Nabors Industries (NBR) Shares Down 6.1%

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Nabors Industries Ltd. (NYSE:NBR)’s share price dropped 6.1% on Thursday . The company traded as low as $5.08 and last traded at $5.12. Approximately 10,294,823 shares traded hands during mid-day trading, a decline of 9% from the average daily volume of 11,268,000 shares. The stock had previously closed at $5.45.

NBR has been the subject of a number of recent analyst reports. ValuEngine upgraded Nabors Industries from a “strong sell” rating to a “sell” rating in a research report on Thursday, August 2nd. Seaport Global Securities reiterated a “buy” rating and issued a $11.00 price target on shares of Nabors Industries in a research report on Thursday, August 2nd. Societe Generale upgraded Nabors Industries from a “hold” rating to a “buy” rating and set a $7.00 price target for the company in a research report on Friday, August 3rd. Guggenheim reiterated a “buy” rating and issued a $13.00 price target on shares of Nabors Industries in a research report on Wednesday, August 8th. Finally, Piper Jaffray Companies set a $9.00 price target on Nabors Industries and gave the company a “hold” rating in a research report on Tuesday, August 7th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and eleven have issued a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus price target of $8.96.

The stock has a market capitalization of $1.95 billion, a P/E ratio of -3.21 and a beta of 1.69. The company has a debt-to-equity ratio of 1.26, a current ratio of 2.05 and a quick ratio of 1.84.

Nabors Industries (NYSE:NBR) last announced its quarterly earnings data on Tuesday, October 30th. The oil and gas company reported ($0.31) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.20) by ($0.11). Nabors Industries had a negative return on equity of 14.21% and a negative net margin of 19.25%. The business had revenue of $779.43 million for the quarter, compared to analyst estimates of $800.78 million. During the same quarter in the previous year, the business posted ($0.42) earnings per share. The company’s revenue was up 17.7% compared to the same quarter last year. As a group, equities research analysts forecast that Nabors Industries Ltd. will post -1.18 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 3rd. Shareholders of record on Thursday, December 13th will be given a dividend of $0.06 per share. The ex-dividend date is Wednesday, December 12th. This represents a $0.24 dividend on an annualized basis and a yield of 4.58%. Nabors Industries’s payout ratio is presently -14.72%.

In other Nabors Industries news, Director John P. Kotts acquired 100,000 shares of the firm’s stock in a transaction on 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 of the company’s stock, valued at approximately $1,693,933.89. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director John Yearwood acquired 197,000 shares of the firm’s stock in a transaction on Thursday, November 1st. The shares were acquired 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. Company insiders own 4.15% of the company’s stock.

Several institutional investors and hedge funds have recently bought and sold shares of the company. Glen Harbor Capital Management LLC raised 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 worth $205,000 after purchasing an additional 8,176 shares in the last quarter. Legal & General Group Plc raised 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 worth $4,673,000 after purchasing an additional 8,486 shares in the last quarter. Riverhead Capital Management LLC raised 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 worth $227,000 after purchasing an additional 9,100 shares in the last quarter. SCP Investment LP raised 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 worth $1,474,000 after purchasing an additional 10,000 shares in the last quarter. Finally, Metropolitan Life Insurance Co. NY raised its stake in shares of Nabors Industries by 11.5% during the 2nd quarter. Metropolitan Life Insurance Co. NY now owns 101,334 shares of the oil and gas company’s stock worth $650,000 after purchasing an additional 10,467 shares in the last quarter. 96.82% of the stock is owned by institutional investors.

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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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