Analysts forecast that Nabors Industries Ltd. (NYSE:NBR) will announce sales of $760.89 million for the current fiscal quarter, Zacks reports. Eight analysts have issued estimates for Nabors Industries’ earnings, with the highest sales estimate coming in at $791.00 million and the lowest estimate coming in at $742.20 million. Nabors Industries posted sales of $630.47 million during the same quarter last year, which would indicate a positive year over year growth rate of 20.7%. The business is expected to announce its next quarterly earnings results on Wednesday, August 1st.
On average, analysts expect that Nabors Industries will report full-year sales of $3.17 billion for the current financial year, with estimates ranging from $3.12 billion to $3.23 billion. For the next year, analysts anticipate that the firm will report sales of $3.71 billion per share, with estimates ranging from $3.57 billion to $3.85 billion. Zacks’ sales averages are a mean average based on a survey of analysts that cover Nabors Industries.
Nabors Industries (NYSE:NBR) last released its quarterly earnings results on Tuesday, May 1st. The oil and gas company reported ($0.29) earnings per share for the quarter, missing the consensus estimate of ($0.28) by ($0.01). The company had revenue of $734.66 million for the quarter, compared to analysts’ expectations of $763.99 million. Nabors Industries had a negative return on equity of 14.45% and a negative net margin of 19.81%.
NBR has been the subject of a number of recent analyst reports. Morgan Stanley lifted their price objective on Nabors Industries from $8.50 to $9.00 and gave the company an “equal weight” rating in a research report on Wednesday, April 11th. Cowen reaffirmed a “buy” rating and issued a $10.00 price objective on shares of Nabors Industries in a research report on Friday, April 13th. Citigroup lifted their price objective on Nabors Industries to $9.50 and gave the company a “buy” rating in a research report on Tuesday, May 8th. Finally, ValuEngine raised Nabors Industries from a “strong sell” rating to a “sell” rating in a research report on Saturday, June 2nd. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating and twelve have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $9.29.
A number of institutional investors have recently modified their holdings of the stock. Oppenheimer & Co. Inc. boosted its holdings in Nabors Industries by 59.9% in the fourth quarter. Oppenheimer & Co. Inc. now owns 17,905 shares of the oil and gas company’s stock valued at $122,000 after acquiring an additional 6,708 shares during the last quarter. State Treasurer State of Michigan boosted its holdings in Nabors Industries by 7.0% in the first quarter. State Treasurer State of Michigan now owns 114,963 shares of the oil and gas company’s stock valued at $804,000 after acquiring an additional 7,500 shares during the last quarter. CIBC World Markets Inc. boosted its holdings in Nabors Industries by 8.8% in the first quarter. CIBC World Markets Inc. now owns 96,390 shares of the oil and gas company’s stock valued at $674,000 after acquiring an additional 7,780 shares during the last quarter. Aperio Group LLC boosted its holdings in Nabors Industries by 2.3% in the first quarter. Aperio Group LLC now owns 353,550 shares of the oil and gas company’s stock valued at $2,471,000 after acquiring an additional 7,818 shares during the last quarter. Finally, Legal & General Group Plc boosted its holdings in Nabors Industries by 1.3% in the first quarter. Legal & General Group Plc now owns 668,484 shares of the oil and gas company’s stock valued at $4,673,000 after acquiring an additional 8,486 shares during the last quarter. Hedge funds and other institutional investors own 85.89% of the company’s stock.
Nabors Industries stock traded up $0.13 during mid-day trading on Friday, hitting $6.33. 425,985 shares of the company were exchanged, compared to its average volume of 13,495,714. The company has a debt-to-equity ratio of 1.56, a quick ratio of 1.72 and a current ratio of 1.95. The company has a market capitalization of $2.34 billion, a price-to-earnings ratio of -3.82 and a beta of 1.58. Nabors Industries has a 12-month low of $5.32 and a 12-month high of $8.86.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 3rd. Investors of record on Tuesday, June 12th will be issued a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 3.79%. The ex-dividend date is Monday, June 11th. Nabors Industries’s payout ratio is currently -14.72%.
About Nabors Industries
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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