Nabors Industries Ltd. (NBR) Shares Gap Up to $7.23
Nabors Industries Ltd. (NYSE:NBR) gapped up prior to trading on Thursday . The stock had previously closed at $7.43, but opened at $7.23. Nabors Industries shares last traded at $7.46, with a volume of 6,318,330 shares.
A number of research analysts have weighed in on NBR shares. BidaskClub raised shares of Nabors Industries from a “strong sell” rating to a “sell” rating in a research note on Wednesday, June 14th. Jefferies Group LLC set a $12.00 price objective on shares of Nabors Industries and gave the company a “hold” rating in a research note on Tuesday, June 6th. Deutsche Bank AG reaffirmed a “buy” rating and issued a $13.00 price objective (down from $20.00) on shares of Nabors Industries in a research note on Tuesday, May 30th. ValuEngine lowered shares of Nabors Industries from a “hold” rating to a “sell” rating in a research note on Saturday, May 27th. Finally, Evercore ISI reaffirmed an “outperform” rating and issued a $18.00 price objective on shares of Nabors Industries in a research note on Tuesday, June 20th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and nineteen have given a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus target price of $13.26.
The company’s market capitalization is $2.13 billion. The stock has a 50 day moving average price of $6.92 and a 200-day moving average price of $9.56.
Nabors Industries (NYSE:NBR) last posted its earnings results on Wednesday, August 2nd. The oil and gas company reported ($0.38) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.35) by ($0.03). The company had revenue of $630.50 million for the quarter, compared to the consensus estimate of $589.79 million. Nabors Industries had a negative net margin of 32.35% and a negative return on equity of 13.31%. Nabors Industries’s revenue was up 21.9% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.35) EPS. Analysts forecast that Nabors Industries Ltd. will post ($1.50) EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 3rd. Shareholders of record on Tuesday, September 12th will be paid a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 3.23%. The ex-dividend date of this dividend is Monday, September 11th. Nabors Industries’s dividend payout ratio is currently -9.41%.
Several large investors have recently modified their holdings of the company. BlackRock Inc. lifted its stake in shares of Nabors Industries by 7,474.6% in the 1st quarter. BlackRock Inc. now owns 24,813,903 shares of the oil and gas company’s stock worth $324,317,000 after purchasing an additional 24,486,309 shares during the period. Vanguard Group Inc. lifted its stake in shares of Nabors Industries by 0.7% in the 2nd quarter. Vanguard Group Inc. now owns 22,714,902 shares of the oil and gas company’s stock worth $184,900,000 after purchasing an additional 149,637 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of Nabors Industries by 5.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 19,723,712 shares of the oil and gas company’s stock worth $257,786,000 after purchasing an additional 1,053,328 shares during the period. Morgan Stanley lifted its stake in shares of Nabors Industries by 0.6% in the 1st quarter. Morgan Stanley now owns 18,787,378 shares of the oil and gas company’s stock worth $245,552,000 after purchasing an additional 114,423 shares during the period. Finally, Bank of New York Mellon Corp lifted its stake in shares of Nabors Industries by 16.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 16,440,910 shares of the oil and gas company’s stock worth $133,828,000 after purchasing an additional 2,315,688 shares during the period. Hedge funds and other institutional investors own 95.60% of the company’s stock.
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About Nabors Industries
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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