Nabors Industries Ltd. (NYSE:NBR)’s share price dropped 5.2% on Friday . The company traded as low as $3.25 and last traded at $3.28. Approximately 9,739,936 shares traded hands during mid-day trading, a decline of 29% from the average daily volume of 13,652,509 shares. The stock had previously closed at $3.46.
Several research firms recently commented on NBR. Societe Generale set a $4.00 price objective on Nabors Industries and gave the company a “buy” rating in a research note on Thursday, February 28th. Citigroup dropped their price objective on Nabors Industries from $8.00 to $6.70 and set a “buy” rating on the stock in a research note on Tuesday. Zacks Investment Research upgraded Nabors Industries from a “strong sell” rating to a “hold” rating in a research note on Wednesday, March 6th. Raymond James downgraded Nabors Industries from a “strong-buy” rating to a “market perform” rating and set a $2.75 price objective on the stock. in a research note on Thursday, December 13th. Finally, Cowen downgraded Nabors Industries from an “outperform” rating to a “market perform” rating and set a $2.75 price objective on the stock. in a research note on Thursday, January 17th. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating and nine have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $7.13.
The stock has a market capitalization of $1.24 billion, a PE ratio of -2.60 and a beta of 2.29. The company has a quick ratio of 1.72, a current ratio of 1.92 and a debt-to-equity ratio of 1.30.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 2nd. Shareholders of record on Tuesday, March 12th will be given a dividend of $0.01 per share. The ex-dividend date of this dividend is Monday, March 11th. This represents a $0.04 annualized dividend and a dividend yield of 1.22%. Nabors Industries’s dividend payout ratio is currently -3.17%.
Several large investors have recently bought and sold shares of NBR. BlackRock Inc. lifted its position in shares of Nabors Industries by 43.5% during the fourth quarter. BlackRock Inc. now owns 42,020,803 shares of the oil and gas company’s stock worth $84,041,000 after acquiring an additional 12,741,524 shares in the last quarter. Norges Bank purchased a new stake in shares of Nabors Industries during the fourth quarter worth $7,534,000. Perella Weinberg Partners Capital Management LP increased its holdings in shares of Nabors Industries by 5,083.2% in the fourth quarter. Perella Weinberg Partners Capital Management LP now owns 2,558,594 shares of the oil and gas company’s stock worth $5,117,000 after purchasing an additional 2,509,231 shares during the period. Two Sigma Investments LP increased its holdings in shares of Nabors Industries by 23,545.7% in the fourth quarter. Two Sigma Investments LP now owns 2,364,566 shares of the oil and gas company’s stock worth $4,729,000 after purchasing an additional 2,354,566 shares during the period. Finally, Dimensional Fund Advisors LP increased its holdings in shares of Nabors Industries by 8.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 29,443,173 shares of the oil and gas company’s stock worth $58,887,000 after purchasing an additional 2,289,996 shares during the period. Hedge funds and other institutional investors own 86.65% of the company’s stock.
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Nabors Industries Company Profile (NYSE:NBR)
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. Drilling, Canada Drilling, International Drilling, Drilling Solutions, and Rig Technologies. The company offers equipment manufacturing, rig instrumentation, optimization software, and directional drilling services.
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