Nabors Industries Ltd. (NYSE:NBR) has been given a $9.00 price target by equities researchers at Credit Suisse Group in a research note issued to investors on Thursday. The firm presently has a “buy” rating on the oil and gas company’s stock. Credit Suisse Group’s price target points to a potential upside of 28.94% from the stock’s previous close.
Several other equities research analysts have also commented on the stock. BMO Capital Markets set a $13.00 price target on shares of Nabors Industries and gave the company a “hold” rating in a report on Saturday, May 6th. Morgan Stanley reduced their price target on shares of Nabors Industries from $10.00 to $9.00 and set an “equal weight” rating for the company in a report on Monday. Citigroup Inc. restated a “neutral” rating and issued a $9.00 price target (down previously from $10.00) on shares of Nabors Industries in a report on Wednesday. Nomura set a $12.00 price target on shares of Nabors Industries and gave the company a “buy” rating in a report on Wednesday. Finally, Jefferies Group LLC restated a “hold” rating and issued a $15.00 price target on shares of Nabors Industries in a report on Tuesday, April 25th. Three research analysts have rated the stock with a sell rating, nine have issued a hold rating and seventeen have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $14.18.
Nabors Industries (NYSE NBR) opened at 6.98 on Thursday. Nabors Industries has a 52 week low of $6.93 and a 52 week high of $18.40. The company’s market capitalization is $1.95 billion. The stock’s 50 day moving average is $7.69 and its 200 day moving average is $11.22.
Nabors Industries (NYSE:NBR) last released its quarterly earnings data on Wednesday, August 2nd. The oil and gas company reported ($0.38) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.35) by $0.03. The company had revenue of $630.50 million during the quarter, compared to analysts’ expectations of $589.79 million. Nabors Industries had a negative net margin of 32.35% and a negative return on equity of 13.31%. Nabors Industries’s quarterly revenue was up 21.9% on a year-over-year basis. During the same period last year, the firm earned ($0.35) earnings per share. On average, equities research analysts expect that Nabors Industries will post ($1.45) earnings per share for the current year.
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In other Nabors Industries news, CFO William J. Restrepo acquired 22,000 shares of the company’s stock in a transaction dated Tuesday, May 30th. The shares were acquired at an average cost of $8.25 per share, with a total value of $181,500.00. Following the acquisition, the chief financial officer now directly owns 959,694 shares of the company’s stock, valued at $7,917,475.50. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. 4.10% of the stock is owned by corporate insiders.
Hedge funds have recently added to or reduced their stakes in the stock. Bollard Group LLC increased its stake in Nabors Industries by 1.2% in the second quarter. Bollard Group LLC now owns 312,179 shares of the oil and gas company’s stock valued at $2,541,000 after buying an additional 3,816 shares during the period. TFS Capital LLC acquired a new stake in Nabors Industries during the first quarter valued at approximately $647,000. KBC Group NV increased its stake in Nabors Industries by 15.4% in the first quarter. KBC Group NV now owns 423,891 shares of the oil and gas company’s stock valued at $5,540,000 after buying an additional 56,564 shares during the period. Wells Fargo & Company MN increased its stake in Nabors Industries by 73.5% in the first quarter. Wells Fargo & Company MN now owns 747,410 shares of the oil and gas company’s stock valued at $9,770,000 after buying an additional 316,556 shares during the period. Finally, Paloma Partners Management Co increased its stake in Nabors Industries by 117.2% in the first quarter. Paloma Partners Management Co now owns 68,892 shares of the oil and gas company’s stock valued at $901,000 after buying an additional 37,175 shares during the period. 98.65% of the stock is currently owned by institutional investors and hedge funds.
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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