Goldman Sachs Group Inc. Decreases Stock Position in Nabors Industries Ltd. $NBR

Key Points

• Goldman Sachs Group Inc. significantly reduced its stake in Nabors Industries by 58.0% during the first quarter, holding approximately $3.51 million worth of shares after selling over 116,000 shares.
• Major shareholder Varde Partners Inc. sold 312,378 shares at an average price of $41.04, leading to an 18.18% decrease in their ownership position.
• Nabors Industries reported a net loss of ($2.71) EPS, which missed analyst estimates, and had revenues of $832.79 million, falling short of expectations of $857.98 million.

Goldman Sachs Group Inc. reduced its position in Nabors Industries Ltd. (NYSE:NBR - Free Report) by 58.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 84,229 shares of the oil and gas company's stock after selling 116,482 shares during the period. Goldman Sachs Group Inc. owned about 0.54% of Nabors Industries worth $3,513,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in NBR. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Nabors Industries by 4.6% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 5,233 shares of the oil and gas company's stock worth $299,000 after acquiring an additional 228 shares in the last quarter. State of Wyoming increased its holdings in Nabors Industries by 20.5% in the 1st 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 in the last quarter. Dynamic Technology Lab Private Ltd increased its holdings in Nabors Industries by 11.5% in the 1st quarter. Dynamic Technology Lab Private Ltd now owns 5,540 shares of the oil and gas company's stock worth $231,000 after acquiring an additional 570 shares in the last quarter. Public Employees Retirement System of Ohio purchased a new stake in Nabors Industries in the 4th quarter worth $36,000. Finally, GAMMA Investing LLC increased its holdings in Nabors Industries by 520.2% in 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 in the last quarter. 81.92% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on NBR shares. JPMorgan Chase & Co. dropped 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. Piper Sandler reaffirmed an "underweight" rating and set a $32.00 target price (up previously from $30.00) on shares of Nabors Industries in a report on Thursday, August 14th. Susquehanna upped their target price on shares of Nabors Industries from $37.00 to $39.00 and gave the stock a "neutral" rating in a report on Wednesday, August 27th. Finally, Royal Bank Of Canada upped their target price on shares of Nabors Industries from $45.00 to $47.00 and gave the stock a "sector perform" rating in a report on Thursday, August 21st. One equities research analyst has rated the stock with a Buy rating, four have assigned a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat.com, Nabors Industries presently has a consensus rating of "Reduce" and an average price target of $43.00.

Insider Activity

In other news, major shareholder Varde Partners Inc sold 312,378 shares of the business's stock in a transaction dated Thursday, September 11th. The stock was sold at an average price of $41.04, for a total transaction of $12,819,993.12. Following the completion of the sale, the insider owned 1,406,052 shares in the company, valued at approximately $57,704,374.08. The trade was a 18.18% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 5.41% of the company's stock.

Nabors Industries Trading Down 4.1%

NBR traded down $1.59 during midday trading on Friday, hitting $37.66. The company's stock had a trading volume of 950,861 shares, compared to its average volume of 468,066. The company has a current ratio of 1.79, a quick ratio of 1.63 and a debt-to-equity ratio of 4.17. The firm has a market cap of $592.77 million, a P/E ratio of -2.68 and a beta of 1.60. The firm has a 50-day moving average price of $35.42 and a two-hundred day moving average price of $33.44. Nabors Industries Ltd. has a 52-week low of $23.27 and a 52-week high of $86.10.

Nabors Industries (NYSE:NBR - Get Free Report) last issued 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 return on equity of 35.99% and a negative net margin of 3.51%.The firm had revenue of $832.79 million for the quarter, compared to analysts' expectations of $857.98 million. During the same quarter in the previous year, the firm posted ($4.29) EPS. The firm's revenue for the quarter was up 12.1% compared to the same quarter last year. On average, research analysts anticipate that Nabors Industries Ltd. will post -6.22 earnings per share for the current year.

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.