Howard Weil Increases Nabors Industries Ltd. (NBR) Price Target to $17.00
Nabors Industries Ltd. (NYSE:NBR) had its price target raised by research analysts at Howard Weil from $15.00 to $17.00 in a research report issued on Tuesday. The brokerage currently has a “sector outperform” rating on the stock. Howard Weil’s price objective would suggest a potential upside of 25.18% from the company’s current price.
Several other research firms have also recently issued reports on NBR. Zacks Investment Research upgraded Nabors Industries from a “hold” rating to a “buy” rating and set a $12.00 price target on the stock in a report on Friday, August 19th. Citigroup Inc. reiterated a “buy” rating and issued a $14.00 price target on shares of Nabors Industries in a report on Wednesday, October 5th. Nomura set a $8.00 price target on Nabors Industries and gave the company a “hold” rating in a report on Tuesday, August 16th. JPMorgan Chase & Co. reiterated a “buy” rating on shares of Nabors Industries in a report on Friday, November 11th. Finally, Jefferies Group reiterated a “hold” rating and issued a $10.00 price target (up previously from $9.00) on shares of Nabors Industries in a report on Monday, August 8th. Six analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $12.07.
Nabors Industries (NYSE:NBR) opened at 13.58 on Tuesday. The stock has a 50 day moving average price of $12.48 and a 200-day moving average price of $10.32. Nabors Industries has a one year low of $4.93 and a one year high of $13.64. The firm’s market cap is $3.85 billion.
Nabors Industries (NYSE:NBR) last announced its earnings results on Tuesday, October 25th. The company reported ($0.35) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.34) by $0.01. Nabors Industries had a negative net margin of 36.84% and a negative return on equity of 8.04%. The business earned $519.70 million during the quarter, compared to analyst estimates of $543.48 million. During the same quarter last year, the business posted ($0.14) earnings per share. The business’s quarterly revenue was down 38.7% compared to the same quarter last year. Analysts predict that Nabors Industries will post ($1.26) EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 4th. Investors of record on Wednesday, December 14th will be issued a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.77%. The ex-dividend date is Monday, December 12th. Nabors Industries’s payout ratio is presently -7.92%.
Several hedge funds and other institutional investors have recently bought and sold shares of NBR. UBS Asset Management Americas Inc. raised its position 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 worth $4,631,000 after buying an additional 60,984 shares during the last quarter. Renaissance Technologies LLC raised its position in Nabors Industries by 182.1% in the first quarter. Renaissance Technologies LLC now owns 2,814,000 shares of the company’s stock worth $25,889,000 after buying an additional 1,816,495 shares during the last quarter. Nuveen Asset Management LLC raised its position in Nabors Industries by 1.7% in the first quarter. Nuveen Asset Management LLC now owns 185,737 shares of the company’s stock worth $1,709,000 after buying an additional 3,094 shares during the last quarter. Jacobs Levy Equity Management Inc. raised its position in Nabors Industries by 246.6% in the first quarter. Jacobs Levy Equity Management Inc. now owns 272,400 shares of the company’s stock worth $2,506,000 after buying an additional 193,800 shares during the last quarter. Finally, Magnetar Financial LLC raised its position in Nabors Industries by 27.5% in the first quarter. Magnetar Financial LLC now owns 53,471 shares of the company’s stock worth $492,000 after buying an additional 11,545 shares during the last quarter. 94.88% of the stock is currently owned by institutional investors and hedge funds.
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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