Nabors Industries (NYSE:NBR) Shares Gap Up to $2.83

Shares of Nabors Industries Ltd. (NYSE:NBR) gapped up prior to trading on Thursday . The stock had previously closed at $2.94, but opened at $2.83. Nabors Industries shares last traded at $2.80, with a volume of 232,346 shares trading hands.

A number of brokerages have recently commented on NBR. AltaCorp Capital reaffirmed a “sector perform” rating on shares of Nabors Industries in a research note on Thursday, June 20th. Zacks Investment Research raised Nabors Industries from a “strong sell” rating to a “hold” rating in a research note on Wednesday, March 6th. ValuEngine cut Nabors Industries from a “hold” rating to a “sell” rating in a research note on Wednesday, May 1st. Citigroup cut Nabors Industries from a “buy” rating to a “neutral” rating in a research note on Thursday, March 14th. Finally, Goldman Sachs Group began coverage on Nabors Industries in a research note on Sunday, March 10th. They issued a “neutral” rating and a $4.00 price target for the company. Three equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and nine have given a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $7.13.

The company has a debt-to-equity ratio of 1.39, a current ratio of 2.11 and a quick ratio of 1.89. The firm’s 50-day moving average is $2.72. The firm has a market cap of $1.05 billion, a price-to-earnings ratio of -2.30 and a beta of 2.43.

Nabors Industries (NYSE:NBR) last issued its quarterly earnings data on Tuesday, April 30th. The oil and gas company reported ($0.36) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.25) by ($0.11). Nabors Industries had a negative net margin of 19.68% and a negative return on equity of 14.79%. The business had revenue of $809.31 million during the quarter, compared to analyst estimates of $774.35 million. During the same quarter in the prior year, the firm posted ($0.46) earnings per share. Nabors Industries’s revenue for the quarter was up 10.2% compared to the same quarter last year. On average, sell-side analysts forecast that Nabors Industries Ltd. will post -0.9 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 2nd. Investors of record on Tuesday, June 11th will be given a $0.01 dividend. The ex-dividend date is Monday, June 10th. This represents a $0.04 annualized dividend and a dividend yield of 1.38%. Nabors Industries’s dividend payout ratio is presently -3.17%.

In other Nabors Industries news, CFO William J. Restrepo acquired 177,100 shares of the firm’s stock in a transaction that occurred on Friday, June 14th. The stock was acquired at an average cost of $2.03 per share, for a total transaction of $359,513.00. Following the transaction, the chief financial officer now owns 2,136,255 shares of the company’s stock, valued at $4,336,597.65. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 4.02% of the stock is currently owned by insiders.

Institutional investors and hedge funds have recently modified their holdings of the stock. Teza Capital Management LLC boosted its position in 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 acquiring an additional 3,027 shares during the last quarter. Mason Street Advisors LLC boosted its position in 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 acquiring an additional 3,744 shares during the last quarter. Magnus Financial Group LLC boosted its position in Nabors Industries by 7.7% during the 1st quarter. Magnus Financial Group LLC now owns 54,418 shares of the oil and gas company’s stock worth $187,000 after acquiring an additional 3,902 shares during the last quarter. Vanguard Capital Wealth Advisors boosted its position in Nabors Industries by 45.0% during the 1st quarter. Vanguard Capital Wealth Advisors now owns 14,500 shares of the oil and gas company’s stock worth $49,000 after acquiring an additional 4,500 shares during the last quarter. Finally, State Board of Administration of Florida Retirement System boosted its position in Nabors Industries by 0.9% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 584,963 shares of the oil and gas company’s stock worth $2,012,000 after acquiring an additional 4,990 shares during the last quarter. Institutional investors and hedge funds own 80.91% of the company’s stock.

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.

Recommended Story: Book Value Of Equity Per Share – BVPS Explained

Receive News & Ratings for Nabors Industries Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Nabors Industries and related companies with MarketBeat.com's FREE daily email newsletter.