Nabors Industries Ltd. (NYSE:NBR) was upgraded by stock analysts at Tudor Pickering from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Tuesday, The Fly reports.
Other equities research analysts have also issued research reports about the company. Citigroup Inc. upped their target price on Nabors Industries from $12.00 to $13.00 and gave the company a “buy” rating in a research report on Monday, September 12th. Zacks Investment Research upgraded Nabors Industries from a “hold” rating to a “buy” rating and set a $12.00 target price on the stock in a research report on Friday, August 19th. DA Davidson started coverage on Nabors Industries in a report on Thursday, September 15th. They issued a “buy” rating and a $16.00 price target on the stock. Goldman Sachs Group Inc. set a $17.00 price target on Nabors Industries and gave the stock a “buy” rating in a report on Wednesday, October 19th. Finally, JPMorgan Chase & Co. reiterated a “buy” rating on shares of Nabors Industries in a report on Friday, November 11th. Five research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and two have given a strong buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $12.07.
Nabors Industries (NYSE:NBR) opened at 13.50 on Tuesday. Nabors Industries has a 52 week low of $4.93 and a 52 week high of $14.60. The stock’s 50 day moving average price is $12.85 and its 200 day moving average price is $10.63. The company’s market capitalization is $3.83 billion.
Nabors Industries (NYSE:NBR) last announced its earnings results on Tuesday, October 25th. The company reported ($0.35) EPS for the quarter, missing the consensus estimate of ($0.34) by $0.01. Nabors Industries had a negative net margin of 36.84% and a negative return on equity of 8.04%. The business had revenue of $519.70 million for the quarter, compared to the consensus estimate of $543.48 million. During the same quarter in the previous year, the company earned ($0.14) EPS. The firm’s revenue for the quarter was down 38.7% on a year-over-year basis. Analysts anticipate that Nabors Industries will post ($1.26) earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 4th. Shareholders of record on Wednesday, December 14th will be issued a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 1.78%. The ex-dividend date is Monday, December 12th. Nabors Industries’s dividend payout ratio (DPR) is -7.92%.
Institutional investors have recently made changes to their positions in the stock. CI Investments Inc. raised its position in shares of Nabors Industries by 858,360.0% in the second quarter. CI Investments Inc. now owns 4,292,300 shares of the company’s stock valued at $43,138,000 after buying an additional 4,291,800 shares during the period. Virginia Retirement Systems ET AL purchased a new position in shares of Nabors Industries during the second quarter valued at $512,000. State of New Jersey Common Pension Fund D raised its position in shares of Nabors Industries by 31.3% in the second quarter. State of New Jersey Common Pension Fund D now owns 420,000 shares of the company’s stock valued at $4,221,000 after buying an additional 100,000 shares during the period. Teacher Retirement System of Texas raised its position in shares of Nabors Industries by 12.4% in the second quarter. Teacher Retirement System of Texas now owns 38,971 shares of the company’s stock valued at $392,000 after buying an additional 4,286 shares during the period. Finally, BNP Paribas Arbitrage SA raised its position in shares of Nabors Industries by 320.4% in the second quarter. BNP Paribas Arbitrage SA now owns 303,310 shares of the company’s stock valued at $3,048,000 after buying an additional 231,158 shares during the period. 95.59% of the stock is owned by institutional investors and hedge funds.
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.