Nabors Industries Ltd. (NYSE:NBR) stock experienced trading -90.01% off 52-week high price. On the other end, the stock has been noted 31.42% away from low price over the last 52-weeks. The stock disclosed a move of -80.18% away from 50 day moving average and -81.35% away from 200 day moving average. Moving closer, we can see that shares have been trading -68.88% off 20-day moving average. It has market cap of $211.97M and dividend yield of 9.82%.
On March 18, 2020, Nabors Industries Ltd. (NYSE:NBR) reported that its Board of Directors has approved a proposal, to be submitted to shareholders for approval at a special general meeting of shareholders anticipated to be held on April 13, 2020, to, among other things, effect a consolidation (reverse stock split) of Nabors’ common shares. The reverse stock split proposal includes a proposed range between 1-for-15 and 1-for-50 common shares. The final ratio will be determined by Nabors’ Board of Directors after shareholder approval. If approved by the shareholders, the reverse stock split is expected to become effective on April 16, 2020, and the shares to begin trading on the split-adjusted basis on The New York Stock Exchange (NYSE) under Nabors’ existing trading symbol NBR on April 17, 2020. Nabors’ Board of Directors anticipates the record date for shareholders entitled to vote at the special meeting to be March 30, 2020. The reverse stock split is intended to increase the per share trading price of Nabors’ common shares to satisfy the $1.00 minimum bid price requirement for continued listing on the NYSE.
As a result of the reverse stock split, every 15 to 50 (as determined by Nabors’ Board of Directors) of Nabors’ common shares will automatically combine into one common share, and the number of common shares will be reduced. Nabors’ total authorized common shares will be reduced by the reverse stock split, however the amount of authorized common share capital will increase by 100 percent on a post-reverse stock split adjusted basis if approved by the shareholders. The par value of each common share is expected to increase so that a shareholder would have fewer but higher priced shares. No fractional shares will be issued as a result of the reverse stock split and any fractional shares will be rounded up to the next whole number.
The Bermuda based company Nabors Industries Ltd. moved with change of -17.43% to $0.41 with the total traded volume of 10426542 shares in recent session versus to an average volume of 9.54M. The stock was observed in the 5 days activity at 2.72%. The one month performance of stock was -81.57%. NBR’s shares are at -84.45% for the quarter and driving a -88.43% return over the course of the past year and is now at -85.85% since this point in 2018. Right now the stock beta is 3.38. The average volatility for the week and month was at 27.17% and 20.22% respectively. There are 520.31M shares outstanding and 391.69M shares are floated in market.