Engineers Gate Manager LP Acquires 388,976 Shares of Nabors Industries Ltd. $NBR

Key Points

• Engineers Gate Manager LP increased its Nabors Industries stake by 1,518.1% in the second quarter, acquiring 388,976 shares for a total holding of 414,599 shares valued at approximately $34.8 million. Institutional investors collectively own 81.92% of the company.
• Analyst sentiment is mixed, with Nabors carrying a consensus “Hold” rating and an average price target of $102.57. Targets range from $85 to $130, while one research firm downgraded the stock to “Sell.”
• Nabors reported a quarterly loss of $2.04 per share on $814.79 million in revenue, and analysts expect a full-year loss of $3.69 per share. The stock recently opened at $90.57, compared with a 12-month range of $36.62 to $112.90.

Engineers Gate Manager LP grew its holdings in shares of Nabors Industries Ltd. (NYSE:NBR - Free Report) by 1,518.1% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 414,599 shares of the oil and gas company's stock after acquiring an additional 388,976 shares during the quarter. Engineers Gate Manager LP owned 2.60% of Nabors Industries worth $34,830,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Integrated Wealth Concepts LLC purchased a new stake in shares of Nabors Industries in the 2nd quarter valued at $106,000. IFP Advisors Inc lifted its stake in Nabors Industries by 106.6% in the second quarter. IFP Advisors Inc now owns 436 shares of the oil and gas company's stock worth $37,000 after purchasing an additional 225 shares during the last quarter. Squarepoint Ops LLC lifted its stake in Nabors Industries by 273.7% in the second quarter. Squarepoint Ops LLC now owns 9,342 shares of the oil and gas company's stock worth $785,000 after purchasing an additional 6,842 shares during the last quarter. Allworth Financial LP boosted its position in Nabors Industries by 16.9% during the second quarter. Allworth Financial LP now owns 1,134 shares of the oil and gas company's stock valued at $95,000 after buying an additional 164 shares during the period. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in Nabors Industries during the second quarter valued at about $1,201,000. 81.92% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. Piper Sandler reaffirmed an "overweight" rating and set a $130.00 price objective (up from $120.00) on shares of Nabors Industries in a research note on Thursday, July 30th. Susquehanna lowered their target price on Nabors Industries from $105.00 to $85.00 and set a "neutral" rating for the company in a research note on Wednesday, July 8th. Zacks Research cut Nabors Industries from a "strong-buy" rating to a "hold" rating in a report on Thursday, August 13th. Barclays set a $93.00 price target on Nabors Industries and gave the stock an "equal weight" rating in a research report on Wednesday, August 5th. Finally, Wall Street Zen cut Nabors Industries from a "hold" rating to a "sell" rating in a research note on Saturday, August 1st. Two equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. According to MarketBeat.com, Nabors Industries currently has a consensus rating of "Hold" and a consensus price target of $102.57.

Insider Buying and Selling

In other Nabors Industries news, Director David Tudor sold 3,200 shares of the company's stock in a transaction that occurred on Friday, August 28th. The stock was sold at an average price of $92.30, for a total transaction of $295,360.00. Following the completion of the transaction, the director owned 5,264 shares of the company's stock, valued at $485,867.20. This represents a 37.81% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 5.32% of the stock is owned by insiders.

Nabors Industries Price Performance

NBR stock opened at $90.57 on Thursday. The stock has a market capitalization of $1.45 billion, a price-to-earnings ratio of 6.74 and a beta of 1.00. The firm's 50-day moving average price is $86.12 and its two-hundred day moving average price is $87.83. The company has a current ratio of 1.89, a quick ratio of 1.75 and a debt-to-equity ratio of 2.24. Nabors Industries Ltd. has a 12-month low of $36.62 and a 12-month high of $112.90.

Nabors Industries (NYSE:NBR - Get Free Report) last posted its earnings results on Tuesday, June 30th. The oil and gas company reported ($2.04) earnings per share for the quarter. The firm had revenue of $814.79 million for the quarter. Nabors Industries had a negative return on equity of 7.06% and a net margin of 7.64%. As a group, equities analysts predict that Nabors Industries Ltd. will post -3.69 earnings per share for the current year.

Nabors Industries Company Profile

Nabors Industries Ltd. is a global oil and gas drilling contractor that provides land and offshore drilling rigs, drilling equipment and related services to energy companies around the world. The company's operations span two core segments: drilling and evaluation, which includes land‐based and platform drilling rigs as well as wellbore survey services, and wellbore technologies, offering pressure control equipment, downhole tools and specialized maintenance services. Nabors' integrated model combines rig operations with engineered products and field support, positioning it as a full‐service provider in the upstream sector.

The company maintains a diverse, modern fleet of automated and conventional drilling rigs and has pioneered advanced drilling technologies, including automated drilling controls and managed pressure drilling systems.

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