Bank of New York Mellon Corp Sells 30,105 Shares of Nabors Industries Ltd. (NYSE:NBR)

Bank of New York Mellon Corp decreased its position in Nabors Industries Ltd. (NYSE:NBR - Free Report) by 50.6% in the first quarter, according to 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 bought and sold shares of the company. Public Employees Retirement System of Ohio purchased a new stake in Nabors Industries during the 4th quarter valued at about $36,000. GAMMA Investing LLC lifted 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 purchasing an additional 900 shares during the last quarter. KLP Kapitalforvaltning AS purchased a new stake in shares of Nabors Industries during the fourth quarter valued at approximately $97,000. DRW Securities LLC bought a new position in shares of Nabors Industries in the fourth quarter worth approximately $234,000. Finally, Mission Wealth Management LP purchased a new position in shares of Nabors Industries in the first quarter worth $236,000. Institutional investors own 81.92% of the company's stock.

Nabors Industries Stock Down 9.0%

Shares of NYSE:NBR traded down $3.13 during trading on Friday, hitting $31.65. The stock had a trading volume of 491,348 shares, compared to its average volume of 503,884. The company has a quick ratio of 1.62, a current ratio of 1.79 and a debt-to-equity ratio of 4.17. The company has a market capitalization of $496.91 million, a PE ratio of -2.25 and a beta of 1.51. The firm's fifty day moving average is $31.33 and its 200 day moving average is $37.34. Nabors Industries Ltd. has a 12 month low of $23.27 and a 12 month high of $90.32.

Nabors Industries (NYSE:NBR - Get Free Report) last issued 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 business had revenue of $832.79 million during the quarter, compared to the consensus estimate of $857.98 million. During the same quarter in the previous year, the business earned ($4.29) earnings per share. The firm's revenue was up 12.1% compared to the same quarter last year. Analysts anticipate that Nabors Industries Ltd. will post -6.22 EPS for the current fiscal year.

Analyst Ratings Changes

Several brokerages have weighed in on NBR. Royal Bank Of Canada dropped their price target on shares of Nabors Industries from $47.00 to $45.00 and set a "sector perform" rating for the company in a research report on Thursday, May 1st. Piper Sandler initiated coverage on shares of Nabors Industries in a research note on Monday, July 14th. They set an "underweight" rating and a $30.00 price objective for the company. JPMorgan Chase & Co. cut their target price on Nabors Industries from $38.00 to $25.00 and set an "underweight" rating on the stock in a research note on Wednesday, May 28th. Susquehanna upped 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. Finally, Barclays reiterated an "underweight" rating and issued a $28.00 price objective (down previously from $53.00) on shares of Nabors Industries in a report on Monday, May 19th. Three investment analysts have rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company's stock. According to MarketBeat.com, Nabors Industries presently has a consensus rating of "Hold" and an average target price of $41.63.

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.