Jefferies Reiterates a Hold Rating on Nabors Industries

By Austin Angelo

In a report released yesterday, Brad Handler from Jefferies reiterated a Hold rating on Nabors Industries (NYSE: NBR). The company’s shares closed yesterday at $13.53, close to its 52-week high of $13.64.

According to TipRanks.com, Handler is ranked 0 out of 5 stars with an average return of -4.0% and a 45.4% success rate. Handler covers the Basic Materials sector, focusing on stocks such as Diamond Offshore Drilling, Oceaneering International, and Basic Energy Services.

Currently, the analyst consensus on Nabors Industries is Moderate Buy and the average price target is $13.25, representing a -2.1% downside.

In a report issued on November 7, Nomura Holdings also reiterated a Hold rating on the stock with a $9 price target.

Based on Nabors Industries’ latest earnings report for the quarter ending September 30, the company posted quarterly revenue of $520 million and GAAP net loss of $109 million. In comparison, last year the company earned revenue of $848 million and had a GAAP net loss of $290 million.

Based on the recent corporate insider activity of 19 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of NBR in relation to earlier this year. Most recently, in May 2016, Howard Wolf, a Director at NBR bought 15,000 shares for a total of $146,714.

Nabors Industries Ltd. owns and operates land-based drilling rig fleet and is a provider of offshore platform work over and drilling rigs in the U.S. and multiple international markets. It provider of services for land-based and offshore oil and natural gas wells, Its fleet of rigs and drilling-related equipment. The company also provide drilling technology and equipment and comprehensive well-site services including engineering, transportation and disposal, construction, maintenance, well logging, directional drilling, rig instrumentation, data collection and other support services in many of the most significant oil and gas markets in the world. It manufactures and leases or sells drives and other rig equipment. The company was founded on January 1, 1987 and is headquartered in Hamilton, Bermuda.