Apollo Management Holdings L.P. Acquires 87,552 Shares of Nabors Industries Ltd. $NBR

Key Points

• Apollo Management Holdings L.P. increased its stake in Nabors Industries Ltd. by 26.2%, owning approximately 4.39% of the company valued at $17.6 million as of the last quarter.
• Nabors Industries reported a quarterly loss of ($2.71) per share, missing estimates, while its revenue increased by 12.1% compared to the previous year.
• Analysts have lowered their price targets for Nabors Industries, with JPMorgan reducing it from $38.00 to $25.00, indicating a generally negative outlook for the stock.

Apollo Management Holdings L.P. lifted its holdings in shares of Nabors Industries Ltd. (NYSE:NBR - Free Report) by 26.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 421,836 shares of the oil and gas company's stock after buying an additional 87,552 shares during the quarter. Nabors Industries comprises approximately 0.3% of Apollo Management Holdings L.P.'s investment portfolio, making the stock its 20th biggest holding. Apollo Management Holdings L.P. owned about 4.39% of Nabors Industries worth $17,595,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the business. Public Employees Retirement System of Ohio acquired a new position in Nabors Industries during the fourth quarter valued at approximately $36,000. GAMMA Investing LLC grew its holdings in Nabors Industries by 520.2% during the first 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 period. Russell Investments Group Ltd. grew its holdings in Nabors Industries by 3,866.7% during the first 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 period. State of Wyoming grew its holdings in Nabors Industries by 20.5% during the first 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 period. Finally, Mission Wealth Management LP bought a new position in Nabors Industries in the first quarter valued at approximately $236,000. Institutional investors and hedge funds own 81.92% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have weighed in on NBR shares. Susquehanna lifted their price target on shares of Nabors Industries from $37.00 to $39.00 and gave the company a "neutral" rating in a research note on Wednesday, August 27th. Barclays reaffirmed an "underweight" rating and issued a $28.00 price target (down previously from $53.00) on shares of Nabors Industries in a research note on Monday, May 19th. JPMorgan Chase & Co. cut their price target on shares of Nabors Industries from $38.00 to $25.00 and set an "underweight" rating on the stock in a research note on Wednesday, May 28th. Royal Bank Of Canada lifted their price target on shares of Nabors Industries from $45.00 to $47.00 and gave the company a "sector perform" rating in a research note on Thursday, August 21st. Finally, Citigroup cut their price objective on shares of Nabors Industries from $50.00 to $38.00 and set a "neutral" rating on the stock in a research report on Tuesday, May 13th. One research analyst has rated the stock with a Buy rating, four have issued a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of "Reduce" and an average target price of $43.00.

Nabors Industries Stock Performance

NYSE NBR traded up $0.54 on Friday, hitting $38.32. 449,615 shares of the stock were exchanged, compared to its average volume of 531,627. The company has a debt-to-equity ratio of 4.17, a current ratio of 1.79 and a quick ratio of 1.63. The business's fifty day moving average is $33.68 and its 200 day moving average is $33.53. Nabors Industries Ltd. has a 52 week low of $23.27 and a 52 week high of $86.10. The company has a market capitalization of $603.20 million, a PE ratio of -2.73 and a beta of 1.60.

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

Nabors Industries 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.