Nabors Industries Ltd. (NBR) Shares Gap Up After Analyst Upgrade
Shares of Nabors Industries Ltd. (NYSE:NBR) gapped up before the market opened on Wednesday after Howard Weil raised their price target on the stock from $15.00 to $17.00. The stock had previously closed at $13.99, but opened at $13.53. Howard Weil currently has a sector outperform rating on the stock. Nabors Industries shares last traded at $13.50, with a volume of 3,054,972 shares trading hands.
A number of other research firms also recently issued reports on NBR. Nomura set a $8.00 price objective on shares of Nabors Industries and gave the stock a “hold” rating in a report on Tuesday, August 16th. Zacks Investment Research downgraded shares of Nabors Industries from a “buy” rating to a “hold” rating in a report on Tuesday, August 9th. DA Davidson initiated coverage on shares of Nabors Industries in a report on Thursday, September 15th. They issued a “buy” rating and a $16.00 price objective on the stock. Jefferies Group reissued a “hold” rating and issued a $10.00 price objective (up previously from $9.00) on shares of Nabors Industries in a report on Monday, August 8th. Finally, Argus reissued a “hold” rating on shares of Nabors Industries in a report on Friday, September 23rd. Six investment 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. The company has a consensus rating of “Buy” and a consensus price target of $12.07.
Hedge funds have recently modified their holdings of the stock. Dimensional Fund Advisors LP raised its stake 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 worth $133,684,000 after buying an additional 6,292,257 shares in the last quarter. Bank of New York Mellon Corp raised its stake 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 worth $104,550,000 after buying an additional 5,451,386 shares in the last quarter. CI Investments Inc. raised its stake 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 worth $43,138,000 after buying an additional 4,291,800 shares in the last quarter. First Trust Advisors LP raised its stake 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 worth $37,332,000 after buying an additional 2,890,377 shares in the last quarter. Finally, Emerald Acquisition Ltd. bought a new stake in shares of Nabors Industries during the second quarter worth about $27,568,000. 94.88% of the stock is owned by hedge funds and other institutional investors.
The company’s market capitalization is $3.86 billion. The stock’s 50 day moving average price is $12.48 and its 200 day moving average price is $10.32.
Nabors Industries (NYSE:NBR) last announced its earnings results on Tuesday, October 25th. The company reported ($0.35) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 had revenue of $519.70 million for the quarter, compared to analysts’ expectations of $543.48 million. During the same quarter last year, the business earned ($0.14) EPS. The company’s quarterly revenue was down 38.7% on a year-over-year basis. On average, equities research analysts predict that Nabors Industries Ltd. will post ($1.26) EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 4th. Investors of record on Wednesday, December 14th will be paid a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 1.76%. The ex-dividend date is Monday, December 12th. Nabors Industries’s dividend payout ratio is currently -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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