Jefferies Group Analysts Cut Earnings Estimates for Nabors Industries Ltd. (NBR)
Nabors Industries Ltd. (NYSE:NBR) – Research analysts at Jefferies Group reduced their Q3 2017 earnings estimates for Nabors Industries in a research note issued to investors on Monday. Jefferies Group analyst B. Handler now forecasts that the oil and gas company will earn ($0.32) per share for the quarter, down from their previous forecast of ($0.30). Jefferies Group currently has a “Neutral” rating on the stock. Jefferies Group also issued estimates for Nabors Industries’ Q4 2017 earnings at ($0.27) EPS, Q3 2018 earnings at ($0.20) EPS, Q4 2018 earnings at ($0.14) EPS, FY2018 earnings at ($0.90) EPS, FY2019 earnings at ($0.10) EPS and FY2020 earnings at $0.50 EPS.
Nabors Industries (NYSE:NBR) last issued its earnings results on Wednesday, August 2nd. The oil and gas company reported ($0.38) EPS for the quarter, missing analysts’ consensus estimates of ($0.35) by ($0.03). Nabors Industries had a negative return on equity of 13.31% and a negative net margin of 32.35%. The company had revenue of $630.50 million during the quarter, compared to analysts’ expectations of $589.79 million. During the same quarter in the previous year, the company earned ($0.35) EPS. The firm’s quarterly revenue was up 21.9% compared to the same quarter last year.
Several other brokerages also recently weighed in on NBR. ValuEngine downgraded Nabors Industries from a “sell” rating to a “strong sell” rating in a report on Friday, September 1st. Cowen and Company cut their price target on Nabors Industries from $13.00 to $10.50 and set an “outperform” rating for the company in a report on Tuesday, August 8th. Morgan Stanley cut their price target on Nabors Industries from $10.00 to $9.00 and set an “equal weight” rating for the company in a report on Monday, August 7th. Citigroup Inc. set a $10.00 price target on Nabors Industries and gave the company a “buy” rating in a report on Thursday, October 5th. Finally, Wells Fargo & Company downgraded Nabors Industries from an “outperform” rating to a “market perform” rating in a report on Friday, July 7th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and seventeen have assigned a buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $12.07.
Shares of Nabors Industries (NYSE:NBR) opened at 6.86 on Wednesday. The stock has a 50 day moving average price of $7.45 and a 200-day moving average price of $8.57. Nabors Industries has a 52 week low of $6.18 and a 52 week high of $18.40. The stock’s market cap is $1.96 billion.
Large investors have recently bought and sold shares of the business. Bollard Group LLC boosted its position in Nabors Industries by 1.2% in the 2nd quarter. Bollard Group LLC now owns 312,179 shares of the oil and gas company’s stock valued at $2,541,000 after buying an additional 3,816 shares during the last quarter. Mitchell Group Inc. lifted its position in shares of Nabors Industries by 52.0% during the second quarter. Mitchell Group Inc. now owns 2,704,490 shares of the oil and gas company’s stock worth $22,015,000 after purchasing an additional 925,140 shares during the last quarter. Paloma Partners Management Co lifted its position in shares of Nabors Industries by 117.2% during the first quarter. Paloma Partners Management Co now owns 68,892 shares of the oil and gas company’s stock worth $901,000 after purchasing an additional 37,175 shares during the last quarter. Teacher Retirement System of Texas lifted its position in shares of Nabors Industries by 4.3% during the second quarter. Teacher Retirement System of Texas now owns 23,815 shares of the oil and gas company’s stock worth $194,000 after purchasing an additional 979 shares during the last quarter. Finally, Arizona State Retirement System lifted its position in shares of Nabors Industries by 1.5% during the second quarter. Arizona State Retirement System now owns 120,500 shares of the oil and gas company’s stock worth $981,000 after purchasing an additional 1,800 shares during the last quarter. 95.55% of the stock is owned by institutional investors.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 3rd. Shareholders of record on Tuesday, September 12th were given a $0.06 dividend. The ex-dividend date was Monday, September 11th. This represents a $0.24 dividend on an annualized basis and a yield of 3.50%. Nabors Industries’s payout ratio is currently -9.41%.
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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