Morgan Stanley Trims Nabors Industries (NYSE:NBR) Target Price to $5.00

Nabors Industries (NYSE:NBR) had its target price reduced by Morgan Stanley from $6.00 to $5.00 in a research note published on Friday morning, BenzingaRatingsTable reports. They currently have an overweight rating on the oil and gas company’s stock.

Several other equities analysts have also recently commented on the stock. AltaCorp Capital restated a sector perform rating on shares of STEP Energy Services in a report on Thursday, June 20th. ValuEngine cut shares of Zosano Pharma from a buy rating to a hold rating in a report on Wednesday, May 1st. Finally, Citigroup restated a buy rating and set a $25.00 price target on shares of Propetro in a report on Tuesday, July 2nd. Three equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and eight have issued a buy rating to the company’s stock. The company has an average rating of Hold and an average price target of $6.42.

Nabors Industries stock opened at $2.45 on Friday. The firm’s fifty day moving average is $2.50. The company has a debt-to-equity ratio of 1.39, a quick ratio of 1.89 and a current ratio of 2.11. Nabors Industries has a 12 month low of $1.81 and a 12 month high of $6.85. The stock has a market cap of $889.73 million, a PE ratio of -1.94 and a beta of 2.50.

Nabors Industries (NYSE:NBR) last posted its quarterly earnings results on Tuesday, April 30th. The oil and gas company reported ($0.36) EPS for the quarter, missing the 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 company had revenue of $809.31 million for the quarter, compared to analysts’ expectations of $774.35 million. During the same quarter in the prior year, the firm earned ($0.46) earnings per share. The company’s revenue was up 10.2% on a year-over-year basis. On average, research analysts anticipate that Nabors Industries will post -0.91 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 2nd. Investors of record on Tuesday, June 11th were issued a $0.01 dividend. This represents a $0.04 dividend on an annualized basis and a yield of 1.63%. The ex-dividend date of this dividend was Monday, June 10th. 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 purchased at an average cost of $2.03 per share, for a total transaction of $359,513.00. Following the completion of the acquisition, the chief financial officer now owns 2,136,255 shares of the company’s stock, valued at approximately $4,336,597.65. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 4.02% of the company’s stock.

Large investors have recently modified their holdings of the stock. Cambridge Investment Research Advisors Inc. acquired a new stake in Nabors Industries during the 4th quarter valued at $25,000. Prudential Financial Inc. boosted its holdings in shares of Nabors Industries by 153.0% during the fourth quarter. Prudential Financial Inc. now owns 514,851 shares of the oil and gas company’s stock worth $1,030,000 after purchasing an additional 311,340 shares during the last quarter. PNC Financial Services Group Inc. boosted its holdings in shares of Nabors Industries by 59.4% during the fourth quarter. PNC Financial Services Group Inc. now owns 54,477 shares of the oil and gas company’s stock worth $109,000 after purchasing an additional 20,293 shares during the last quarter. BlackRock Inc. boosted its holdings in shares of Nabors Industries by 43.5% during the fourth quarter. BlackRock Inc. now owns 42,020,803 shares of the oil and gas company’s stock worth $84,041,000 after purchasing an additional 12,741,524 shares during the last quarter. Finally, Texas Permanent School Fund boosted its holdings in shares of Nabors Industries by 4.0% during the fourth quarter. Texas Permanent School Fund now owns 213,065 shares of the oil and gas company’s stock worth $426,000 after purchasing an additional 8,271 shares during the last quarter. Hedge funds and other institutional investors own 80.92% of the company’s stock.

Nabors Industries Company Profile

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.

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Analyst Recommendations for Nabors Industries (NYSE:NBR)

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