A number of other brokerages also recently weighed in on NBR. Citigroup set a $3.00 price objective on shares of Nabors Industries and gave the company a hold rating in a research report on Tuesday, July 2nd. Susquehanna Bancshares set a $3.00 price objective on shares of Nabors Industries and gave the company a hold rating in a research report on Wednesday, July 31st. Morgan Stanley lowered their price objective on shares of Nabors Industries from $6.00 to $5.00 and set an overweight rating on the stock in a research report on Friday, July 12th. AltaCorp Capital restated a sector perform rating on shares of Nabors Industries in a research report on Thursday, June 20th. Finally, ValuEngine raised shares of Nabors Industries from a sell rating to a hold rating in a report on Thursday, August 1st. Three research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and six have given a buy rating to the stock. The company presently has a consensus rating of Hold and an average price target of $5.75.
Nabors Industries stock traded up $0.09 during midday trading on Thursday, reaching $2.30. 6,550,127 shares of the company traded hands, compared to its average volume of 12,843,128. The firm has a market capitalization of $830.51 million, a price-to-earnings ratio of -1.83 and a beta of 2.65. The business has a 50 day moving average of $2.09 and a two-hundred day moving average of $2.86. Nabors Industries has a 12 month low of $1.60 and a 12 month high of $6.65. The company has a debt-to-equity ratio of 1.45, a current ratio of 1.90 and a quick ratio of 1.67.
The firm also recently announced 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. The ex-dividend date of this dividend is Tuesday, September 10th. This represents a $0.04 dividend on an annualized basis and a yield of 1.74%. Nabors Industries’s dividend payout ratio is currently -3.17%.
In other Nabors Industries news, Director Tanya S. Beder bought 50,000 shares of Nabors Industries stock in a transaction on Thursday, August 8th. The stock was acquired at an average cost of $2.31 per share, with a total value of $115,500.00. Following the completion of the acquisition, the director now owns 219,409 shares in the company, valued at $506,834.79. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 4.02% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Cresset Asset Management LLC increased its stake in shares of Nabors Industries by 527.8% in the second quarter. Cresset Asset Management LLC now owns 11,521 shares of the oil and gas company’s stock worth $33,000 after purchasing an additional 9,686 shares in the last quarter. WINTON GROUP Ltd purchased a new stake in shares of Nabors Industries in the second quarter worth $36,000. Man Group plc purchased a new stake in shares of Nabors Industries in the second quarter worth $38,000. Fiera Capital Corp purchased a new stake in shares of Nabors Industries in the first quarter worth $39,000. Finally, Teza Capital Management LLC increased 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 purchasing an additional 3,027 shares in the last quarter. 79.61% of the stock is owned by hedge funds and other institutional investors.
Nabors Industries Company Profile
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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