Nabors Industries Ltd. (NBR) Raised to “Buy” at Guggenheim

Guggenheim upgraded shares of Nabors Industries Ltd. (NYSE:NBR) from a neutral rating to a buy rating in a research report sent to investors on Tuesday morning, MarketBeat.com reports. Guggenheim currently has $10.00 price target on the oil and gas company’s stock.

NBR has been the subject of several other research reports. Evercore ISI restated an outperform rating and set a $18.00 target price on shares of Nabors Industries in a report on Tuesday, June 20th. ValuEngine cut shares of Nabors Industries from a hold rating to a sell rating in a research note on Saturday, May 27th. Jefferies Group LLC set a $12.00 price target on shares of Nabors Industries and gave the company a hold rating in a research note on Tuesday, June 6th. UBS AG reiterated a buy rating and issued a $11.00 price target (down previously from $17.00) on shares of Nabors Industries in a research note on Thursday, July 6th. Finally, BMO Capital Markets reiterated a hold rating and issued a $8.00 price target (down previously from $13.00) on shares of Nabors Industries in a research note on Thursday, July 13th. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and nineteen have given a buy rating to the stock. The company has a consensus rating of Buy and a consensus target price of $14.00.

Shares of Nabors Industries (NYSE:NBR) traded up 1.42% during midday trading on Tuesday, hitting $6.44. 1,553,750 shares of the company’s stock were exchanged. The company has a 50-day moving average of $7.48 and a 200-day moving average of $10.82. The firm’s market cap is $1.84 billion. Nabors Industries has a 52 week low of $6.18 and a 52 week high of $18.40.

Nabors Industries (NYSE:NBR) last announced its earnings results on Wednesday, August 2nd. The oil and gas company reported ($0.38) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.35) by $0.03. Nabors Industries had a negative return on equity of 13.31% and a negative net margin of 32.35%. The business had revenue of $630.50 million for the quarter, compared to analyst estimates of $589.79 million. During the same quarter in the previous year, the company posted ($0.35) EPS. The business’s revenue for the quarter was up 21.9% compared to the same quarter last year. Equities research analysts expect that Nabors Industries will post ($1.49) EPS for the current fiscal year.

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The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 3rd. Shareholders of record on Tuesday, September 12th will be issued a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 3.78%. The ex-dividend date of this dividend is Monday, September 11th. Nabors Industries’s dividend payout ratio is currently -9.41%.

In other news, CFO William J. Restrepo bought 22,000 shares of the firm’s stock in a transaction on Tuesday, May 30th. The shares were purchased 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 in the company, valued at $7,917,475.50. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. 4.10% of the stock is owned by company insiders.

Institutional investors have recently added to or reduced their stakes in the stock. Wright Investors Service Inc. raised its position in Nabors Industries by 2.2% in the second quarter. Wright Investors Service Inc. now owns 12,560 shares of the oil and gas company’s stock valued at $102,000 after buying an additional 265 shares in the last quarter. Frontier Wealth Management LLC raised its position in Nabors Industries by 11.4% in the second quarter. Frontier Wealth Management LLC now owns 12,561 shares of the oil and gas company’s stock valued at $102,000 after buying an additional 1,284 shares in the last quarter. Invictus RG purchased a new position in Nabors Industries during the first quarter valued at approximately $109,000. Carlton Hofferkamp & Jenks Wealth Management LLC raised its position in Nabors Industries by 3.3% in the second quarter. Carlton Hofferkamp & Jenks Wealth Management LLC now owns 13,550 shares of the oil and gas company’s stock valued at $110,000 after buying an additional 435 shares in the last quarter. Finally, M&T Bank Corp raised its position in Nabors Industries by 6.0% in the second quarter. M&T Bank Corp now owns 16,320 shares of the oil and gas company’s stock valued at $133,000 after buying an additional 925 shares in the last quarter. 98.65% of the stock is currently owned by hedge funds and other institutional investors.

Nabors Industries Company Profile

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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