Adage Capital Partners GP L.L.C. Buys 490,000 Shares of Nabors Industries Ltd. $NBR

Key Points

• Adage Capital Partners GP L.L.C. significantly increased its stake in Nabors Industries Ltd. by 445.5%, acquiring a total of 600,000 shares worth approximately $25 million as of the latest quarter.
• Nabors Industries' shares have been volatile, opening at $37.83 and reaching a 52-week high of $86.10 and a low of $23.27.
• Despite a negative EPS of ($2.71) reported for the last quarter, which missed expectations, the company's revenue increased by 12.1% year-over-year.

Adage Capital Partners GP L.L.C. increased its stake in Nabors Industries Ltd. (NYSE:NBR - Free Report) by 445.5% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 600,000 shares of the oil and gas company's stock after buying an additional 490,000 shares during the period. Adage Capital Partners GP L.L.C. owned 6.25% of Nabors Industries worth $25,026,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in NBR. Public Employees Retirement System of Ohio purchased a new stake in Nabors Industries during the 4th quarter valued at $36,000. GAMMA Investing LLC boosted its stake in Nabors Industries by 520.2% during the 1st quarter. GAMMA Investing LLC now owns 1,073 shares of the oil and gas company's stock valued at $45,000 after purchasing an additional 900 shares during the last quarter. Russell Investments Group Ltd. boosted its stake in Nabors Industries by 3,866.7% during the 1st quarter. Russell Investments Group Ltd. now owns 1,309 shares of the oil and gas company's stock valued at $55,000 after purchasing an additional 1,276 shares during the last quarter. State of Wyoming boosted its stake in Nabors Industries by 20.5% during the 1st quarter. State of Wyoming now owns 2,941 shares of the oil and gas company's stock valued at $123,000 after purchasing an additional 500 shares during the last quarter. Finally, Mission Wealth Management LP purchased a new stake in Nabors Industries during the 1st quarter valued at $236,000. Hedge funds and other institutional investors own 81.92% of the company's stock.

Nabors Industries Price Performance

Shares of Nabors Industries stock traded up $0.88 during trading on Wednesday, reaching $41.13. 126,377 shares of the stock traded hands, compared to its average volume of 467,231. The company has a market capitalization of $647.25 million, a price-to-earnings ratio of -2.92 and a beta of 1.60. The business has a fifty day simple moving average of $34.11 and a two-hundred day simple moving average of $33.38. The company has a debt-to-equity ratio of 4.17, a current ratio of 1.79 and a quick ratio of 1.63. Nabors Industries Ltd. has a 52-week low of $23.27 and a 52-week high of $86.10.

Nabors Industries (NYSE:NBR - Get Free Report) last released its quarterly earnings results on Tuesday, July 29th. The oil and gas company reported ($2.71) EPS for the quarter, missing the consensus estimate of ($2.05) by ($0.66). The company had revenue of $832.79 million during the quarter, compared to analysts' expectations of $857.98 million. Nabors Industries had a negative return on equity of 35.99% and a negative net margin of 3.51%.The company's revenue was up 12.1% on a year-over-year basis. During the same quarter in the prior year, the business posted ($4.29) EPS. Sell-side analysts expect that Nabors Industries Ltd. will post -6.22 EPS for the current year.

Wall Street Analysts Forecast Growth

Several analysts have commented on the company. Citigroup cut their target price on Nabors Industries from $50.00 to $38.00 and set a "neutral" rating on the stock in a research note on Tuesday, May 13th. Piper Sandler reissued an "underweight" rating and set a $32.00 price target (up from $30.00) on shares of Nabors Industries in a report on Thursday, August 14th. Morgan Stanley lowered their price target on Nabors Industries from $75.00 to $50.00 and set an "overweight" rating on the stock in a report on Friday, May 16th. Susquehanna increased their price target on Nabors Industries from $37.00 to $39.00 and gave the company a "neutral" rating in a report on Wednesday, August 27th. Finally, Barclays reissued an "underweight" rating and set a $28.00 price target (down from $53.00) on shares of Nabors Industries in a report on Monday, May 19th. One analyst has rated the stock with a Buy rating, four have assigned a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Reduce" and a consensus target price of $43.00.

Nabors Industries Company Profile

Nabors Industries Ltd. provides drilling and drilling-related services for land-based and offshore oil and natural gas wells in the United States and internationally. The company operates through four segments: U.S. Drilling, International Drilling, Drilling Solutions, and Rig Technologies. It provides tubular running services, including casing and tubing running, and torque monitoring; managed pressure drilling services; and drilling-bit steering systems and rig instrumentation software.