Nabors Industries Ltd. (NBR) Upgraded to Buy at Tudor Pickering
Nabors Industries Ltd. (NYSE:NBR) was upgraded by equities researchers at Tudor Pickering from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday.
Several other equities research analysts have also recently weighed in on the company. Zacks Investment Research cut Nabors Industries from a “buy” rating to a “hold” rating in a research report on Tuesday, September 13th. Simmons reissued a “neutral” rating and issued a $12.50 price objective (up from $12.25) on shares of Nabors Industries in a research report on Monday, August 8th. Argus reissued a “hold” rating on shares of Nabors Industries in a research report on Friday, September 23rd. Jefferies Group reissued a “hold” rating and issued a $10.00 price objective (up from $9.00) on shares of Nabors Industries in a research report on Monday, August 8th. Finally, Nomura set a $8.00 price objective on Nabors Industries and gave the company a “hold” rating in a research report on Tuesday, August 16th. Five investment analysts have rated the stock with a hold rating, nineteen have given a buy rating and two have assigned a strong buy rating to the company’s stock. Nabors Industries has a consensus rating of “Buy” and a consensus price target of $12.07.
Shares of Nabors Industries (NYSE:NBR) opened at 13.50 on Tuesday. The firm’s 50-day moving average is $12.85 and its 200 day moving average is $10.63. The company’s market cap is $3.83 billion. Nabors Industries has a 1-year low of $4.93 and a 1-year high of $14.60.
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. The company had revenue of $519.70 million for the quarter, compared to the consensus estimate of $543.48 million. Nabors Industries had a negative return on equity of 8.04% and a negative net margin of 36.84%. The firm’s revenue for the quarter was down 38.7% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.14) EPS. Equities analysts expect that Nabors Industries will post ($1.26) EPS for the current fiscal year.
The business also recently announced 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 1.78%. The ex-dividend date of this dividend is Monday, December 12th. Nabors Industries’s dividend payout ratio (DPR) is currently -7.92%.
Institutional investors have recently modified their holdings of the company. Quantbot Technologies LP bought a new position in shares of Nabors Industries during the second quarter worth about $765,000. World Asset Management Inc boosted its position in shares of Nabors Industries by 3.3% in the second quarter. World Asset Management Inc now owns 19,609 shares of the company’s stock worth $197,000 after buying an additional 622 shares during the period. LMR Partners LLP bought a new position in shares of Nabors Industries during the second quarter worth about $425,000. Retirement Systems of Alabama boosted its position in shares of Nabors Industries by 0.5% in the second quarter. Retirement Systems of Alabama now owns 712,433 shares of the company’s stock worth $7,160,000 after buying an additional 3,230 shares during the period. Finally, Sippican Capital Advisors boosted its position in shares of Nabors Industries by 18.9% in the second quarter. Sippican Capital Advisors now owns 141,357 shares of the company’s stock worth $1,421,000 after buying an additional 22,438 shares during the period. Hedge funds and other institutional investors own 95.59% 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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