An issue of Nabors Industries Ltd. (NYSE:NBR) bonds rose 4% as a percentage of their face value during trading on Monday. The high-yield issue of debt has a 5.5% coupon and is set to mature on January 15, 2023. The debt is now trading at $85.00 and was trading at $80.25 one week ago. Price changes in a company’s bonds in credit markets often predict parallel changes in its share price.
Several research analysts have weighed in on NBR shares. Royal Bank of Canada set a $12.00 price target on Nabors Industries and gave the stock a “buy” rating in a research report on Thursday, September 20th. Piper Jaffray Companies set a $8.00 target price on Nabors Industries and gave the stock a “hold” rating in a report on Wednesday, October 3rd. Wolfe Research began coverage on Nabors Industries in a report on Wednesday, October 10th. They set an “outperform” rating on the stock. Cowen reissued a “buy” rating and set a $11.00 target price on shares of Nabors Industries in a report on Friday, October 12th. Finally, Guggenheim reissued a “buy” rating and set a $11.00 target price on shares of Nabors Industries in a report on Friday, October 12th. Three equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and eleven have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $8.52.
NBR traded up $0.33 during trading on Wednesday, hitting $2.96. The stock had a trading volume of 31,137,250 shares, compared to its average volume of 23,689,064. The company has a market capitalization of $855.13 million, a PE ratio of -1.82 and a beta of 1.95. Nabors Industries Ltd. has a one year low of $1.81 and a one year high of $8.86. The company has a debt-to-equity ratio of 1.26, a current ratio of 2.05 and a quick ratio of 1.82.
Nabors Industries (NYSE:NBR) last released its quarterly earnings results on Tuesday, October 30th. The oil and gas company reported ($0.31) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.20) by ($0.11). The firm had revenue of $779.43 million during the quarter, compared to the consensus estimate of $800.78 million. Nabors Industries had a negative net margin of 19.25% and a negative return on equity of 14.21%. The business’s revenue for the quarter was up 17.7% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.42) earnings per share. Equities analysts anticipate that Nabors Industries Ltd. will post -1.22 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Thursday, January 3rd. Investors of record on Thursday, December 13th were paid a $0.06 dividend. The ex-dividend date was Wednesday, December 12th. This represents a $0.24 annualized dividend and a yield of 8.11%. Nabors Industries’s dividend payout ratio (DPR) is presently -14.72%.
In related news, Director John P. Kotts bought 100,000 shares of the business’s stock in a transaction dated Tuesday, November 6th. The stock was purchased at an average cost of $5.61 per share, for a total transaction of $561,000.00. Following the transaction, the director now owns 301,949 shares in the company, valued at approximately $1,693,933.89. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director John Yearwood bought 197,000 shares of the business’s stock in a transaction dated Thursday, November 1st. The shares were bought at an average price of $5.14 per share, with a total value of $1,012,580.00. The disclosure for this purchase can be found here. Insiders own 4.15% of the company’s stock.
Several large investors have recently added to or reduced their stakes in the company. BlackRock Inc. lifted its position in shares of Nabors Industries by 12.3% during the 2nd quarter. BlackRock Inc. now owns 31,330,733 shares of the oil and gas company’s stock valued at $200,829,000 after acquiring an additional 3,443,863 shares during the period. Vanguard Group Inc. lifted its position in shares of Nabors Industries by 0.8% during the 3rd quarter. Vanguard Group Inc. now owns 31,147,447 shares of the oil and gas company’s stock valued at $191,869,000 after acquiring an additional 246,670 shares during the period. Vanguard Group Inc lifted its position in shares of Nabors Industries by 0.8% during the 3rd quarter. Vanguard Group Inc now owns 31,147,447 shares of the oil and gas company’s stock worth $191,869,000 after buying an additional 246,670 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Nabors Industries by 2.1% during the 3rd quarter. Dimensional Fund Advisors LP now owns 27,153,177 shares of the oil and gas company’s stock worth $167,261,000 after buying an additional 549,820 shares during the last quarter. Finally, Deprince Race & Zollo Inc. lifted its position in shares of Nabors Industries by 26.0% during the 3rd quarter. Deprince Race & Zollo Inc. now owns 6,106,150 shares of the oil and gas company’s stock worth $37,614,000 after buying an additional 1,261,551 shares during the last quarter. Hedge funds and other institutional investors own 88.88% of the company’s stock.
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., Canada, International, Drilling Solutions, and Rig Technologies. The company offers equipment manufacturing, rig instrumentation, optimization software, and directional drilling services.
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