Nabors Industries (NYSE:NBR) Downgraded by Wells Fargo & Co to Underperform

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Wells Fargo & Co downgraded shares of Nabors Industries (NYSE:NBR) from an outperform rating to an underperform rating in a research note issued to investors on Thursday, BenzingaRatingsTable reports. The brokerage currently has $2.00 price target on the oil and gas company’s stock.

A number of other research firms also recently weighed in on NBR. Bank of America downgraded Nabors Industries from a buy rating to a neutral rating in a report on Wednesday, August 28th. ValuEngine upgraded Nabors Industries from a sell rating to a hold rating in a research report on Thursday, August 1st. Susquehanna Bancshares set a $3.00 price target on Nabors Industries and gave the stock a hold rating in a research report on Wednesday, July 31st. Morgan Stanley reduced their price target on Nabors Industries from $6.00 to $5.00 and set an overweight rating for the company in a research report on Friday, July 12th. Finally, AltaCorp Capital restated a sector perform rating on shares of Nabors Industries in a research report on Thursday, June 20th. Three analysts have rated the stock with a sell rating, eleven have given a hold rating and six have given a buy rating to the company. The stock presently has a consensus rating of Hold and a consensus price target of $5.46.

NBR stock opened at $2.30 on Thursday. Nabors Industries has a fifty-two week low of $1.60 and a fifty-two week high of $6.65. The business’s 50-day moving average is $2.09 and its two-hundred day moving average is $2.86. The company has a debt-to-equity ratio of 1.45, a quick ratio of 1.67 and a current ratio of 1.90. The company has a market cap of $803.24 million, a price-to-earnings ratio of -1.83 and a beta of 2.65.

Nabors Industries (NYSE:NBR) last posted its earnings results on Monday, July 29th. The oil and gas company reported ($0.61) earnings per share for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $771.40 million during the quarter, compared to the consensus estimate of $801.17 million. During the same period in the prior year, the company posted ($0.42) EPS. The firm’s revenue was up 1.2% compared to the same quarter last year. Equities analysts predict that Nabors Industries will post -1.17 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 2nd. Investors of record on Wednesday, September 11th will be paid a dividend of $0.01 per share. This represents a $0.04 dividend on an annualized basis and a yield of 1.74%. The ex-dividend date is Tuesday, September 10th. Nabors Industries’s payout ratio is presently -3.17%.

In other news, Director Tanya S. Beder purchased 50,000 shares of the company’s stock in a transaction that occurred on Thursday, August 8th. The stock was bought at an average cost of $2.31 per share, with a total value of $115,500.00. Following the completion of the purchase, 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 this hyperlink. 4.02% of the stock is currently owned by corporate insiders.

A number of institutional investors have recently made changes to their positions in the stock. Cresset Asset Management LLC lifted its stake in shares of Nabors Industries by 527.8% in the 2nd quarter. Cresset Asset Management LLC now owns 11,521 shares of the oil and gas company’s stock valued at $33,000 after purchasing an additional 9,686 shares during the last quarter. Magnetar Financial LLC lifted its stake in shares of Nabors Industries by 220.9% in the 2nd quarter. Magnetar Financial LLC now owns 154,716 shares of the oil and gas company’s stock valued at $449,000 after purchasing an additional 106,506 shares during the last quarter. Voloridge Investment Management LLC bought a new stake in shares of Nabors Industries in the 2nd quarter valued at approximately $196,000. Nuveen Asset Management LLC bought a new stake in shares of Nabors Industries in the 2nd quarter valued at approximately $7,393,000. Finally, Price T Rowe Associates Inc. MD lifted its stake in shares of Nabors Industries by 26.8% in the 2nd quarter. Price T Rowe Associates Inc. MD now owns 309,696 shares of the oil and gas company’s stock valued at $898,000 after purchasing an additional 65,483 shares during the last quarter. 79.35% of the stock is owned by institutional investors.

About Nabors Industries

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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Analyst Recommendations for Nabors Industries (NYSE:NBR)

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