raised its stake in Nabors Industries by 13.8% in the first quarter. UBS Asset Management Americas Inc. now owns 503,535 shares of the company’s stock valued at $4,631,000 after buying an additional 60,984 shares during the last quarter. UBS Group AG raised its stake in Nabors Industries by 55.0% in the first quarter. UBS Group AG now owns 406,176 shares of the company’s stock valued at $3,737,000 after buying an additional 144,150 shares during the last quarter. Meeder Asset Management Inc. purchased a new stake in Nabors Industries during the first quarter valued at $195,000. JPMorgan Chase & Co. raised its stake in Nabors Industries by 217.5% in the first quarter. JPMorgan Chase & Co. now owns 4,646,232 shares of the company’s stock valued at $42,745,000 after buying an additional 3,182,840 shares during the last quarter. Finally, BlackRock Institutional Trust Company N.A. raised its stake in Nabors Industries by 8.8% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 9,899,264 shares of the company’s stock valued at $91,073,000 after buying an additional 797,028 shares during the last quarter. 93.06% of the stock is owned by institutional investors.
Nabors Industries Company Profile
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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