Nabors Industries (NYSE:NBR) Shares Gap Down to $2.54

Nabors Industries Ltd. (NYSE:NBR) gapped down before the market opened on Friday . The stock had previously closed at $2.19, but opened at $2.54. Nabors Industries shares last traded at $2.51, with a volume of 81,424 shares trading hands.

Several equities research analysts have recently commented on NBR shares. Morgan Stanley reduced their target price on Nabors Industries from $6.00 to $5.00 and set an “overweight” rating for the company in a report on Friday, July 12th. Susquehanna Bancshares set a $3.00 target price on Nabors Industries and gave the company a “hold” rating in a report on Wednesday. AltaCorp Capital reaffirmed a “sector perform” rating on shares of Nabors Industries in a report on Thursday, June 20th. Citigroup set a $3.00 target price on Nabors Industries and gave the company a “hold” rating in a report on Tuesday, July 2nd. Finally, ValuEngine raised Nabors Industries from a “sell” rating to a “hold” rating in a report on Thursday. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and eight have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $6.15.

The stock has a 50 day moving average price of $2.50. The firm has a market capitalization of $923.33 million, a PE ratio of -2.08 and a beta of 2.50. The company has a quick ratio of 1.89, a current ratio of 1.90 and a debt-to-equity ratio of 1.45.

Nabors Industries (NYSE:NBR) last announced its quarterly earnings data on Monday, July 29th. The oil and gas company reported ($0.61) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.21) by ($0.40). The business had revenue of $771.40 million during the quarter, compared to analysts’ expectations of $801.17 million. Nabors Industries had a negative return on equity of 16.01% and a negative net margin of 19.75%. The firm’s revenue was up 1.2% on a year-over-year basis. During the same period in the prior year, the company posted ($0.42) earnings per share. On average, research analysts expect that Nabors Industries Ltd. will post -0.92 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 2nd. Investors of record on Wednesday, September 11th will be paid a $0.01 dividend. This represents a $0.04 annualized dividend and a yield of 1.53%. The ex-dividend date of this dividend is Tuesday, September 10th. Nabors Industries’s dividend payout ratio is currently -3.17%.

In other Nabors Industries news, CFO William J. Restrepo acquired 177,100 shares of Nabors Industries stock in a transaction that occurred on Friday, June 14th. The stock was purchased at an average cost of $2.03 per share, with a total value of $359,513.00. Following the purchase, the chief financial officer now owns 2,136,255 shares in the company, valued at $4,336,597.65. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 4.02% of the stock is currently owned by corporate insiders.

Hedge funds have recently modified their holdings of the business. Versant Capital Management Inc increased its position in Nabors Industries by 921.4% in the 1st quarter. Versant Capital Management Inc now owns 7,579 shares of the oil and gas company’s stock worth $26,000 after purchasing an additional 6,837 shares during the last quarter. Fiera Capital Corp acquired a new position in Nabors Industries in the 1st quarter worth about $39,000. Traynor Capital Management Inc. acquired a new position in Nabors Industries in the 1st quarter worth about $39,000. WINTON GROUP Ltd acquired a new position in Nabors Industries in the 2nd quarter worth about $36,000. Finally, Teza Capital Management LLC increased its position in Nabors Industries by 27.7% in the 1st quarter. Teza Capital Management LLC now owns 13,967 shares of the oil and gas company’s stock worth $48,000 after purchasing an additional 3,027 shares during the last quarter. 79.68% of the stock is currently owned by institutional investors.

About Nabors Industries (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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