Louisiana State Employees Retirement System lowered its stake in Nabors Industries Ltd. (NYSE:NBR) by 4.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 75,000 shares of the company’s stock after selling 3,100 shares during the period. Louisiana State Employees Retirement System’s holdings in Nabors Industries were worth $754,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Renaissance Technologies LLC increased its position in Nabors Industries by 182.1% in the first quarter. Renaissance Technologies LLC now owns 2,814,000 shares of the company’s stock valued at $25,889,000 after buying an additional 1,816,495 shares during the last quarter. Magnetar Financial LLC increased its position in Nabors Industries by 27.5% in the first quarter. Magnetar Financial LLC now owns 53,471 shares of the company’s stock valued at $492,000 after buying an additional 11,545 shares during the last quarter. JPMorgan Chase & Co. increased its position in Nabors Industries by 217.5% in the first quarter. JPMorgan Chase & Co. now owns 4,646,232 shares of the company’s stock valued at $42,745,000 after buying an additional 3,182,840 shares during the last quarter. UBS Asset Management Americas Inc. increased its position in Nabors Industries by 13.8% in the first quarter. UBS Asset Management Americas Inc. now owns 503,535 shares of the company’s stock valued at $4,631,000 after buying an additional 60,984 shares during the last quarter. Finally, Los Angeles Capital Management & Equity Research Inc. bought a new position in Nabors Industries during the first quarter valued at about $823,000. Institutional investors own 93.06% of the company’s stock.
Shares of Nabors Industries Ltd. (NYSE:NBR) traded up 2.62% during midday trading on Monday, hitting $12.93. 7,079,912 shares of the stock traded hands. The stock’s market capitalization is $3.66 billion. Nabors Industries Ltd. has a 52 week low of $4.93 and a 52 week high of $13.11. The firm has a 50-day moving average price of $10.51 and a 200-day moving average price of $9.71.
Nabors Industries (NYSE:NBR) last issued its quarterly earnings results on Tuesday, August 2nd. The company reported ($0.26) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.45) by $0.19. The firm had revenue of $571.60 million for the quarter, compared to the consensus estimate of $497.83 million. Nabors Industries had a negative net margin of 39.78% and a negative return on equity of 6.31%. The company’s revenue for the quarter was down 40.1% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.14) EPS. On average, equities analysts predict that Nabors Industries Ltd. will post ($1.21) earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Tuesday, October 4th. Stockholders of record on Tuesday, September 13th were given a $0.06 dividend. The ex-dividend date was Friday, September 9th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.86%. Nabors Industries’s dividend payout ratio (DPR) is currently -6.56%.
NBR has been the topic of several recent research reports. Zacks Investment Research upgraded shares of Nabors Industries from a “hold” rating to a “buy” rating and set a $12.00 target price on the stock in a research report on Friday, August 19th. Nomura set a $8.00 target price on shares of Nabors Industries and gave the company a “hold” rating in a research report on Tuesday, August 16th. Citigroup Inc. reiterated a “buy” rating and set a $14.00 target price on shares of Nabors Industries in a research report on Wednesday, October 5th. Stephens upgraded shares of Nabors Industries from an “equal weight” rating to an “overweight” rating in a research report on Tuesday, July 12th. Finally, Seaport Global Securities upgraded shares of Nabors Industries from a “neutral” rating to a “buy” rating in a research report on Friday, July 8th. Seven investment analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $11.54.
About Nabors Industries
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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