Wells Fargo & Co upgraded shares of Nabors Industries (NYSE:NBR) from a market perform rating to an outperform rating in a report issued on Friday morning, MarketBeat Ratings reports.
Several other equities research analysts have also recently commented on NBR. Morgan Stanley boosted their price target on shares of Nabors Industries from $8.50 to $9.00 and gave the stock an equal weight rating in a research report on Wednesday, April 11th. Cowen reissued a buy rating and set a $10.00 price target on shares of Nabors Industries in a research report on Friday, April 13th. Citigroup boosted their price target on shares of Nabors Industries to $9.50 and gave the stock a buy rating in a research report on Tuesday, May 8th. Finally, ValuEngine raised shares of Nabors Industries from a strong sell rating to a sell rating in a research report on Saturday, June 2nd. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and thirteen have issued a buy rating to the company. Nabors Industries currently has a consensus rating of Hold and an average price target of $9.29.
NYSE:NBR traded up $0.01 on Friday, hitting $6.41. 12,095,532 shares of the company’s stock were exchanged, compared to its average volume of 14,035,240. The company has a debt-to-equity ratio of 1.56, a current ratio of 1.95 and a quick ratio of 1.72. Nabors Industries has a 52 week low of $5.32 and a 52 week high of $8.86. The stock has a market capitalization of $2.29 billion, a PE ratio of -3.93 and a beta of 1.58.
Nabors Industries (NYSE:NBR) last issued its quarterly earnings results on Tuesday, May 1st. The oil and gas company reported ($0.29) EPS for the quarter, missing the consensus estimate of ($0.28) by ($0.01). Nabors Industries had a negative return on equity of 14.45% and a negative net margin of 19.81%. The business had revenue of $734.66 million for the quarter, compared to the consensus estimate of $763.99 million. analysts anticipate that Nabors Industries will post -0.82 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 3rd. Stockholders of record on Tuesday, June 12th will be issued a $0.06 dividend. The ex-dividend date of this dividend is Monday, June 11th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 3.74%. Nabors Industries’s payout ratio is -14.72%.
Several hedge funds have recently modified their holdings of NBR. State Treasurer State of Michigan grew its stake in Nabors Industries by 7.0% in the 1st quarter. State Treasurer State of Michigan now owns 114,963 shares of the oil and gas company’s stock valued at $804,000 after buying an additional 7,500 shares during the last quarter. CIBC World Markets Inc. grew its stake in Nabors Industries by 8.8% in the 1st quarter. CIBC World Markets Inc. now owns 96,390 shares of the oil and gas company’s stock valued at $674,000 after buying an additional 7,780 shares during the last quarter. Aperio Group LLC grew its stake in Nabors Industries by 2.3% in the 1st quarter. Aperio Group LLC now owns 353,550 shares of the oil and gas company’s stock valued at $2,471,000 after buying an additional 7,818 shares during the last quarter. Legal & General Group Plc grew its stake in Nabors Industries by 1.3% in the 1st quarter. Legal & General Group Plc now owns 668,484 shares of the oil and gas company’s stock valued at $4,673,000 after buying an additional 8,486 shares during the last quarter. Finally, Amalgamated Bank grew its stake in Nabors Industries by 18.0% in the 4th quarter. Amalgamated Bank now owns 62,604 shares of the oil and gas company’s stock valued at $428,000 after buying an additional 9,571 shares during the last quarter. 85.89% of the stock is currently owned by institutional investors.
About Nabors Industries
Nabors Industries Ltd. provides drilling and drilling-related services and technologies for land-based and offshore oil and natural gas wells. It operates through five segments: U.S., Canada, International, Drilling Solutions, and Rig Technologies. The company offers equipment manufacturing, rig instrumentation, optimization software, and directional drilling services.
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