Nabors Industries (NBR) Debt Trading 1.5% Higher

An issue of Nabors Industries Ltd. (NYSE:NBR) bonds rose 1.5% against their face value during trading on Friday. The high-yield debt issue has a 5.5% coupon and is set to mature on January 15, 2023. The debt is now trading at $95.51 and was trading at $93.50 one week ago. Price changes in a company’s bonds in credit markets sometimes predict parallel changes in its stock price.

Several analysts recently issued reports on the company. Societe Generale raised Nabors Industries from a “hold” rating to a “buy” rating and set a $7.00 target price on the stock in a research note on Friday, August 3rd. Seaport Global Securities reissued a “buy” rating and set a $11.00 target price on shares of Nabors Industries in a research note on Thursday, August 2nd. Guggenheim reissued a “buy” rating and set a $13.00 target price on shares of Nabors Industries in a research note on Wednesday, August 8th. Piper Jaffray Companies set a $9.00 target price on Nabors Industries and gave the company a “hold” rating in a research note on Tuesday, August 7th. Finally, Morgan Stanley raised Nabors Industries from an “equal weight” rating to an “overweight” rating and set a $9.00 price objective on the stock in a research note on Thursday, July 12th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and eleven have issued a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $8.96.

NYSE:NBR traded up $0.12 during trading hours on Friday, reaching $5.24. The stock had a trading volume of 10,881,680 shares, compared to its average volume of 11,266,228. 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 Ltd. has a 52 week low of $4.49 and a 52 week high of $8.86. The company has a market cap of $1.99 billion, a price-to-earnings ratio of -3.21 and a beta of 1.69.

Nabors Industries (NYSE:NBR) last released its quarterly earnings data on Tuesday, October 30th. The oil and gas company reported ($0.31) earnings per share (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 firm had revenue of $779.43 million during the quarter, compared to the consensus estimate of $800.78 million. During the same period in the previous year, the firm earned ($0.42) EPS. The business’s revenue was up 17.7% compared to the same quarter last year. As a group, analysts anticipate that Nabors Industries Ltd. will post -1.18 EPS for the current year.

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

In related news, Director John P. Kotts bought 100,000 shares of the company’s stock in a transaction dated Tuesday, November 6th. The stock was purchased at an average price of $5.61 per share, for a total transaction of $561,000.00. Following the acquisition, the director now owns 301,949 shares in the company, valued at $1,693,933.89. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director John Yearwood bought 197,000 shares of the company’s stock in a transaction dated Thursday, November 1st. The stock was 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 institutional investors have recently made changes to their positions in NBR. Deprince Race & Zollo Inc. purchased a new position in shares of Nabors Industries in the 2nd quarter worth approximately $31,054,000. BlackRock Inc. boosted 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 worth $200,829,000 after purchasing an additional 3,443,863 shares during the period. Russell Investments Group Ltd. boosted 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 worth $12,148,000 after purchasing an additional 1,713,274 shares during the period. State of New Jersey Common Pension Fund D boosted its holdings in shares of Nabors Industries by 238.1% in the 2nd quarter. State of New Jersey Common Pension Fund D now owns 1,420,000 shares of the oil and gas company’s stock worth $9,102,000 after purchasing an additional 1,000,000 shares during the period. Finally, Van ECK Associates Corp boosted its holdings in shares of Nabors Industries by 5.8% in the 2nd quarter. Van ECK Associates Corp now owns 17,791,852 shares of the oil and gas company’s stock worth $114,046,000 after purchasing an additional 970,312 shares during the period. Hedge funds and other institutional investors own 96.82% of the company’s stock.

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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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