Nabors Industries Receives a Hold from Nomura Holdings

Nomura Holdings analyst Lloyd Byrne reiterated a Hold rating on Nabors Industries (NYSE: NBR) today and set a price target of $9. The company’s shares opened today at $11.85.

According to TipRanks.com, Byrne is a 4-star analyst with an average return of 8.6% and a 62.0% success rate. Byrne covers the Basic Materials sector, focusing on stocks such as Diamond Offshore Drilling, Parker Drilling Company, and Whiting Petroleum Corp.

Nabors Industries has an analyst consensus of Moderate Buy, with a price target consensus of $13.

Based on Nabors Industries’ latest earnings report from June 30, the company posted quarterly revenue of $571.6M and quarterly net profit of -$184.7M. In comparison, last year the company earned revenue of $847.6M and had a net profit of -$295.8M.

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.