Nabors Industries (NBR) Shares Down 5.2%

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.

Nabors Industries (NYSE:NBR) last posted its earnings results on Tuesday, February 26th. The oil and gas company reported ($0.55) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.17) by ($0.38). The company had revenue of $782.08 million for the quarter, compared to analysts’ expectations of $805.82 million. Nabors Industries had a negative return on equity of 13.75% and a negative net margin of 21.03%. The company’s revenue was up 10.4% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.34) EPS. As a group, analysts forecast that Nabors Industries Ltd. will post -0.74 earnings per share for the current fiscal year.

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.

WARNING: This story was originally posted by Sports Perspectives and is the property of of Sports Perspectives. If you are reading this story on another site, it was stolen and republished in violation of U.S. & international trademark & copyright laws. The original version of this story can be viewed at https://sportsperspectives.com/2019/03/15/nabors-industries-nbr-shares-down-5-2.html.

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.

Featured Story: What are economic reports?

Receive News & Ratings for Nabors Industries Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Nabors Industries and related companies with MarketBeat.com's FREE daily email newsletter.