Zacks Investment Research upgraded shares of Nabors Industries Ltd. (NYSE:NBR) from a hold rating to a buy rating in a research note issued to investors on Tuesday. They currently have $14.00 target price on the stock.
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. The company continues to fare well on its aggressive cost-management techniques and strong performance by the international business segment that has helped the well service provider to trump estimates in each of the past 4 quarters. Moreover, with the recent OPEC deal and the subsequent advancement of crude oil, producers are likely to revive spending on drilling activities that would spur rig count. This, in turn, will result in improved demand for oilfield equipments, thereby driving Nabors' revenues, earnings and cash flow. Consequently, we think Nabors offers substantial upside potential from the current price levels and label it as an attractive investment.”
Several other research firms have also recently commented on NBR. Citigroup Inc. increased their price target on shares of Nabors Industries from $12.00 to $13.00 and gave the company a buy rating in a research note on Monday, September 12th. Stephens raised shares of Nabors Industries from an equal weight rating to an overweight rating in a research note on Tuesday, July 12th. Seaport Global Securities raised shares of Nabors Industries from a neutral rating to a buy rating in a research note on Friday, July 8th. Capital One Financial Corp. raised shares of Nabors Industries from an equal weight rating to an overweight rating and set a $13.00 price objective on the stock in a research note on Monday, September 19th. Finally, Simmons reaffirmed a neutral rating and issued a $12.50 price objective (up from $12.25) on shares of Nabors Industries in a research note on Monday, August 8th. Seven equities research analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the company. The stock currently has an average rating of Buy and an average target price of $11.50.
Shares of Nabors Industries (NYSE:NBR) opened at 11.94 on Tuesday. The company’s 50-day moving average price is $10.30 and its 200 day moving average price is $9.65. Nabors Industries has a one year low of $4.93 and a one year high of $12.46. The company’s market cap is $3.38 billion.
Nabors Industries (NYSE:NBR) last released its quarterly earnings results on Tuesday, August 2nd. The company reported ($0.26) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.45) by $0.19. Nabors Industries had a negative net margin of 39.78% and a negative return on equity of 6.31%. The business had revenue of $571.60 million for the quarter, compared to analysts’ expectations of $497.83 million. During the same period in the prior year, the firm earned ($0.14) earnings per share. Nabors Industries’s revenue was down 40.1% compared to the same quarter last year. Equities analysts forecast that Nabors Industries will post ($1.21) EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 4th. Investors of record on Tuesday, September 13th were given a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 2.01%. The ex-dividend date of this dividend was Friday, September 9th. Nabors Industries’s dividend payout ratio (DPR) is currently -6.56%.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Shoker Investment Counsel Inc. increased its position in Nabors Industries by 0.4% in the second quarter. Shoker Investment Counsel Inc. now owns 26,957 shares of the company’s stock worth $270,000 after buying an additional 119 shares during the period. World Asset Management Inc increased its position in Nabors Industries by 3.3% in the second quarter. World Asset Management Inc now owns 19,609 shares of the company’s stock worth $197,000 after buying an additional 622 shares during the period. State Treasurer State of Michigan increased its position in Nabors Industries by 0.7% in the second quarter. State Treasurer State of Michigan now owns 113,163 shares of the company’s stock worth $1,137,000 after buying an additional 800 shares during the period. Commonwealth Equity Services Inc increased its position in Nabors Industries by 3.8% in the second quarter. Commonwealth Equity Services Inc now owns 36,313 shares of the company’s stock worth $365,000 after buying an additional 1,341 shares during the period. Finally, Oak Associates Ltd. OH increased its position in Nabors Industries by 0.8% in the first quarter. Oak Associates Ltd. OH now owns 217,410 shares of the company’s stock worth $2,000,000 after buying an additional 1,800 shares during the period. 93.06% of the stock is owned by institutional investors and hedge funds.
Nabors Industries Company Profile
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Nabors Industries Ltd. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Nabors Industries Ltd. and related companies with MarketBeat.com's FREE daily email newsletter.