JPMorgan Chase & Co. Reduces Position in Nabors Industries Ltd. (NBR)

JPMorgan Chase & Co. decreased its stake in shares of Nabors Industries Ltd. (NYSE:NBR) by 42.0% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 2,373,976 shares of the oil and gas company’s stock after selling 1,721,660 shares during the quarter. JPMorgan Chase & Co. owned about 0.83% of Nabors Industries worth $19,325,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of NBR. Wells Fargo & Company MN boosted its position in shares of Nabors Industries by 73.5% during the first quarter. Wells Fargo & Company MN now owns 747,410 shares of the oil and gas company’s stock worth $9,770,000 after acquiring an additional 316,556 shares during the last quarter. Great West Life Assurance Co. Can raised its stake in Nabors Industries by 0.3% during the first quarter. Great West Life Assurance Co. Can now owns 229,536 shares of the oil and gas company’s stock valued at $3,001,000 after purchasing an additional 694 shares in the last quarter. Advisors Asset Management Inc. raised its stake in Nabors Industries by 111.5% during the first quarter. Advisors Asset Management Inc. now owns 21,398 shares of the oil and gas company’s stock valued at $280,000 after purchasing an additional 11,283 shares in the last quarter. American Century Companies Inc. purchased a new stake in Nabors Industries during the first quarter valued at $230,000. Finally, US Bancorp DE raised its stake in Nabors Industries by 86.9% during the first quarter. US Bancorp DE now owns 33,672 shares of the oil and gas company’s stock valued at $440,000 after purchasing an additional 15,660 shares in the last quarter. Hedge funds and other institutional investors own 95.71% of the company’s stock.

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NBR has been the topic of a number of recent research reports. Royal Bank Of Canada reaffirmed a “buy” rating on shares of Nabors Industries in a research note on Tuesday, June 20th. UBS AG reaffirmed a “buy” rating and set a $11.00 price target (down previously from $17.00) on shares of Nabors Industries in a research note on Thursday, July 6th. Deutsche Bank AG reaffirmed a “buy” rating and set a $13.00 price target (down previously from $20.00) on shares of Nabors Industries in a research note on Tuesday, May 30th. Nomura set a $12.00 price target on shares of Nabors Industries and gave the company a “buy” rating in a research note on Wednesday, August 9th. Finally, Credit Suisse Group set a $9.00 price target on shares of Nabors Industries and gave the company a “buy” rating in a research note on Thursday, August 10th. They noted that the move was a valuation call. Two analysts have rated the stock with a sell rating, eight have given a hold rating and eighteen have given a buy rating to the company’s stock. Nabors Industries has a consensus rating of “Buy” and a consensus target price of $13.27.

Nabors Industries Ltd. (NBR) opened at 7.78 on Friday. Nabors Industries Ltd. has a 1-year low of $6.18 and a 1-year high of $18.40. The stock’s market cap is $2.22 billion. The company has a 50-day moving average of $6.91 and a 200 day moving average of $9.39.

Nabors Industries (NYSE:NBR) last issued its quarterly earnings data on Wednesday, August 2nd. The oil and gas company reported ($0.38) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.35) by ($0.03). The company had revenue of $630.50 million during the quarter, compared to analysts’ expectations of $589.79 million. Nabors Industries had a negative net margin of 32.35% and a negative return on equity of 13.31%. The firm’s quarterly revenue was up 21.9% on a year-over-year basis. During the same quarter last year, the firm posted ($0.35) earnings per share. Analysts predict that Nabors Industries Ltd. will post ($1.50) EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 3rd. Investors of record on Tuesday, September 12th will be issued a $0.06 dividend. The ex-dividend date of this dividend is Monday, September 11th. This represents a $0.24 annualized dividend and a yield of 3.03%. Nabors Industries’s dividend payout ratio (DPR) is currently -9.41%.

About Nabors Industries

Nabors Industries Ltd. owns and operates a land-based drilling rig fleet. The Company is a provider of offshore platform drilling rigs in the United States and multiple international markets. The Company conducts its Drilling & Rig Services business through four segments: U.S. Drilling, Canada Drilling, International Drilling and Rig Services.

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Institutional Ownership by Quarter for Nabors Industries (NYSE:NBR)

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