Nabors Industries Ltd. (NYSE:NBR) PT Lowered to $9.00 at Morgan Stanley

Nabors Industries Ltd. (NYSE:NBR) had its target price lowered by Morgan Stanley from $10.00 to $9.00 in a research report sent to investors on Monday, August 7th. The firm currently has an equal weight rating on the oil and gas company’s stock.

Several other brokerages have also weighed in on NBR. BMO Capital Markets set a $15.00 price objective on shares of Nabors Industries and gave the company a hold rating in a report on Wednesday, April 12th. Jefferies Group LLC reiterated a hold rating and set a $15.00 price objective on shares of Nabors Industries in a report on Tuesday, April 25th. Goldman Sachs Group, Inc. (The) lowered shares of Nabors Industries from a conviction-buy rating to a buy rating and upped their price objective for the company from $17.50 to $18.00 in a report on Friday, April 28th. Credit Suisse Group set a $18.00 price objective on shares of Nabors Industries and gave the company a buy rating in a report on Sunday, April 30th. Finally, Citigroup Inc. restated a buy rating on shares of Nabors Industries in a report on Wednesday, May 10th. Three analysts have rated the stock with a sell rating, seven have given a hold rating and nineteen have assigned a buy rating to the company. The stock presently has an average rating of Buy and an average price target of $14.00.

Nabors Industries (NYSE:NBR) traded up 3.46% during trading on Monday, reaching $6.57. The company’s stock had a trading volume of 9,003,443 shares. The company’s market cap is $1.88 billion. The stock’s 50-day moving average is $7.43 and its 200 day moving average is $10.76. Nabors Industries has a 12 month low of $6.18 and a 12 month high of $18.40.

Nabors Industries (NYSE:NBR) last announced its quarterly earnings data on Wednesday, August 2nd. The oil and gas company reported ($0.38) earnings per share for the quarter, missing the consensus estimate of ($0.35) by $0.03. Nabors Industries had a negative net margin of 32.35% and a negative return on equity of 13.31%. The company had revenue of $630.50 million for the quarter, compared to analyst estimates of $589.79 million. During the same quarter in the prior year, the company posted ($0.35) EPS. Nabors Industries’s revenue for the quarter was up 21.9% on a year-over-year basis. On average, equities analysts forecast that Nabors Industries will post ($1.49) EPS for the current fiscal year.

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The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 3rd. Stockholders of record on Tuesday, September 12th will be given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 3.65%. The ex-dividend date of this dividend is Monday, September 11th. Nabors Industries’s dividend payout ratio is currently -9.41%.

In related news, CFO William J. Restrepo bought 22,000 shares of Nabors Industries stock in a transaction dated Tuesday, May 30th. The stock was purchased at an average cost of $8.25 per share, with a total value of $181,500.00. Following the transaction, the chief financial officer now directly owns 959,694 shares of the company’s stock, valued at $7,917,475.50. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 4.10% of the stock is owned by corporate insiders.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in NBR. Invictus RG bought a new position in Nabors Industries during the first quarter worth $109,000. Aviance Capital Management LLC acquired a new stake in shares of Nabors Industries during the first quarter worth approximately $143,000. Coconut Grove Bank boosted its stake in shares of Nabors Industries by 47.1% in the first quarter. Coconut Grove Bank now owns 10,960 shares of the oil and gas company’s stock worth $143,000 after buying an additional 3,510 shares during the last quarter. Point72 Asia Hong Kong Ltd boosted its stake in shares of Nabors Industries by 92.2% in the first quarter. Point72 Asia Hong Kong Ltd now owns 11,262 shares of the oil and gas company’s stock worth $147,000 after buying an additional 5,401 shares during the last quarter. Finally, Harbour Capital Advisors LLC boosted its stake in shares of Nabors Industries by 714.0% in the second quarter. Harbour Capital Advisors LLC now owns 11,396 shares of the oil and gas company’s stock worth $1,400,000 after buying an additional 9,996 shares during the last quarter. 98.65% of the stock is 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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