Nabors Industries Ltd. (NBR) Shares Down 0.5% on Analyst Downgrade

Shares of Nabors Industries Ltd. (NYSE:NBR) dropped 0.5% on Monday after UBS AG lowered their price target on the stock from $11.00 to $10.00. UBS AG currently has a buy rating on the stock. Nabors Industries traded as low as $5.32 and last traded at $5.58. Approximately 7,748,587 shares changed hands during mid-day trading, a decline of 19% from the average daily volume of 9,551,990 shares. The stock had previously closed at $5.55.

A number of other analysts have also recently commented on the stock. Wells Fargo & Company cut shares of Nabors Industries from an “outperform” rating to a “market perform” rating in a research note on Friday, July 7th. Zacks Investment Research cut shares of Nabors Industries from a “hold” rating to a “sell” rating in a research note on Tuesday, July 11th. BMO Capital Markets reiterated a “hold” rating and issued a $8.00 target price (down from $13.00) on shares of Nabors Industries in a research note on Thursday, July 13th. Jefferies Group LLC reiterated a “hold” rating and issued a $11.50 target price on shares of Nabors Industries in a research note on Friday, July 14th. Finally, BidaskClub cut shares of Nabors Industries from a “sell” rating to a “strong sell” rating in a research note on Friday, July 28th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating and seventeen have given a buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $11.64.

Large investors have recently bought and sold shares of the company. Wright Investors Service Inc. increased its holdings in shares of Nabors Industries by 2.2% during the 2nd quarter. Wright Investors Service Inc. now owns 12,560 shares of the oil and gas company’s stock valued at $102,000 after purchasing an additional 265 shares in the last quarter. Frontier Wealth Management LLC increased its holdings in shares of Nabors Industries by 11.4% during the 2nd quarter. Frontier Wealth Management LLC now owns 12,561 shares of the oil and gas company’s stock valued at $102,000 after purchasing an additional 1,284 shares in the last quarter. Carlton Hofferkamp & Jenks Wealth Management LLC increased its holdings in shares of Nabors Industries by 3.3% during the 2nd 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 purchasing an additional 435 shares in the last quarter. Clear Harbor Asset Management LLC purchased a new position in shares of Nabors Industries during the 3rd quarter valued at approximately $121,000. Finally, M&T Bank Corp increased its holdings in shares of Nabors Industries by 6.0% during the 2nd quarter. M&T Bank Corp now owns 16,320 shares of the oil and gas company’s stock valued at $133,000 after purchasing an additional 925 shares in the last quarter. 95.77% of the stock is owned by hedge funds and other institutional investors.

The firm’s 50-day moving average is $7.32 and its 200-day moving average is $8.13. The stock’s market capitalization is $1.59 billion.

Nabors Industries (NYSE:NBR) last released its quarterly earnings data on Tuesday, October 24th. The oil and gas company reported ($0.42) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.33) by ($0.09). The business had revenue of $662.50 million during the quarter, compared to analysts’ expectations of $674.03 million. Nabors Industries had a negative return on equity of 14.74% and a negative net margin of 31.99%. The company’s revenue was up 27.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.55) EPS. On average, equities research analysts anticipate that Nabors Industries Ltd. will post ($1.58) earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 3rd. Shareholders of record on Tuesday, September 12th were given a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 4.32%. The ex-dividend date was Monday, September 11th. Nabors Industries’s payout ratio is -8.96%.

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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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