Equities researchers at Guggenheim lifted their target price on shares of Nabors Industries (NYSE: NBR) from $16.00 to $17.00 in a report issued on Monday. The firm currently has a “neutral” rating on the stock.
Nabors Industries traded down 1.95% on Monday, hitting $16.13. Nabors Industries has a 1-year low of $12.40 and a 1-year high of $21.46. The stock’s 50-day moving average is currently $16.31. The company has a market cap of $4.684 billion and a price-to-earnings ratio of 29.12.
Nabors Industries last announced its earnings results on Tuesday, February 19th. The company reported $0.44 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.29 by $0.15. The company had revenue of $1.63 billion for the quarter, compared to the consensus estimate of $1.66 billion. During the same quarter in the prior year, the company posted $0.52 earnings per share. The company’s quarterly revenue was down 6.4% on a year-over-year basis. On average, analysts predict that Nabors Industries will post $1.20 earnings per share for the current fiscal year.
Several other analysts have also recently commented on the stock. Analysts at Sanford C. Bernstein reiterated an “outperform” rating on shares of Nabors Industries in a research note to investors on Thursday. They now have a $20.00 price target on the stock. Separately, analysts at FBR Capital raised their price target on shares of Nabors Industries from $16.00 to $19.00 in a research note to investors on Friday, February 22nd. They now have a “market perform” rating on the stock. Finally, analysts at Jefferies & Co. raised their price target on shares of Nabors Industries from $13.00 to $14.00 in a research note to investors on Thursday, February 21st.
Seven investment analysts have rated the stock with a buy rating, six have issued an overweight rating, twelve have assigned a hold rating, and two have assigned a sell rating to the company. Nabors Industries has an average rating of “overweight” and an average price target of $18.75.
The company also recently declared a special dividend, which is scheduled for Thursday, March 28th. Stockholders of record on Monday, March 11th will be given a dividend of $0.04 per share. The ex-dividend date of this dividend is Thursday, March 7th.
Nabors Industries Ltd. (Nabors) is a land drilling contractor. It is also a land well-servicing and workover contractor in the United States and Canada.
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