Bank of New York Mellon Corp trimmed its holdings in shares of Nabors Industries Ltd. (NYSE:NBR - Free Report) by 50.6% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 29,376 shares of the oil and gas company's stock after selling 30,105 shares during the quarter. Bank of New York Mellon Corp owned 0.31% of Nabors Industries worth $1,225,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds also recently added to or reduced their stakes in the company. Mission Wealth Management LP acquired a new stake in Nabors Industries during the 1st quarter worth about $236,000. SG Americas Securities LLC lifted its holdings in shares of Nabors Industries by 178.7% during the first quarter. SG Americas Securities LLC now owns 6,666 shares of the oil and gas company's stock worth $278,000 after purchasing an additional 4,274 shares during the period. GAMMA Investing LLC boosted its position in Nabors Industries by 520.2% in the first quarter. GAMMA Investing LLC now owns 1,073 shares of the oil and gas company's stock valued at $45,000 after buying an additional 900 shares during the last quarter. Public Employees Retirement System of Ohio acquired a new position in Nabors Industries in the 4th quarter worth approximately $36,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Nabors Industries by 16.3% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 24,723 shares of the oil and gas company's stock worth $1,413,000 after buying an additional 3,456 shares during the period. 81.92% of the stock is owned by institutional investors and hedge funds.
Nabors Industries Price Performance
NYSE NBR traded down $3.13 on Friday, hitting $31.65. The company had a trading volume of 491,348 shares, compared to its average volume of 503,884. The company has a debt-to-equity ratio of 4.17, a current ratio of 1.79 and a quick ratio of 1.62. The company has a market capitalization of $496.91 million, a PE ratio of -2.25 and a beta of 1.51. Nabors Industries Ltd. has a 12-month low of $23.27 and a 12-month high of $90.32. The company's fifty day moving average price is $31.33 and its 200-day moving average price is $37.55.
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) earnings per share 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 company had revenue of $832.79 million for the quarter, compared to analyst estimates of $857.98 million. During the same quarter last year, the company earned ($4.29) EPS. The firm's revenue for the quarter was up 12.1% on a year-over-year basis. As a group, analysts predict that Nabors Industries Ltd. will post -6.22 earnings per share for the current year.
Wall Street Analyst Weigh In
A number of research firms recently issued reports on NBR. Citigroup decreased their target price on shares of Nabors Industries from $50.00 to $38.00 and set a "neutral" rating for the company in a research report on Tuesday, May 13th. Morgan Stanley lowered their target price on Nabors Industries from $75.00 to $50.00 and set an "overweight" rating on the stock in a research note on Friday, May 16th. Susquehanna lifted their price target on Nabors Industries from $29.00 to $32.00 and gave the company a "neutral" rating in a research report on Tuesday, July 1st. JPMorgan Chase & Co. lowered their price objective on Nabors Industries from $38.00 to $25.00 and set an "underweight" rating on the stock in a research report on Wednesday, May 28th. Finally, Royal Bank Of Canada cut their target price on shares of Nabors Industries from $47.00 to $45.00 and set a "sector perform" rating for the company in a report on Thursday, May 1st. Three research analysts have rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $41.63.
View Our Latest Report on Nabors Industries
About Nabors Industries
(
Free Report)
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.
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