Invesco Ltd. raised its stake in Nabors Industries Ltd. (NYSE:NBR) by 46.7% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,695,331 shares of the oil and gas company’s stock after buying an additional 539,347 shares during the period. Invesco Ltd.’s holdings in Nabors Industries were worth $4,916,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors also recently added to or reduced their stakes in the company. WINTON GROUP Ltd purchased a new stake in Nabors Industries in the 2nd quarter valued at about $36,000. Private Advisor Group LLC purchased a new stake in Nabors Industries in the 2nd quarter valued at about $55,000. BB&T Corp boosted its position in Nabors Industries by 31.4% in the 2nd quarter. BB&T Corp now owns 20,500 shares of the oil and gas company’s stock valued at $59,000 after buying an additional 4,900 shares during the period. Advisory Services Network LLC boosted its position in Nabors Industries by 26.2% in the 2nd quarter. Advisory Services Network LLC now owns 21,780 shares of the oil and gas company’s stock valued at $63,000 after buying an additional 4,515 shares during the period. Finally, Meeder Asset Management Inc. purchased a new stake in Nabors Industries in the 2nd quarter valued at about $70,000. 79.35% of the stock is owned by institutional investors.
Several research firms recently commented on NBR. Bank of America lowered shares of Nabors Industries from a “buy” rating to a “neutral” rating in a research note on Wednesday, August 28th. Citigroup reduced their price objective on shares of Nabors Industries from $2.50 to $2.25 and set a “neutral” rating for the company in a research note on Tuesday, October 1st. ValuEngine upgraded shares of Nabors Industries from a “sell” rating to a “hold” rating in a research note on Thursday, August 1st. Royal Bank of Canada lowered shares of Nabors Industries from an “outperform” rating to a “sector perform” rating and reduced their price objective for the stock from $9.00 to $3.50 in a research note on Wednesday, September 25th. Finally, AltaCorp Capital reiterated a “sector perform” rating on shares of Nabors Industries in a research note on Thursday, June 20th. Three analysts have rated the stock with a sell rating, twelve have assigned a hold rating and five have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $4.52.
Nabors Industries (NYSE:NBR) last released its quarterly earnings data on Monday, July 29th. The oil and gas company reported ($0.61) EPS for the quarter, missing the consensus estimate of ($0.21) by ($0.40). The business had revenue of $771.40 million during the quarter, compared to analysts’ expectations of $801.17 million. Nabors Industries had a negative net margin of 19.75% and a negative return on equity of 16.01%. The firm’s revenue was up 1.2% on a year-over-year basis. During the same period last year, the company earned ($0.42) earnings per share. As a group, sell-side analysts forecast that Nabors Industries Ltd. will post -1.27 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, October 2nd. Stockholders of record on Wednesday, September 11th were issued a $0.01 dividend. This represents a $0.04 annualized dividend and a dividend yield of 2.25%. The ex-dividend date was Tuesday, September 10th. Nabors Industries’s dividend payout ratio (DPR) is currently -3.17%.
In other Nabors Industries news, Director Tanya S. Beder acquired 50,000 shares of the company’s stock in a transaction dated Thursday, August 8th. The shares were acquired at an average cost of $2.31 per share, with a total value of $115,500.00. Following the acquisition, the director now directly owns 219,409 shares of the company’s stock, valued at $506,834.79. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. 4.02% of the stock is owned by corporate insiders.
About Nabors Industries
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. Drilling, Canada Drilling, International Drilling, Drilling Solutions, and Rig Technologies. The company offers equipment manufacturing, rig instrumentation, optimization software, and directional drilling services.
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