Nabors Industries (NYSE:NBR) Trading 9.6% Higher

Nabors Industries Ltd. (NYSE:NBR) shares traded up 9.6% during trading on Friday . The stock traded as high as $1.95 and last traded at $1.95, 14,792,321 shares were traded during mid-day trading. An increase of 13% from the average session volume of 13,121,809 shares. The stock had previously closed at $1.78.

Several analysts recently commented on the company. Susquehanna Bancshares set a $3.00 price objective on Nabors Industries and gave the stock a “hold” rating in a report on Wednesday, July 31st. Morgan Stanley cut their price objective on Nabors Industries from $6.00 to $5.00 and set an “overweight” rating for the company in a report on Friday, July 12th. AltaCorp Capital reaffirmed a “sector perform” rating on shares of Nabors Industries in a report on Thursday, June 20th. Citigroup set a $3.00 price objective on Nabors Industries and gave the stock 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, August 1st. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and seven have given a buy rating to the stock. Nabors Industries has an average rating of “Hold” and an average target price of $5.75.

The company has a fifty day simple moving average of $2.44 and a 200-day simple moving average of $3.01. The company has a quick ratio of 1.67, a current ratio of 1.90 and a debt-to-equity ratio of 1.45. The firm has a market cap of $701.48 million, a P/E ratio of -1.55 and a beta of 2.51.

Nabors Industries (NYSE:NBR) last released its quarterly earnings results on Monday, July 29th. The oil and gas company reported ($0.61) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.21) by ($0.40). Nabors Industries had a negative net margin of 19.75% and a negative return on equity of 16.01%. The company had revenue of $771.40 million for the quarter, compared to the consensus estimate of $801.17 million. During the same period in the prior year, the firm posted ($0.42) EPS. The business’s revenue for the quarter was up 1.2% on a year-over-year basis. As a group, research analysts forecast that Nabors Industries Ltd. will post -1.1 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 2nd. Shareholders of record on Wednesday, September 11th will be issued a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a yield of 2.05%. The ex-dividend date is Tuesday, September 10th. Nabors Industries’s dividend payout ratio is presently -3.17%.

In related news, CFO William J. Restrepo purchased 177,100 shares of the business’s stock in a transaction on Friday, June 14th. The stock was acquired at an average price of $2.03 per share, with a total value of $359,513.00. Following the completion of the acquisition, the chief financial officer now owns 2,136,255 shares of the company’s stock, valued at approximately $4,336,597.65. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Tanya S. Beder purchased 50,000 shares of the business’s stock in a transaction on Thursday, August 8th. The shares were bought at an average cost of $2.31 per share, with a total value of $115,500.00. Following the acquisition, the director now directly owns 219,409 shares of the company’s stock, valued at approximately $506,834.79. The disclosure for this purchase can be found here. Insiders own 4.02% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Versant Capital Management Inc boosted its stake in shares of Nabors Industries by 921.4% in the first quarter. Versant Capital Management Inc now owns 7,579 shares of the oil and gas company’s stock worth $26,000 after acquiring an additional 6,837 shares during the period. WINTON GROUP Ltd bought a new position in shares of Nabors Industries in the second quarter worth about $36,000. Man Group plc bought a new position in shares of Nabors Industries in the second quarter worth about $38,000. Fiera Capital Corp bought a new position in shares of Nabors Industries in the first quarter worth about $39,000. Finally, Teza Capital Management LLC boosted its stake in shares of Nabors Industries by 27.7% in the first quarter. Teza Capital Management LLC now owns 13,967 shares of the oil and gas company’s stock worth $48,000 after acquiring an additional 3,027 shares during the period. 79.27% of the stock is owned by hedge funds and other institutional investors.

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.

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