Virginia Retirement Systems ET AL purchased a new position in Nabors Industries Ltd. (NYSE:NBR) during the second quarter, Holdings Channel reports. The firm purchased 50,900 shares of the company’s stock, valued at approximately $512,000.
Several other hedge funds and other institutional investors have also modified their holdings of NBR. Seven Eight Capital LLC purchased a new position in shares of Nabors Industries during the first quarter worth approximately $118,000. Janney Montgomery Scott LLC purchased a new position in shares of Nabors Industries during the second quarter worth approximately $150,000. LS Investment Advisors LLC raised its position in shares of Nabors Industries by 77.7% in the second quarter. LS Investment Advisors LLC now owns 16,763 shares of the company’s stock worth $168,000 after buying an additional 7,332 shares during the last quarter. Brave Asset Management Inc raised its position in shares of Nabors Industries by 36.2% in the second quarter. Brave Asset Management Inc now owns 18,800 shares of the company’s stock worth $189,000 after buying an additional 5,000 shares during the last quarter. Finally, Meeder Asset Management Inc. purchased a new position in shares of Nabors Industries during the first quarter worth approximately $195,000. Institutional investors own 93.06% of the company’s stock.
Shares of Nabors Industries Ltd. (NYSE:NBR) opened at 12.50 on Thursday. The stock’s 50 day moving average price is $10.36 and its 200-day moving average price is $9.67. The firm’s market cap is $3.54 billion. Nabors Industries Ltd. has a 52-week low of $4.93 and a 52-week high of $12.74.
Nabors Industries (NYSE:NBR) last issued its quarterly earnings data on Tuesday, August 2nd. The company reported ($0.26) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.45) by $0.19. The business had revenue of $571.60 million for the quarter, compared to analyst estimates of $497.83 million. Nabors Industries had a negative return on equity of 6.31% and a negative net margin of 39.78%. Nabors Industries’s quarterly revenue was down 40.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.14) EPS. On average, analysts forecast that Nabors Industries Ltd. will post ($1.21) EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 4th. Investors of record on Tuesday, September 13th were given a dividend of $0.06 per share. The ex-dividend date of this dividend was Friday, September 9th. This represents a $0.24 dividend on an annualized basis and a yield of 1.92%. Nabors Industries’s dividend payout ratio is currently -6.56%.
A number of research analysts recently commented on NBR shares. Citigroup Inc. upped their target price on Nabors Industries from $12.00 to $13.00 and gave the company a “buy” rating in a research note on Monday, September 12th. Capital One Financial Corp. upgraded Nabors Industries from an “equal weight” rating to an “overweight” rating and set a $13.00 price target on the stock in a research report on Monday, September 19th. Seaport Global Securities upgraded Nabors Industries from a “neutral” rating to a “buy” rating in a research report on Friday, July 8th. DA Davidson started coverage on Nabors Industries in a research report on Thursday, September 15th. They issued a “buy” rating and a $16.00 price target on the stock. Finally, Zacks Investment Research upgraded Nabors Industries from a “hold” rating to a “buy” rating and set a $14.00 price target on the stock in a research report on Tuesday. Seven investment analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $11.54.
Nabors Industries Company Profile
Nabors Industries Ltd. owns and operates a land-based drilling rig fleet in North America. The Company is a provider of offshore platform work over and drilling rigs. It conducts its Drilling & Rig Services business through four segments: U.S. Drilling, Canada Drilling, International Drilling and Rig Services.
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