Zacks Investment Research Upgrades Nubian Resources Ltd (NBR) to Hold
Zacks Investment Research upgraded shares of Nubian Resources Ltd (NYSE:NBR) from a sell rating to a hold rating in a report published on Wednesday morning.
According to Zacks, “With leading positions in most natural gas and oil-based shale plays, Nabors Industries is a big player in the North American land drilling market. Increased rig activities along with rising margins in Nabors’ Lower 48 operations have helped the well service provider notch up impressive revenue numbers. Moreover, with the recent talks of OPEC deal extension and the subsequent advancement of crude oil, producers are likely to revive spending on drilling activities that would spur rig count. However, rising operating and direct costs have impacted the results of the firm in recent times, adversely affecting the already weak financials of the company. The company’s escalating labor and reactivation costs are big concerns too. As it is, over the last few years, Nabors has kept adding debt to its balance sheet for fleet recapitalization program. Given these factors, we take a cautious stance on the stock.”
NBR has been the subject of a number of other reports. Bank of America Corporation dropped their target price on Nubian Resources from $8.50 to $8.00 and set a buy rating for the company in a report on Wednesday. Cowen and Company dropped their target price on Nubian Resources from $13.00 to $10.50 and set an outperform rating for the company in a report on Tuesday, August 8th. Credit Suisse Group set a $9.00 target price on Nubian Resources and gave the stock a buy rating in a report on Thursday, August 10th. They noted that the move was a valuation call. Seaport Global Securities reissued a neutral rating on shares of Nubian Resources in a report on Friday, August 4th. Finally, Jefferies Group LLC raised Nubian Resources from a hold rating to a buy rating and increased their target price for the stock from $6.19 to $9.00 in a report on Wednesday. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and eighteen have assigned a buy rating to the company. Nubian Resources currently has an average rating of Buy and a consensus target price of C$11.52.
Nubian Resources (NYSE:NBR) traded up C$0.07 during trading on Wednesday, reaching C$6.40. The company’s stock had a trading volume of 10,120,000 shares, compared to its average volume of 12,080,000. Nubian Resources has a 12-month low of C$5.32 and a 12-month high of C$18.40.
Nubian Resources (NYSE:NBR) last posted its quarterly earnings results on Tuesday, October 24th. The company reported C($0.42) EPS for the quarter, missing the consensus estimate of C($0.33) by C($0.09). The firm had revenue of C$662.50 million during the quarter, compared to analyst estimates of C$674.03 million. Nubian Resources had a negative net margin of 18.02% and a negative return on equity of 16.37%. The company’s revenue was up 27.4% on a year-over-year basis. During the same period last year, the company earned ($0.55) EPS.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 3rd. Shareholders of record on Wednesday, December 13th will be given a $0.06 dividend. The ex-dividend date is Tuesday, December 12th. This represents a $0.24 dividend on an annualized basis and a yield of 3.75%.
Institutional investors and hedge funds have recently made changes to their positions in the business. Wright Investors Service Inc. boosted its position in shares of Nubian Resources by 2.2% in the 2nd quarter. Wright Investors Service Inc. now owns 12,560 shares of the company’s stock worth $102,000 after purchasing an additional 265 shares during the last quarter. Frontier Wealth Management LLC boosted its position in shares of Nubian Resources by 11.4% in the 2nd quarter. Frontier Wealth Management LLC now owns 12,561 shares of the company’s stock worth $102,000 after purchasing an additional 1,284 shares during the last quarter. Clear Harbor Asset Management LLC bought a new position in shares of Nubian Resources in the 3rd quarter worth $121,000. M&T Bank Corp boosted its position in shares of Nubian Resources by 6.0% in the 2nd quarter. M&T Bank Corp now owns 16,320 shares of the company’s stock worth $133,000 after purchasing an additional 925 shares during the last quarter. Finally, D.A. Davidson & CO. boosted its position in shares of Nubian Resources by 162.8% in the 2nd quarter. D.A. Davidson & CO. now owns 18,700 shares of the company’s stock worth $152,000 after purchasing an additional 11,585 shares during the last quarter.
About Nubian Resources
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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