14,300 Shares in Nabors Industries Ltd. $NBR Purchased by VIRGINIA RETIREMENT SYSTEMS ET Al

Key Points

• Virginia Retirement Systems purchased 14,300 Nabors Industries shares valued at approximately $1.2 million, giving it a 0.09% stake. Institutional investors collectively own 81.92% of the company.
• Analysts remain cautious, with Nabors receiving an overall “Hold” rating and an average price target of $102.57; recent targets range from $85 to $110.
• Nabors reported a quarterly loss of $2.04 per share on $814.79 million in revenue, while director David Tudor sold 3,200 shares at an average price of $92.30.

VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in shares of Nabors Industries Ltd. (NYSE:NBR - Free Report) in the second quarter, according to the company in its most recent filing with the SEC. The firm acquired 14,300 shares of the oil and gas company's stock, valued at approximately $1,201,000. VIRGINIA RETIREMENT SYSTEMS ET Al owned approximately 0.09% of Nabors Industries at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in NBR. Islay Capital Management LLC purchased a new position in shares of Nabors Industries during the fourth quarter worth approximately $26,000. Quarry LP purchased a new stake in shares of Nabors Industries in the fourth quarter valued at approximately $33,000. EverSource Wealth Advisors LLC grew its stake in Nabors Industries by 29.3% in the first quarter. EverSource Wealth Advisors LLC now owns 622 shares of the oil and gas company's stock worth $54,000 after purchasing an additional 141 shares in the last quarter. Aster Capital Management DIFC Ltd bought a new position in Nabors Industries in the fourth quarter worth approximately $40,000. Finally, Public Employees Retirement System of Ohio purchased a new position in Nabors Industries during the 2nd quarter worth $101,000. 81.92% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. Zacks Research lowered Nabors Industries from a "strong-buy" rating to a "hold" rating in a research report on Thursday, August 13th. Barclays set a $93.00 price target on Nabors Industries and gave the stock an "equal weight" rating in a research report on Wednesday, August 5th. Morgan Stanley set a $110.00 price target on Nabors Industries in a research note on Thursday, August 20th. Weiss Ratings upgraded Nabors Industries from a "hold (c-)" rating to a "hold (c)" rating in a report on Thursday, August 13th. Finally, Susquehanna dropped their target price on shares of Nabors Industries from $105.00 to $85.00 and set a "neutral" rating on the stock in a report on Wednesday, July 8th. Two analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, the company has an average rating of "Hold" and an average target price of $102.57.

Nabors Industries Trading Down 0.1%

NBR opened at $90.47 on Friday. The firm has a market cap of $1.44 billion, a price-to-earnings ratio of 6.73 and a beta of 1.00. The company has a current ratio of 1.89, a quick ratio of 1.75 and a debt-to-equity ratio of 2.24. Nabors Industries Ltd. has a 12 month low of $36.62 and a 12 month high of $112.90. The stock has a fifty day moving average price of $86.63 and a 200-day moving average price of $87.94.

Nabors Industries (NYSE:NBR - Get Free Report) last issued its quarterly earnings data 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. As a group, equities research analysts anticipate that Nabors Industries Ltd. will post -3.69 earnings per share for the current fiscal year.

Insider Activity at Nabors Industries

In other Nabors Industries news, Director David Tudor sold 3,200 shares of the stock in a transaction dated Friday, August 28th. The shares were sold at an average price of $92.30, for a total transaction of $295,360.00. Following the completion of the sale, the director directly owned 5,264 shares of the company's stock, valued at approximately $485,867.20. This represents a 37.81% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 5.32% of the company's stock.

Nabors Industries Profile

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.

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