Russell Investments Group Ltd. raised its stake in Nabors Industries Ltd. (NYSE:NBR) by 32.8% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 2,517,201 shares of the oil and gas company’s stock after purchasing an additional 622,058 shares during the quarter. Russell Investments Group Ltd. owned 0.70% of Nabors Industries worth $15,497,000 at the end of the most recent reporting period.
Several other hedge funds also recently made changes to their positions in NBR. Deprince Race & Zollo Inc. purchased a new position in shares of Nabors Industries in the 2nd quarter valued at approximately $31,054,000. BlackRock Inc. grew its stake in shares of Nabors Industries by 12.3% in the 2nd quarter. BlackRock Inc. now owns 31,330,733 shares of the oil and gas company’s stock valued at $200,829,000 after purchasing an additional 3,443,863 shares during the last quarter. State of New Jersey Common Pension Fund D grew its stake in shares of Nabors Industries by 238.1% in the 2nd quarter. State of New Jersey Common Pension Fund D now owns 1,420,000 shares of the oil and gas company’s stock valued at $9,102,000 after purchasing an additional 1,000,000 shares during the last quarter. Van ECK Associates Corp grew its stake in shares of Nabors Industries by 5.8% in the 2nd quarter. Van ECK Associates Corp now owns 17,791,852 shares of the oil and gas company’s stock valued at $114,046,000 after purchasing an additional 970,312 shares during the last quarter. Finally, Laurion Capital Management LP purchased a new position in shares of Nabors Industries in the 2nd quarter valued at approximately $5,990,000. Institutional investors own 96.82% of the company’s stock.
Several research analysts have weighed in on the company. ValuEngine upgraded Nabors Industries from a “strong sell” rating to a “sell” rating in a research note on Thursday, August 2nd. Guggenheim reiterated a “buy” rating and issued a $11.00 target price on shares of Nabors Industries in a research note on Friday, October 12th. Piper Jaffray Companies set a $7.00 target price on Nabors Industries and gave the company a “hold” rating in a research note on Thursday. Seaport Global Securities reiterated a “buy” rating and issued a $11.00 target price on shares of Nabors Industries in a research note on Thursday, August 2nd. Finally, Jefferies Financial Group reiterated a “buy” rating and issued a $8.00 target price on shares of Nabors Industries in a research note on Tuesday. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and eleven have given a buy rating to the company’s stock. Nabors Industries currently has a consensus rating of “Buy” and a consensus price target of $8.96.
NBR opened at $5.24 on Friday. The company has a quick ratio of 1.84, a current ratio of 2.05 and a debt-to-equity ratio of 1.26. The company has a market capitalization of $1.95 billion, a PE ratio of -3.21 and a beta of 1.69. Nabors Industries Ltd. has a 12 month low of $4.49 and a 12 month high of $8.86.
Nabors Industries (NYSE:NBR) last posted its quarterly earnings results on Tuesday, October 30th. The oil and gas company reported ($0.31) EPS for the quarter, missing the consensus estimate of ($0.20) by ($0.11). The business had revenue of $779.43 million during the quarter, compared to analyst estimates of $800.78 million. Nabors Industries had a negative net margin of 19.25% and a negative return on equity of 14.21%. The firm’s quarterly revenue was up 17.7% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.42) earnings per share. As a group, research analysts forecast that Nabors Industries Ltd. will post -1.18 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 3rd. Stockholders of record on Thursday, December 13th will be issued a $0.06 dividend. The ex-dividend date is Wednesday, December 12th. This represents a $0.24 annualized dividend and a dividend yield of 4.58%. Nabors Industries’s dividend payout ratio is currently -14.72%.
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Nabors Industries Profile
Nabors Industries Ltd. provides drilling and drilling-related services and technologies for land-based and offshore oil and natural gas wells. It operates through five segments: U.S., Canada, International, Drilling Solutions, and Rig Technologies. The company offers equipment manufacturing, rig instrumentation, optimization software, and directional drilling services.
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