Nabors Industries (NYSE:NBR) Trading Down 11.8%

Nabors Industries Ltd. (NYSE:NBR) was down 11.8% during trading on Wednesday . The stock traded as low as $2.07 and last traded at $2.09. Approximately 21,120,939 shares were traded during mid-day trading, an increase of 72% from the average daily volume of 12,264,894 shares. The stock had previously closed at $2.37.

Several equities research analysts have recently commented on NBR shares. Argus lowered Nabors Industries from a “hold” rating to a “sell” rating in a research note on Wednesday, February 27th. Societe Generale set a $4.00 price objective on Nabors Industries and gave the stock a “buy” rating in a research note on Thursday, February 28th. Zacks Investment Research upgraded Nabors Industries from a “strong sell” rating to a “hold” rating in a research note on Wednesday, March 6th. Goldman Sachs Group initiated coverage on Nabors Industries in a research note on Sunday, March 10th. They issued a “neutral” rating and a $4.00 price objective for the company. Finally, Citigroup cut their price target on Nabors Industries from $8.00 to $6.70 and set a “buy” rating for the company in a research note on Tuesday, March 12th. Three analysts have rated the stock with a sell rating, eight have issued a hold rating and nine have assigned a buy rating to the company’s stock. Nabors Industries has an average rating of “Hold” and an average price target of $7.13.

The company has a quick ratio of 1.89, a current ratio of 2.11 and a debt-to-equity ratio of 1.39. The company has a market capitalization of $842.52 million, a PE ratio of -1.66 and a beta of 2.43.

Nabors Industries (NYSE:NBR) last issued its quarterly earnings results on Tuesday, April 30th. The oil and gas company reported ($0.36) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.25) by ($0.11). Nabors Industries had a negative return on equity of 14.79% and a negative net margin of 19.68%. The business had revenue of $809.31 million during the quarter, compared to analysts’ expectations of $774.35 million. During the same quarter in the previous year, the company posted ($0.46) EPS. The company’s quarterly revenue was up 10.2% on a year-over-year basis. Analysts expect that Nabors Industries Ltd. will post -0.89 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 2nd. Shareholders of record on Tuesday, June 11th will be issued a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a dividend yield of 1.91%. The ex-dividend date of this dividend is Monday, June 10th. Nabors Industries’s dividend payout ratio (DPR) is presently -3.17%.

Several institutional investors and hedge funds have recently added to or reduced their stakes in NBR. Versant Capital Management Inc lifted its holdings in shares of 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 valued at $26,000 after acquiring an additional 6,837 shares during the last quarter. Fiera Capital Corp bought a new position in shares of Nabors Industries in the 1st quarter valued at about $39,000. Traynor Capital Management Inc. bought a new position in shares of Nabors Industries in the 1st quarter valued at about $39,000. Blueshift Asset Management LLC bought a new position in shares of Nabors Industries in the 1st quarter valued at about $41,000. Finally, Cambridge Investment Research Advisors Inc. bought a new position in shares of Nabors Industries in the 4th quarter valued at about $25,000. 84.14% of the stock is owned by institutional investors and hedge funds.

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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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