Nabors Industries (NYSE:NBR) Stock Price Down 9.1% on Analyst Downgrade

Nabors Industries Ltd. (NYSE:NBR) dropped 9.1% on Tuesday after Citigroup lowered their price target on the stock from $2.50 to $2.25. Citigroup currently has a neutral rating on the stock. Nabors Industries traded as low as $1.68 and last traded at $1.70, approximately 13,993,124 shares changed hands during mid-day trading. An increase of 9% from the average daily volume of 12,791,501 shares. The stock had previously closed at $1.87.

A number of other research firms also recently weighed in on NBR. Wells Fargo & Co downgraded Nabors Industries from an “outperform” rating to an “underperform” rating and set a $2.00 price objective for the company. in a report on Thursday, September 12th. Royal Bank of Canada downgraded Nabors Industries from an “outperform” rating to a “sector perform” rating and decreased their price objective for the company from $9.00 to $3.50 in a report on Wednesday, September 25th. Susquehanna Bancshares set a $3.00 price objective on Nabors Industries and gave the company a “hold” rating in a report on Wednesday, July 31st. Bank of America downgraded Nabors Industries from a “buy” rating to a “neutral” rating in a report on Wednesday, August 28th. Finally, AltaCorp Capital restated a “sector perform” rating on shares of Nabors Industries in a report on Thursday, June 20th. Three analysts have rated the stock with a sell rating, twelve have given a hold rating and six have assigned a buy rating to the stock. Nabors Industries presently has an average rating of “Hold” and an average target price of $4.66.

In other Nabors Industries news, Director Tanya S. Beder purchased 50,000 shares of the firm’s stock in a transaction on Thursday, August 8th. The stock was purchased at an average cost of $2.31 per share, for a total transaction of $115,500.00. Following the acquisition, the director now owns 219,409 shares in the company, valued at approximately $506,834.79. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 4.02% of the company’s stock.

A number of institutional investors have recently modified their holdings of NBR. Teza Capital Management LLC boosted its position in shares of Nabors Industries by 27.7% during the 1st quarter. Teza Capital Management LLC now owns 13,967 shares of the oil and gas company’s stock worth $48,000 after purchasing an additional 3,027 shares in the last quarter. Mason Street Advisors LLC boosted its position in shares of Nabors Industries by 3.7% during the 1st quarter. Mason Street Advisors LLC now owns 104,858 shares of the oil and gas company’s stock worth $361,000 after purchasing an additional 3,744 shares in the last quarter. Advisory Services Network LLC boosted its position in shares of Nabors Industries by 26.2% during the 2nd quarter. Advisory Services Network LLC now owns 21,780 shares of the oil and gas company’s stock worth $63,000 after purchasing an additional 4,515 shares in the last quarter. BB&T Corp boosted its position in shares of Nabors Industries by 31.4% during the 2nd quarter. BB&T Corp now owns 20,500 shares of the oil and gas company’s stock worth $59,000 after purchasing an additional 4,900 shares in the last quarter. Finally, Point72 Hong Kong Ltd boosted its position in shares of Nabors Industries by 40.8% during the 2nd quarter. Point72 Hong Kong Ltd now owns 20,268 shares of the oil and gas company’s stock worth $59,000 after purchasing an additional 5,877 shares in the last quarter. Hedge funds and other institutional investors own 79.35% of the company’s stock.

The company has a market cap of $701.47 million, a P/E ratio of -1.35 and a beta of 2.66. The stock’s 50-day moving average price is $2.03 and its 200-day moving average price is $2.77. The company has a current ratio of 1.90, a quick ratio of 1.67 and a debt-to-equity ratio of 1.45.

Nabors Industries (NYSE:NBR) last released its quarterly earnings data on Monday, July 29th. The oil and gas company reported ($0.61) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.21) by ($0.40). The company had revenue of $771.40 million for the quarter, compared to the consensus estimate of $801.17 million. Nabors Industries had a negative return on equity of 16.01% and a negative net margin of 19.75%. Nabors Industries’s revenue for the quarter was up 1.2% compared to the same quarter last year. During the same period last year, the company earned ($0.42) EPS. On average, research analysts anticipate that Nabors Industries Ltd. will post -1.26 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 2nd. Stockholders of record on Wednesday, September 11th will be given a dividend of $0.01 per share. The ex-dividend date of this dividend is Tuesday, September 10th. This represents a $0.04 dividend on an annualized basis and a dividend yield of 2.35%. Nabors Industries’s dividend payout ratio (DPR) is presently -3.17%.

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

Further Reading: Growth and Income Funds

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