Nabors Industries’ (NBR) “Buy” Rating Reiterated at Citigroup Inc.

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Nabors Industries Ltd. (NYSE:NBR)‘s stock had its “buy” rating reissued by Citigroup Inc. in a research note issued to investors on Monday. They currently have a $13.00 price target on the stock. Citigroup Inc.’s target price points to a potential upside of 26.83% from the stock’s current price.
NBR has been the subject of several other reports. Nomura set a $8.00 target price on Nabors Industries and gave the company a “hold” rating in a report on Tuesday, August 16th. Zacks Investment Research lowered Nabors Industries from a “buy” rating to a “hold” rating in a report on Tuesday, August 9th. Jefferies Group reaffirmed a “hold” rating and issued a $10.00 target price (up from $9.00) on shares of Nabors Industries in a report on Monday, August 8th. Simmons reaffirmed a “neutral” rating and issued a $12.50 target price (up from $12.25) on shares of Nabors Industries in a report on Monday, August 8th. Finally, Credit Suisse Group AG lowered Nabors Industries from an “outperform” rating to a “neutral” rating and reduced their target price for the company from $10.00 to $9.00 in a report on Wednesday, June 1st. Seven analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $11.30.
Nabors Industries (NYSE:NBR) opened at 10.25 on Monday. The firm’s market capitalization is $2.90 billion. The firm has a 50-day moving average price of $9.62 and a 200 day moving average price of $9.30. Nabors Industries has a one year low of $4.93 and a one year high of $12.33.

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Nabors Industries (NYSE:NBR) last issued its quarterly earnings data on Tuesday, August 2nd. The company reported ($0.26) EPS for the quarter, topping analysts’ consensus estimates of ($0.45) by $0.19. The firm earned $571.60 million during the quarter, compared to analyst estimates of $497.83 million. Nabors Industries had a negative return on equity of 6.31% and a negative net margin of 39.78%. The company’s revenue for the quarter was down 40.1% on a year-over-year basis. During the same period in the previous year, the company posted ($0.14) EPS. Analysts anticipate that Nabors Industries will post ($1.22) EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 4th. Shareholders of record on Tuesday, September 13th will be given a dividend of $0.06 per share. The ex-dividend date of this dividend is Friday, September 9th. This represents a $0.24 dividend on an annualized basis and a yield of 2.34%. Nabors Industries’s payout ratio is -6.56%.
Several hedge funds and other institutional investors have recently made changes to their positions in NBR. UBS Group AG boosted its position in shares of Nabors Industries by 55.0% in the first quarter. UBS Group AG now owns 406,176 shares of the company’s stock worth $3,737,000 after buying an additional 144,150 shares during the period. Meeder Asset Management Inc. bought a new position in shares of Nabors Industries during the first quarter worth about $195,000. JPMorgan Chase & Co. boosted its position in shares of Nabors Industries by 217.5% in the first quarter. JPMorgan Chase & Co. now owns 4,646,232 shares of the company’s stock worth $42,745,000 after buying an additional 3,182,840 shares during the period. BlackRock Institutional Trust Company N.A. boosted its position in shares of Nabors Industries by 8.8% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 9,899,264 shares of the company’s stock worth $91,073,000 after buying an additional 797,028 shares during the period. Finally, Hudson Bay Capital Management LP bought a new position in shares of Nabors Industries during the first quarter worth about $1,923,000. 93.07% of the stock is currently owned by hedge funds and other institutional investors.
Nabors Industries Company Profile
Nabors Industries Ltd. owns and operates a land-based drilling rig fleet in North America. The Company is a provider of offshore platform work over and drilling rigs. It conducts its Drilling & Rig Services business through four segments: U.S. Drilling, Canada Drilling, International Drilling and Rig Services.

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