Barings LLC Buys New Holdings in Nabors Industries Ltd. (NYSE:NBR)

Key Points

• Barings LLC has acquired a new stake in Nabors Industries, purchasing 212,526 shares valued at approximately $8.86 million, representing 2.21% of the company's stock.
• Nabors Industries' shares declined by 9.0%, trading at $31.65, as they reported a quarterly loss of ($2.71) EPS, missing estimates.
• Analysts have lowered their price targets significantly, with JPMorgan setting a new target of $25.00, down from $38.00, and the stock currently holds a consensus rating of "Hold".

Barings LLC purchased a new position in shares of Nabors Industries Ltd. (NYSE:NBR - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 212,526 shares of the oil and gas company's stock, valued at approximately $8,864,000. Barings LLC owned 2.21% of Nabors Industries as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. KLP Kapitalforvaltning AS bought a new position in shares of Nabors Industries in the fourth quarter valued at approximately $97,000. Vanguard Group Inc. increased its holdings in shares of Nabors Industries by 2.7% in the fourth quarter. Vanguard Group Inc. now owns 696,155 shares of the oil and gas company's stock valued at $39,799,000 after purchasing an additional 18,017 shares in the last quarter. O Shaughnessy Asset Management LLC acquired a new stake in shares of Nabors Industries in the fourth quarter valued at approximately $313,000. ExodusPoint Capital Management LP acquired a new stake in shares of Nabors Industries in the fourth quarter valued at approximately $1,388,000. Finally, Wells Fargo & Company MN increased its holdings in shares of Nabors Industries by 6.4% in the fourth quarter. Wells Fargo & Company MN now owns 30,339 shares of the oil and gas company's stock valued at $1,734,000 after purchasing an additional 1,834 shares in the last quarter. Institutional investors own 81.92% of the company's stock.

Wall Street Analyst Weigh In

NBR has been the subject of a number of analyst reports. JPMorgan Chase & Co. lowered their target price on shares of Nabors Industries from $38.00 to $25.00 and set an "underweight" rating for the company in a report on Wednesday, May 28th. Citigroup lowered their target price on shares of Nabors Industries from $50.00 to $38.00 and set a "neutral" rating for the company in a report on Tuesday, May 13th. Royal Bank Of Canada lowered 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. Piper Sandler initiated coverage on shares of Nabors Industries in a report on Monday, July 14th. They set an "underweight" rating and a $30.00 target price for the company. Finally, Susquehanna lifted their target price on shares of Nabors Industries from $29.00 to $32.00 and gave the stock a "neutral" rating in a report on Tuesday, July 1st. Three analysts have rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the stock. According to data from MarketBeat.com, Nabors Industries currently has a consensus rating of "Hold" and an average price target of $41.63.

Nabors Industries Trading Up 2.4%

Shares of NBR stock traded up $0.78 on Tuesday, hitting $32.68. The stock had a trading volume of 221,023 shares, compared to its average volume of 456,518. Nabors Industries Ltd. has a twelve month low of $23.27 and a twelve month high of $87.46. The firm has a market cap of $513.00 million, a P/E ratio of -2.32 and a beta of 1.52. The company has a current ratio of 1.79, a quick ratio of 1.62 and a debt-to-equity ratio of 4.17. The company has a fifty day moving average price of $31.44 and a two-hundred day moving average price of $36.88.

Nabors Industries (NYSE:NBR - Get Free Report) last posted its quarterly earnings data 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). Nabors Industries had a negative net margin of 3.51% and a negative return on equity of 35.99%. The company had revenue of $832.79 million during the quarter, compared to the consensus estimate of $857.98 million. During the same period in the prior year, the firm posted ($4.29) earnings per share. The company's revenue was up 12.1% compared to the same quarter last year. As a group, analysts forecast that Nabors Industries Ltd. will post -6.22 earnings per share for the current fiscal year.

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.