Nabors Industries Ltd. (NBR) Upgraded at Seaport Global Securities
Seaport Global Securities upgraded shares of Nabors Industries Ltd. (NYSE:NBR) from a neutral rating to a buy rating in a research note released on Friday morning, Marketbeat.com reports. Seaport Global Securities currently has $8.00 price objective on the oil and gas company’s stock.
Several other equities analysts have also commented on NBR. Jefferies Group LLC reissued a hold rating and issued a $15.00 target price on shares of Nabors Industries in a report on Tuesday, April 25th. Goldman Sachs Group, Inc. (The) lowered Nabors Industries from a conviction-buy rating to a buy rating and increased their target price for the company from $17.50 to $18.00 in a report on Friday, April 28th. Credit Suisse Group set a $18.00 target price on Nabors Industries and gave the company a buy rating in a report on Sunday, April 30th. BMO Capital Markets set a $13.00 target price on Nabors Industries and gave the company a hold rating in a report on Saturday, May 6th. Finally, Citigroup Inc. reissued a buy rating on shares of Nabors Industries in a report on Wednesday, May 10th. Three analysts have rated the stock with a sell rating, seven have assigned a hold rating and nineteen have issued a buy rating to the company’s stock. Nabors Industries has a consensus rating of Buy and an average price target of $14.00.
Nabors Industries (NYSE:NBR) opened at 6.57 on Friday. The company’s 50-day moving average price is $7.43 and its 200 day moving average price is $10.76. Nabors Industries has a 52 week low of $6.18 and a 52 week high of $18.40. The stock’s market capitalization is $1.88 billion.
Nabors Industries (NYSE:NBR) last posted its earnings results on Wednesday, August 2nd. The oil and gas company reported ($0.38) EPS for the quarter, missing the consensus estimate of ($0.35) by $0.03. The business had revenue of $630.50 million during the quarter, compared to analysts’ expectations of $589.79 million. Nabors Industries had a negative net margin of 32.35% and a negative return on equity of 13.31%. The business’s quarterly revenue was up 21.9% compared to the same quarter last year. During the same period last year, the company earned ($0.35) EPS. Equities research analysts expect that Nabors Industries will post ($1.49) EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 3rd. Investors of record on Tuesday, September 12th 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 3.65%. The ex-dividend date of this dividend is Monday, September 11th. Nabors Industries’s dividend payout ratio is currently -9.41%.
In other news, CFO William J. Restrepo acquired 22,000 shares of Nabors Industries stock in a transaction that occurred on Tuesday, May 30th. The stock was purchased at an average price of $8.25 per share, for a total transaction of $181,500.00. Following the completion of the transaction, the chief financial officer now directly owns 959,694 shares in the company, valued at $7,917,475.50. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 4.10% of the stock is owned by company insiders.
A number of large investors have recently made changes to their positions in NBR. Invictus RG purchased a new stake in shares of Nabors Industries during the first quarter worth approximately $109,000. Aviance Capital Management LLC purchased a new stake in shares of Nabors Industries during the first quarter worth approximately $143,000. Coconut Grove Bank increased its stake in shares of Nabors Industries by 47.1% in the first quarter. Coconut Grove Bank now owns 10,960 shares of the oil and gas company’s stock worth $143,000 after buying an additional 3,510 shares during the last quarter. Point72 Asia Hong Kong Ltd increased its stake in shares of Nabors Industries by 92.2% in the first quarter. Point72 Asia Hong Kong Ltd now owns 11,262 shares of the oil and gas company’s stock worth $147,000 after buying an additional 5,401 shares during the last quarter. Finally, Harbour Capital Advisors LLC increased its stake in shares of Nabors Industries by 714.0% in the second quarter. Harbour Capital Advisors LLC now owns 11,396 shares of the oil and gas company’s stock worth $1,400,000 after buying an additional 9,996 shares during the last quarter. Hedge funds and other institutional investors own 98.65% of the company’s stock.
Nabors Industries Company Profile
Nabors Industries Ltd. owns and operates a land-based drilling rig fleet. The Company is a provider of offshore platform drilling rigs in the United States and multiple international markets. The Company conducts its Drilling & Rig Services business through four segments: U.S. Drilling, Canada Drilling, International Drilling and Rig Services.
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