VIRGINIA RETIREMENT SYSTEMS ET Al Buys New Position in Nabors Industries Ltd. $NBR

VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in Nabors Industries Ltd. (NYSE:NBR) in the second quarter, HoldingsChannel.com reports. The firm purchased 14,300 shares of the oil and gas company’s stock, valued at approximately $1,201,000.

Several other institutional investors have also added to or reduced their stakes in NBR. California State Teachers Retirement System boosted its holdings in Nabors Industries by 9,671.6% in the second quarter. California State Teachers Retirement System now owns 1,022,402 shares of the oil and gas company’s stock worth $85,892,000 after acquiring an additional 1,011,939 shares in the last quarter. Adage Capital Partners GP L.L.C. increased its holdings in shares of Nabors Industries by 62.6% during the fourth quarter. Adage Capital Partners GP L.L.C. now owns 1,260,000 shares of the oil and gas company’s stock valued at $68,418,000 after acquiring an additional 485,000 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Nabors Industries by 42.1% in the 1st quarter. Dimensional Fund Advisors LP now owns 447,833 shares of the oil and gas company’s stock valued at $38,545,000 after purchasing an additional 132,747 shares during the last quarter. Two Sigma Investments LP raised its position in shares of Nabors Industries by 232.2% in the 3rd quarter. Two Sigma Investments LP now owns 185,841 shares of the oil and gas company’s stock valued at $7,595,000 after purchasing an additional 129,904 shares during the last quarter. Finally, Marshall Wace LLP boosted its stake in Nabors Industries by 446.9% in the 4th quarter. Marshall Wace LLP now owns 132,715 shares of the oil and gas company’s stock worth $7,206,000 after purchasing an additional 108,447 shares in the last quarter. Institutional investors and hedge funds own 81.92% of the company’s stock.

Insider Activity at Nabors Industries

In other news, Director David Tudor sold 3,200 shares of the firm’s stock in a transaction that occurred on Friday, August 28th. The shares were sold at an average price of $92.30, for a total transaction of $295,360.00. Following the sale, the director owned 5,264 shares of the company’s stock, valued at $485,867.20. This trade represents a 37.81% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 5.32% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several analysts have weighed in on NBR shares. Wall Street Zen lowered shares of Nabors Industries from a “hold” rating to a “sell” rating in a research note on Saturday, August 1st. Barclays set a $93.00 price objective on shares of Nabors Industries and gave the stock an “equal weight” rating in a research note on Wednesday, August 5th. Morgan Stanley set a $110.00 target price on Nabors Industries in a research report on Thursday, August 20th. Susquehanna reduced their target price on Nabors Industries from $105.00 to $85.00 and set a “neutral” rating for the company in a research note on Wednesday, July 8th. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $130.00 price target (up from $120.00) on shares of Nabors Industries in a research report on Thursday, July 30th. Two investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $102.57.

Nabors Industries Stock Down 0.1%

Shares of NBR opened at $90.47 on Friday. The company has a market capitalization of $1.44 billion, a price-to-earnings ratio of 6.73 and a beta of 1.00. Nabors Industries Ltd. has a 52 week low of $36.62 and a 52 week high of $112.90. The stock’s 50-day moving average price is $86.63 and its 200-day moving average price is $87.94. The company has a quick ratio of 1.75, a current ratio of 1.89 and a debt-to-equity ratio of 2.24.

Nabors Industries (NYSE:NBR) last announced its quarterly earnings results on Tuesday, June 30th. The oil and gas company reported ($2.04) earnings per share for the quarter. Nabors Industries had a net margin of 7.64% and a negative return on equity of 7.06%. The company had revenue of $814.79 million for the quarter. On average, sell-side analysts predict that Nabors Industries Ltd. will post -3.69 EPS for the current year.

About Nabors Industries

Nabors Industries Ltd. is a global oil and gas drilling contractor that provides land-based and offshore drilling services to exploration and production companies. The company operates a fleet of land drilling rigs, offshore platform rigs and other specialized drilling equipment, supporting customers throughout the well-construction process.

In addition to contract drilling, Nabors provides directional drilling, measurement-while-drilling, drilling optimization and other wellbore services.