Nabors Industries (NBR) Shares Down 3.6% Following Weak Earnings

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Nabors Industries Ltd. (NYSE:NBR)’s share price fell 3.6% during mid-day trading on Tuesday following a dissappointing earnings announcement. The company traded as low as $4.82 and last traded at $4.71. 11,415,529 shares traded hands during trading, a decline of 9% from the average session volume of 12,573,226 shares. The stock had previously closed at $4.88.

The oil and gas company reported ($0.31) EPS for the quarter, missing analysts’ consensus estimates of ($0.20) by ($0.11). The business had revenue of $779.43 million during the quarter, compared to the consensus estimate of $800.78 million. Nabors Industries had a negative return on equity of 14.26% and a negative net margin of 19.25%. The company’s revenue for the quarter was up 17.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.42) earnings per share.

A number of research firms have recently commented on NBR. BMO Capital Markets reiterated a “hold” rating and issued a $6.50 price objective on shares of Nabors Industries in a research note on Thursday. Citigroup dropped their price objective on Nabors Industries from $10.00 to $9.00 and set a “buy” rating on the stock in a research note on Wednesday, July 11th. Piper Jaffray Companies set a $9.00 price objective on Nabors Industries and gave the stock a “hold” rating in a research note on Tuesday, August 7th. Seaport Global Securities reiterated a “buy” rating and issued a $11.00 price objective on shares of Nabors Industries in a research note on Thursday, August 2nd. Finally, Bank of America began coverage on Nabors Industries in a research note on Wednesday, October 17th. They issued a “buy” rating on the stock. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and eleven have given a buy rating to the company. Nabors Industries currently has a consensus rating of “Buy” and an average price target of $9.04.

A number of institutional investors and hedge funds have recently modified their holdings of NBR. NumerixS Investment Technologies Inc bought a new position in Nabors Industries during the second quarter valued at about $106,000. Signition LP bought a new position in Nabors Industries during the second quarter valued at about $133,000. FNY Investment Advisers LLC increased its stake in Nabors Industries by 19,946.4% during the third quarter. FNY Investment Advisers LLC now owns 22,051 shares of the oil and gas company’s stock valued at $135,000 after acquiring an additional 21,941 shares during the period. Commerzbank Aktiengesellschaft FI bought a new position in Nabors Industries during the second quarter valued at about $139,000. Finally, Cerebellum GP LLC acquired a new stake in Nabors Industries during the second quarter valued at approximately $177,000. Hedge funds and other institutional investors own 96.55% of the company’s stock.

The company has a quick ratio of 1.84, a current ratio of 2.04 and a debt-to-equity ratio of 1.24. The firm has a market cap of $1.70 billion, a price-to-earnings ratio of -3.17 and a beta of 1.63.

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., Canada, International, Drilling Solutions, and Rig Technologies. The company offers equipment manufacturing, rig instrumentation, optimization software, and directional drilling services.

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