Nabors Industries Ltd. (NYSE:NBR)‘s stock had its “neutral” rating restated by research analysts at Seaport Global Securities in a note issued to investors on Friday, August 4th.
A number of other analysts have also commented on NBR. BMO Capital Markets set a $13.00 price objective on Nabors Industries and gave the stock a “hold” rating in a report on Saturday, May 6th. Jefferies Group LLC set a $8.00 price objective on Nabors Industries and gave the stock a “hold” rating in a report on Friday, August 4th. Credit Suisse Group set a $18.00 price objective on Nabors Industries and gave the stock a “buy” rating in a report on Sunday, April 30th. Evercore ISI reissued an “outperform” rating and set a $18.00 price objective on shares of Nabors Industries in a report on Tuesday, June 20th. Finally, Morgan Stanley decreased their price objective on Nabors Industries from $10.00 to $9.00 and set an “equal weight” rating for the company in a report on Monday, August 7th. Three equities research analysts have rated the stock with a sell rating, seven have given a hold rating and nineteen have issued a buy rating to the stock. Nabors Industries presently has an average rating of “Buy” and an average target price of $14.00.
Nabors Industries (NBR) opened at 6.57 on Friday. The company’s 50-day moving average price is $7.43 and its 200 day moving average price is $10.76. The firm’s market capitalization is $1.88 billion. Nabors Industries has a 12 month low of $6.18 and a 12 month high of $18.40.
Nabors Industries (NYSE:NBR) last issued its quarterly earnings data on Wednesday, August 2nd. The oil and gas company reported ($0.38) EPS for the quarter, missing analysts’ consensus estimates of ($0.35) by $0.03. The company had revenue of $630.50 million for the quarter, compared to the consensus estimate of $589.79 million. Nabors Industries had a negative return on equity of 13.31% and a negative net margin of 32.35%. The business’s revenue for the quarter was up 21.9% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.35) earnings per share. On average, equities research analysts predict that Nabors Industries will post ($1.49) earnings per share for the current year.
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In other news, CFO William J. Restrepo purchased 22,000 shares of the firm’s stock in a transaction dated Tuesday, May 30th. The shares were purchased at an average price of $8.25 per share, with a total value of $181,500.00. Following the completion of the acquisition, the chief financial officer now owns 959,694 shares in the company, valued at approximately $7,917,475.50. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 4.10% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Oregon Public Employees Retirement Fund boosted its position in Nabors Industries by 1.4% in the first quarter. Oregon Public Employees Retirement Fund now owns 100,193 shares of the oil and gas company’s stock valued at $1,310,000 after buying an additional 1,400 shares during the last quarter. Russell Investments Group Ltd. boosted its position in Nabors Industries by 293.5% in the first quarter. Russell Investments Group Ltd. now owns 1,449,929 shares of the oil and gas company’s stock valued at $18,948,000 after buying an additional 1,081,463 shares during the last quarter. Strs Ohio boosted its position in Nabors Industries by 77.0% in the first quarter. Strs Ohio now owns 1,843,000 shares of the oil and gas company’s stock valued at $24,088,000 after buying an additional 802,000 shares during the last quarter. Shell Asset Management Co. boosted its position in Nabors Industries by 83.1% in the first quarter. Shell Asset Management Co. now owns 87,067 shares of the oil and gas company’s stock worth $1,138,000 after buying an additional 39,520 shares in the last quarter. Finally, Glen Harbor Capital Management LLC boosted its position in Nabors Industries by 99.8% in the first quarter. Glen Harbor Capital Management LLC now owns 16,560 shares of the oil and gas company’s stock worth $216,000 after buying an additional 8,272 shares in the last quarter. 98.65% of the stock is currently owned by hedge funds and other institutional investors.
About Nabors Industries
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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