Lazard Asset Management LLC Invests $1.09 Million in Nabors Industries Ltd. $NBR

Lazard Asset Management LLC purchased a new stake in shares of Nabors Industries Ltd. (NYSE:NBR) during the first quarter, HoldingsChannel reports. The institutional investor purchased 12,716 shares of the oil and gas company’s stock, valued at approximately $1,094,000.

A number of other hedge funds also recently added to or reduced their stakes in the company. AQR Capital Management LLC lifted its position in Nabors Industries by 97.1% in the 1st quarter. AQR Capital Management LLC now owns 16,770 shares of the oil and gas company’s stock valued at $699,000 after acquiring an additional 8,260 shares in the last quarter. Dynamic Technology Lab Private Ltd increased its holdings in shares of Nabors Industries by 11.5% in the 1st quarter. Dynamic Technology Lab Private Ltd now owns 5,540 shares of the oil and gas company’s stock worth $231,000 after purchasing an additional 570 shares in the last quarter. Cetera Investment Advisers raised its stake in shares of Nabors Industries by 19.1% in the second quarter. Cetera Investment Advisers now owns 8,570 shares of the oil and gas company’s stock worth $240,000 after purchasing an additional 1,374 shares during the last quarter. Rhumbline Advisers raised its stake in shares of Nabors Industries by 37.0% in the second quarter. Rhumbline Advisers now owns 28,864 shares of the oil and gas company’s stock worth $809,000 after purchasing an additional 7,799 shares during the last quarter. Finally, Invesco Ltd. lifted its holdings in shares of Nabors Industries by 3.3% during the second quarter. Invesco Ltd. now owns 55,830 shares of the oil and gas company’s stock valued at $1,564,000 after purchasing an additional 1,764 shares in the last quarter. 81.92% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms recently commented on NBR. Susquehanna dropped their price objective on Nabors Industries from $105.00 to $85.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 8th. Morgan Stanley reissued an “overweight” rating and issued a $100.00 target price (up from $80.00) on shares of Nabors Industries in a research report on Wednesday, April 15th. Zacks Research upgraded shares of Nabors Industries from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, July 15th. Citigroup raised their price target on shares of Nabors Industries from $89.00 to $110.00 and gave the company a “neutral” rating in a report on Friday, May 1st. Finally, Wall Street Zen lowered shares of Nabors Industries from a “hold” rating to a “sell” rating in a research note on Saturday. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Nabors Industries presently has a consensus rating of “Moderate Buy” and a consensus price target of $102.00.

Nabors Industries Price Performance

NYSE NBR opened at $83.41 on Wednesday. The business’s fifty day moving average price is $86.81 and its 200-day moving average price is $83.62. The stock has a market capitalization of $1.23 billion, a price-to-earnings ratio of 6.21 and a beta of 0.98. The company has a debt-to-equity ratio of 2.24, a current ratio of 1.89 and a quick ratio of 1.82. Nabors Industries Ltd. has a 1-year low of $31.10 and a 1-year high of $112.90.

Nabors Industries (NYSE:NBR) last released its quarterly earnings results on Tuesday, June 30th. The oil and gas company reported ($2.04) earnings per share (EPS) for the quarter. Nabors Industries had a negative return on equity of 7.06% and a net margin of 7.64%.The firm had revenue of $814.79 million during the quarter. On average, equities analysts predict that Nabors Industries Ltd. will post -2.96 earnings per share for the current year.

Nabors Industries Profile

Nabors Industries Ltd. is a global oil and gas drilling contractor that provides land and offshore drilling rigs, drilling equipment and related services to energy companies around the world. The company’s operations span two core segments: drilling and evaluation, which includes land?based and platform drilling rigs as well as wellbore survey services, and wellbore technologies, offering pressure control equipment, downhole tools and specialized maintenance services. Nabors’ integrated model combines rig operations with engineered products and field support, positioning it as a full?service provider in the upstream sector.

The company maintains a diverse, modern fleet of automated and conventional drilling rigs and has pioneered advanced drilling technologies, including automated drilling controls and managed pressure drilling systems.