Nabors Industries Ltd. (NYSE:NBR) Shares Acquired by Comerica Bank

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Comerica Bank grew its stake in Nabors Industries Ltd. (NYSE:NBR) by 3.6% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 333,306 shares of the oil and gas company’s stock after purchasing an additional 11,585 shares during the quarter. Comerica Bank’s holdings in Nabors Industries were worth $570,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. boosted its position in Nabors Industries by 5.5% during the second quarter. Vanguard Group Inc. now owns 38,290,061 shares of the oil and gas company’s stock worth $111,040,000 after acquiring an additional 2,009,353 shares during the last quarter. KBC Group NV acquired a new position in Nabors Industries during the second quarter worth about $362,000. Cresset Asset Management LLC boosted its position in Nabors Industries by 527.8% during the second quarter. Cresset Asset Management LLC now owns 11,521 shares of the oil and gas company’s stock worth $33,000 after acquiring an additional 9,686 shares during the last quarter. CoreCommodity Management LLC boosted its position in Nabors Industries by 6.2% during the second quarter. CoreCommodity Management LLC now owns 274,543 shares of the oil and gas company’s stock worth $796,000 after acquiring an additional 15,930 shares during the last quarter. Finally, BlackRock Inc. boosted its position in Nabors Industries by 21.5% during the second quarter. BlackRock Inc. now owns 51,225,062 shares of the oil and gas company’s stock worth $148,552,000 after acquiring an additional 9,051,668 shares during the last quarter. Institutional investors and hedge funds own 77.26% of the company’s stock.

Shares of NBR stock opened at $1.91 on Friday. The company has a debt-to-equity ratio of 1.50, a current ratio of 2.02 and a quick ratio of 1.75. The firm’s 50-day moving average is $1.83 and its two-hundred day moving average is $2.30. Nabors Industries Ltd. has a 12 month low of $1.50 and a 12 month high of $4.08. The company has a market capitalization of $670.50 million, a PE ratio of -1.52 and a beta of 2.69.

Nabors Industries (NYSE:NBR) last issued its earnings results on Tuesday, October 29th. The oil and gas company reported ($0.31) EPS for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.09). Nabors Industries had a negative return on equity of 16.80% and a negative net margin of 20.02%. The firm had revenue of $758.08 million for the quarter, compared to analysts’ expectations of $777.69 million. During the same period last year, the firm earned ($0.29) earnings per share. Nabors Industries’s revenue for the quarter was down 2.7% on a year-over-year basis. Sell-side analysts forecast that Nabors Industries Ltd. will post -1.34 EPS for the current year.

A number of equities analysts recently weighed in on NBR shares. ValuEngine upgraded shares of Nabors Industries from a “sell” rating to a “hold” rating in a research report on Thursday, August 1st. Susquehanna Bancshares set a $3.00 price target on shares of Nabors Industries and gave the stock a “hold” rating in a research report on Wednesday, July 31st. Morgan Stanley lowered their price target on shares of Nabors Industries from $5.00 to $3.00 and set an “overweight” rating on the stock in a research report on Monday, October 7th. Barclays restated a “buy” rating and set a $3.00 price target on shares of Nabors Industries in a research report on Sunday, November 3rd. Finally, Citigroup lowered their price target on shares of Nabors Industries from $2.50 to $2.25 and set a “neutral” rating on the stock in a research report on Tuesday, October 1st. Three analysts have rated the stock with a sell rating, ten have given a hold rating and three have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $3.03.

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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Institutional Ownership by Quarter for Nabors Industries (NYSE:NBR)

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