Nabors Industries Ltd. (NBR) Stock Rating Reaffirmed by Citigroup Inc.
Nabors Industries Ltd. (NYSE:NBR)‘s stock had its “buy” rating reaffirmed by equities research analysts at Citigroup Inc. in a research note issued to investors on Wednesday. They currently have a $14.00 target price on the stock. Citigroup Inc.’s target price indicates a potential upside of 17.25% from the company’s current price.
Other equities research analysts have also recently issued reports about the stock. Zacks Investment Research raised shares of Nabors Industries from a “hold” rating to a “buy” rating and set a $12.00 target price for the company in a research report on Friday, August 19th. Seaport Global Securities raised shares of Nabors Industries from a “neutral” rating to a “buy” rating in a research report on Friday, July 8th. DA Davidson started coverage on shares of Nabors Industries in a research report on Thursday, September 15th. They issued a “buy” rating and a $16.00 target price for the company. Argus reaffirmed a “hold” rating on shares of Nabors Industries in a research report on Friday, September 23rd. Finally, Jefferies Group reiterated a “hold” rating and issued a $10.00 price target (up from $9.00) on shares of Nabors Industries in a research note on Monday, August 8th. Seven analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the company. Nabors Industries has a consensus rating of “Buy” and an average price target of $11.54.
Nabors Industries (NYSE:NBR) traded up 6.11% on Wednesday, reaching $12.67. 2,955,978 shares of the company traded hands. The stock’s 50 day moving average price is $10.30 and its 200 day moving average price is $9.65. Nabors Industries has a one year low of $4.93 and a one year high of $12.68. The company’s market capitalization is $3.59 billion.
Nabors Industries (NYSE:NBR) last posted its earnings results on Tuesday, August 2nd. The company reported ($0.26) EPS for the quarter, topping the Thomson Reuters’ 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 firm earned $571.60 million during the quarter, compared to analysts’ expectations of $497.83 million. During the same period last year, the company posted ($0.14) EPS. The company’s quarterly revenue was down 40.1% compared to the same quarter last year. On average, equities research analysts predict that Nabors Industries will post ($1.21) EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 4th. Stockholders of record on Tuesday, September 13th were given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 2.01%. The ex-dividend date of this dividend was Friday, September 9th. Nabors Industries’s payout ratio is currently -6.56%.
Several large investors have recently added to or reduced their stakes in the stock. UBS Asset Management Americas Inc. boosted 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 boosted its stake in shares of 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 in the last quarter. Meeder Asset Management Inc. acquired a new stake in shares of Nabors Industries during the first quarter valued at $195,000. JPMorgan Chase & Co. boosted its stake in shares of 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 in the last quarter. Finally, BlackRock Institutional Trust Company N.A. boosted its stake in shares of 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 in the last quarter. Hedge funds and other institutional investors own 93.06% of the company’s stock.
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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