Nabors Industries (NBR) Bond Prices Fall 0.7%

An issue of Nabors Industries Ltd. (NYSE:NBR) bonds fell 0.7% as a percentage of their face value during trading on Thursday. The debt issue has a 5.5% coupon and will mature on January 15, 2023. The bonds in the issue are now trading at $99.00 and were trading at $99.50 one week ago. Price moves in a company’s bonds in credit markets often predict parallel moves in its stock price.

NBR has been the topic of several research analyst reports. Morgan Stanley upgraded Nabors Industries from an “equal weight” rating to an “overweight” rating and set a $9.00 target price on the stock in a research note on Thursday, July 12th. Wells Fargo & Co upgraded Nabors Industries from a “market perform” rating to an “outperform” rating and set a $8.00 target price on the stock in a research note on Friday, June 29th. Guggenheim restated a “buy” rating and set a $13.00 target price on shares of Nabors Industries in a research note on Wednesday, August 8th. ValuEngine upgraded Nabors Industries from a “strong sell” rating to a “sell” rating in a research note on Saturday, June 2nd. Finally, Citigroup dropped their target price on Nabors Industries from $10.00 to $9.00 and set a “buy” rating on the stock in a research note on Wednesday, July 11th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and fourteen have assigned a buy rating to the company. Nabors Industries currently has an average rating of “Buy” and an average target price of $9.18.

Nabors Industries stock traded down $0.13 during trading hours on Thursday, hitting $5.81. 11,917,400 shares of the stock traded hands, compared to its average volume of 11,184,856. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.84 and a current ratio of 2.04. The company has a market cap of $2.31 billion, a PE ratio of -3.56 and a beta of 1.58. Nabors Industries Ltd. has a 1 year low of $5.32 and a 1 year high of $8.86.

Nabors Industries (NYSE:NBR) last posted its quarterly earnings results on Tuesday, July 31st. The oil and gas company reported ($0.39) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.24) by ($0.15). The firm had revenue of $761.92 million for the quarter, compared to analysts’ expectations of $755.76 million. Nabors Industries had a negative net margin of 21.21% and a negative return on equity of 14.97%. The firm’s revenue for the quarter was up 20.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.41) EPS. analysts predict that Nabors Industries Ltd. will post -0.97 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 2nd. Shareholders of record on Tuesday, September 11th will be paid a dividend of $0.06 per share. The ex-dividend date is Monday, September 10th. This represents a $0.24 annualized dividend and a yield of 4.13%. Nabors Industries’s payout ratio is presently -14.72%.

A number of institutional investors have recently bought and sold shares of NBR. Millennium Management LLC grew its stake in Nabors Industries by 1,865.6% during the 1st quarter. Millennium Management LLC now owns 14,831,684 shares of the oil and gas company’s stock valued at $103,673,000 after purchasing an additional 15,671,698 shares during the last quarter. Deprince Race & Zollo Inc. acquired a new position in shares of Nabors Industries in the 2nd quarter valued at about $31,054,000. BlackRock Inc. lifted its holdings in shares of Nabors Industries by 12.3% in 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 buying an additional 3,443,863 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of Nabors Industries by 8.0% in the 1st quarter. Dimensional Fund Advisors LP now owns 26,742,876 shares of the oil and gas company’s stock valued at $186,933,000 after buying an additional 1,973,537 shares during the period. Finally, Russell Investments Group Ltd. lifted its holdings in shares of Nabors Industries by 942.0% in the 2nd quarter. Russell Investments Group Ltd. now owns 1,895,143 shares of the oil and gas company’s stock valued at $12,148,000 after buying an additional 1,713,274 shares during the period. Institutional investors and hedge funds own 86.97% 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., Canada, International, Drilling Solutions, and Rig Technologies. The company offers equipment manufacturing, rig instrumentation, optimization software, and directional drilling services.

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