Nabors Industries’ (NBR) Buy Rating Reaffirmed at Cowen

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Cowen reaffirmed their buy rating on shares of Nabors Industries (NYSE:NBR) in a research note issued to investors on Friday. They currently have a $11.00 price objective on the oil and gas company’s stock.

NBR has been the subject of a number of other research reports. Wells Fargo & Co raised Nabors Industries from a market perform rating to an outperform rating and set a $8.00 target price for the company in a research report on Friday, June 29th. Morgan Stanley raised Nabors Industries from an equal weight rating to an overweight rating and set a $9.00 target price for the company in a research report on Thursday, July 12th. Guggenheim reaffirmed a buy rating and set a $13.00 price target on shares of Nabors Industries in a research report on Wednesday, August 8th. Wolfe Research started coverage on shares of Nabors Industries in a research report on Wednesday. They set an outperform rating for the company. Finally, Citigroup reduced their price target on shares of Nabors Industries from $10.00 to $9.00 and set a buy rating for the company in a research report on Wednesday, July 11th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and thirteen have assigned a buy rating to the stock. The stock has an average rating of Buy and an average price target of $9.13.

NYSE:NBR traded up $0.17 during mid-day trading on Friday, reaching $6.15. The company’s stock had a trading volume of 8,097,325 shares, compared to its average volume of 10,988,532. Nabors Industries has a 12-month low of $5.32 and a 12-month high of $8.86. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.84 and a current ratio of 2.04. The firm has a market cap of $2.20 billion, a price-to-earnings ratio of -3.77 and a beta of 1.63.

Nabors Industries (NYSE:NBR) last issued its earnings results on Tuesday, July 31st. The oil and gas company reported ($0.39) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.24) by ($0.15). Nabors Industries had a negative return on equity of 14.97% and a negative net margin of 21.21%. The business had revenue of $761.92 million during the quarter, compared to analysts’ expectations of $755.76 million. During the same period last year, the firm posted ($0.41) EPS. Nabors Industries’s quarterly revenue was up 20.7% compared to the same quarter last year. As a group, research analysts predict that Nabors Industries will post -1.03 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 2nd. Stockholders of record on Tuesday, September 11th were given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 3.90%. The ex-dividend date was Monday, September 10th. Nabors Industries’s payout ratio is currently -14.72%.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. CIBC World Markets Inc. grew its stake in shares of Nabors Industries by 8.8% during the 1st quarter. CIBC World Markets Inc. now owns 96,390 shares of the oil and gas company’s stock valued at $674,000 after acquiring an additional 7,780 shares during the period. Glen Harbor Capital Management LLC grew its stake in shares of Nabors Industries by 34.4% during the 2nd quarter. Glen Harbor Capital Management LLC now owns 31,968 shares of the oil and gas company’s stock valued at $205,000 after acquiring an additional 8,176 shares during the period. Legal & General Group Plc grew its stake in shares of Nabors Industries by 1.3% during the 1st quarter. Legal & General Group Plc now owns 668,484 shares of the oil and gas company’s stock valued at $4,673,000 after acquiring an additional 8,486 shares during the period. Riverhead Capital Management LLC grew its stake in shares of Nabors Industries by 34.6% during the 2nd quarter. Riverhead Capital Management LLC now owns 35,397 shares of the oil and gas company’s stock valued at $227,000 after acquiring an additional 9,100 shares during the period. Finally, SCP Investment LP grew its stake in shares of Nabors Industries by 4.5% during the 2nd quarter. SCP Investment LP now owns 230,000 shares of the oil and gas company’s stock valued at $1,474,000 after acquiring an additional 10,000 shares during the period. 96.20% 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., Canada, International, Drilling Solutions, and Rig Technologies. The company offers equipment manufacturing, rig instrumentation, optimization software, and directional drilling services.

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Analyst Recommendations for Nabors Industries (NYSE:NBR)

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