Other analysts also recently issued reports about the company. Nomura set a $8.00 price objective on Nabors Industries and gave the company a hold rating in a report on Tuesday, August 16th. Zacks Investment Research downgraded Nabors Industries from a buy rating to a hold rating in a report on Tuesday, August 9th. DA Davidson began coverage on Nabors Industries in a report on Thursday, September 15th. They issued a buy rating and a $16.00 price objective for the company. Jefferies Group restated a hold rating and issued a $10.00 price objective (up from $9.00) on shares of Nabors Industries in a report on Monday, August 8th. Finally, Simmons restated a neutral rating and issued a $12.50 price objective (up from $12.25) on shares of Nabors Industries in a report on Monday, August 8th. Eight analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company. The company currently has an average rating of Buy and an average price target of $11.42.
Nabors Industries (NYSE:NBR) opened at 11.26 on Friday. The firm’s market cap is $3.19 billion. The firm has a 50-day moving average price of $10.03 and a 200 day moving average price of $9.56. Nabors Industries has a 12-month low of $4.93 and a 12-month high of $12.33.
Nabors Industries (NYSE:NBR) last announced its quarterly earnings results on Tuesday, August 2nd. The company reported ($0.26) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.45) by $0.19. The company earned $571.60 million during the quarter, compared to the consensus estimate of $497.83 million. Nabors Industries had a negative net margin of 39.78% and a negative return on equity of 6.31%. The company’s revenue for the quarter was down 40.1% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.14) earnings per share. Equities research analysts forecast that Nabors Industries will post ($1.21) EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 4th. Stockholders of record on Tuesday, September 13th will be paid a dividend of $0.06 per share. The ex-dividend date is Friday, September 9th. This represents a $0.24 annualized dividend and a dividend yield of 2.13%. Nabors Industries’s payout ratio is currently -6.56%.
Several large investors have recently modified their holdings of the company. Renaissance Technologies LLC raised its stake in shares of Nabors Industries by 182.1% in the first quarter. Renaissance Technologies LLC now owns 2,814,000 shares of the company’s stock valued at $25,889,000 after buying an additional 1,816,495 shares during the last quarter. Magnetar Financial LLC raised its stake in shares of Nabors Industries by 27.5% in the first quarter. Magnetar Financial LLC now owns 53,471 shares of the company’s stock valued at $492,000 after buying an additional 11,545 shares during the last quarter. JPMorgan Chase & Co. raised its stake in shares of Nabors Industries by 217.5% in the first quarter. JPMorgan Chase & Co. now owns 4,646,232 shares of the company’s stock valued at $42,745,000 after buying an additional 3,182,840 shares during the last quarter. Hudson Bay Capital Management LP bought a new stake in shares of Nabors Industries during the first quarter valued at about $1,923,000. Finally, Norges Bank bought a new stake in shares of Nabors Industries during the fourth quarter valued at about $37,105,000. Institutional investors own 93.06% 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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