Nabors Industries Ltd. (NBR) Shares Up 5.8% Following Analyst Upgrade
Nabors Industries Ltd. (NYSE:NBR)’s share price shot up 5.8% during trading on Tuesday after Howard Weil raised their price target on the stock from $15.00 to $17.00. Howard Weil currently has a sector outperform rating on the stock. Nabors Industries traded as high as $13.64 and last traded at $13.53, with a volume of 8,640,231 shares changing hands. The stock had previously closed at $12.79.
Several other equities analysts also recently commented on the stock. Jefferies Group set a $12.00 price target on shares of Nabors Industries and gave the company a “hold” rating in a report on Friday, November 11th. JPMorgan Chase & Co. reiterated a “buy” rating on shares of Nabors Industries in a report on Friday, November 11th. Goldman Sachs Group Inc. set a $17.00 price target on shares of Nabors Industries and gave the company a “buy” rating in a report on Wednesday, October 19th. Citigroup Inc. reiterated a “buy” rating and set a $14.00 price target on shares of Nabors Industries in a report on Wednesday, October 5th. Finally, Zacks Investment Research upgraded shares of Nabors Industries from a “hold” rating to a “buy” rating and set a $14.00 price target on the stock in a report on Tuesday, October 4th. Six 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. The company presently has an average rating of “Buy” and a consensus price target of $12.07.
Hedge funds and other institutional investors have recently modified their holdings of the company. Dimensional Fund Advisors LP boosted its position in shares of Nabors Industries by 89.8% in the second quarter. Dimensional Fund Advisors LP now owns 13,302,571 shares of the company’s stock valued at $133,684,000 after buying an additional 6,292,257 shares during the period. Bank of New York Mellon Corp boosted its position in shares of Nabors Industries by 173.3% in the third quarter. Bank of New York Mellon Corp now owns 8,597,912 shares of the company’s stock valued at $104,550,000 after buying an additional 5,451,386 shares during the period. CI Investments Inc. boosted its position in shares of Nabors Industries by 858,360.0% in the second quarter. CI Investments Inc. now owns 4,292,300 shares of the company’s stock valued at $43,138,000 after buying an additional 4,291,800 shares during the period. First Trust Advisors LP boosted its position in shares of Nabors Industries by 350.7% in the second quarter. First Trust Advisors LP now owns 3,714,586 shares of the company’s stock valued at $37,332,000 after buying an additional 2,890,377 shares during the period. Finally, Emerald Acquisition Ltd. acquired a new position in shares of Nabors Industries during the second quarter valued at about $27,568,000. 94.88% of the stock is owned by hedge funds and other institutional investors.
The firm’s market capitalization is $3.83 billion. The stock has a 50-day moving average of $12.21 and a 200 day moving average of $10.24.
Nabors Industries (NYSE:NBR) last posted its quarterly earnings results on Tuesday, October 25th. The company reported ($0.35) EPS for the quarter, missing the consensus estimate of ($0.34) by $0.01. Nabors Industries had a negative return on equity of 8.04% and a negative net margin of 36.84%. The firm had revenue of $519.70 million for the quarter, compared to analyst estimates of $543.48 million. During the same quarter last year, the firm earned ($0.14) EPS. The company’s revenue was down 38.7% on a year-over-year basis. Equities analysts forecast that Nabors Industries Ltd. will post ($1.26) EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 4th. Shareholders of record on Wednesday, December 14th will be issued a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 1.77%. The ex-dividend date is Monday, December 12th. Nabors Industries’s dividend payout ratio (DPR) is presently -7.92%.
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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