Nabors Industries Ltd. (NBR) Upgraded by Goldman Sachs Group Inc. to Conviction-Buy
Nabors Industries Ltd. (NYSE:NBR) was upgraded by equities research analysts at Goldman Sachs Group Inc. from a “buy” rating to a “conviction-buy” rating in a note issued to investors on Monday.
Several other equities analysts also recently weighed in on NBR. Zacks Investment Research upgraded Nabors Industries from a “hold” rating to a “buy” rating and set a $10.00 target price on the stock in a research report on Monday, August 8th. Jefferies Group restated a “hold” rating and issued a $10.00 target price (up previously from $9.00) on shares of Nabors Industries in a research report on Monday, August 8th. Simmons restated a “neutral” rating and issued a $12.50 target price (up previously from $12.25) on shares of Nabors Industries in a research report on Monday, August 8th. Nomura set a $8.00 target price on Nabors Industries and gave the company a “hold” rating in a research report on Tuesday, August 16th. Finally, Citigroup Inc. raised their target price on Nabors Industries from $12.00 to $13.00 and gave the company a “buy” rating in a research report on Monday, September 12th. Six analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and two have issued a strong buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $12.07.
Nabors Industries (NYSE:NBR) traded up 4.26% during trading on Monday, reaching $14.20. The company had a trading volume of 2,418,691 shares. The company’s 50-day moving average is $12.56 and its 200 day moving average is $10.35. Nabors Industries has a 52 week low of $4.93 and a 52 week high of $14.45. The firm’s market capitalization is $4.02 billion.
Nabors Industries (NYSE:NBR) last issued its quarterly 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. The business had revenue of $519.70 million for the quarter, compared to analysts’ expectations of $543.48 million. Nabors Industries had a negative return on equity of 8.04% and a negative net margin of 36.84%. The business’s revenue for the quarter was down 38.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.14) EPS. Equities analysts anticipate that Nabors Industries will post ($1.26) EPS for the current year.
The firm 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 dividend on an annualized basis and a yield of 1.76%. The ex-dividend date is Monday, December 12th. Nabors Industries’s dividend payout ratio (DPR) is -7.92%.
Hedge funds have recently made changes to their positions in the company. Dimensional Fund Advisors LP increased 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 during the period. Bank of New York Mellon Corp increased 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 during the period. CI Investments Inc. increased 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 during the period. First Trust Advisors LP increased 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 during the period. Finally, Emerald Acquisition Ltd. acquired a new stake in shares of Nabors Industries during the second quarter worth about $27,568,000. 96.63% of the stock is owned by institutional investors.
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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