Brigade Capital Management LP Invests $37.65 Million in Nabors Industries Ltd. $NBR

Key Points

• Brigade Capital Management LP has acquired a new stake in Nabors Industries Ltd., purchasing 904,035 shares valued at approximately $37.65 million, making it the largest holding in their portfolio.
• The stock of Nabors Industries opened at $36.88, reflecting a market cap of $580.46 million and a twelve-month price range between $23.27 and $86.10.
• Nabors Industries reported a quarterly loss with an EPS of ($2.71), missing analysts' estimates, and analysts predict a negative EPS of ($6.22) for the current year.

Brigade Capital Management LP acquired a new position in shares of Nabors Industries Ltd. (NYSE:NBR - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 904,035 shares of the oil and gas company's stock, valued at approximately $37,653,000. Nabors Industries makes up about 4.7% of Brigade Capital Management LP's investment portfolio, making the stock its biggest holding. Brigade Capital Management LP owned approximately 9.41% of Nabors Industries as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently modified their holdings of NBR. Public Employees Retirement System of Ohio acquired a new stake in shares of Nabors Industries during the 4th quarter worth approximately $36,000. GAMMA Investing LLC grew its holdings 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 worth $45,000 after acquiring an additional 900 shares during the last quarter. Russell Investments Group Ltd. boosted its position in Nabors Industries by 3,866.7% in 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 buying an additional 1,276 shares during the last quarter. State of Wyoming raised its position in shares of 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 worth $123,000 after acquiring an additional 500 shares during the last quarter. Finally, Mission Wealth Management LP bought a new stake in shares of Nabors Industries during the first quarter worth $236,000. Institutional investors and hedge funds own 81.92% of the company's stock.

Nabors Industries Trading Up 0.7%

NYSE:NBR traded up $0.29 on Monday, reaching $38.70. The company's stock had a trading volume of 141,446 shares, compared to its average volume of 467,744. Nabors Industries Ltd. has a 1-year low of $23.27 and a 1-year high of $86.10. The company has a debt-to-equity ratio of 4.17, a quick ratio of 1.63 and a current ratio of 1.79. The firm has a market cap of $609.11 million, a PE ratio of -2.76 and a beta of 1.60. The business's 50-day moving average price is $33.68 and its two-hundred day moving average price is $33.36.

Nabors Industries (NYSE:NBR - Get Free Report) last posted its earnings results on Tuesday, July 29th. The oil and gas company reported ($2.71) earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 business had revenue of $832.79 million during the quarter, compared to analyst estimates of $857.98 million. During the same period in the previous year, the firm posted ($4.29) earnings per share. The firm's revenue was up 12.1% on a year-over-year basis. Equities research analysts anticipate that Nabors Industries Ltd. will post -6.22 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on NBR shares. Susquehanna boosted their target price on Nabors Industries from $37.00 to $39.00 and gave the stock a "neutral" rating in a research report on Wednesday, August 27th. Morgan Stanley dropped their price objective on Nabors Industries from $75.00 to $50.00 and set an "overweight" rating for the company in a report on Friday, May 16th. Royal Bank Of Canada upped their price objective on Nabors Industries from $45.00 to $47.00 and gave the company a "sector perform" rating in a report on Thursday, August 21st. Piper Sandler reiterated an "underweight" rating and issued a $32.00 price objective (up previously from $30.00) on shares of Nabors Industries in a report on Thursday, August 14th. Finally, Citigroup dropped their price objective on Nabors Industries from $50.00 to $38.00 and set a "neutral" rating for the company in a report on Tuesday, May 13th. One investment analyst has rated the stock with a Buy rating, four have given a Hold rating and three have given a Sell rating to the company. According to MarketBeat, the company has an average 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.