Invesco Ltd. Sells 71,946 Shares of Nabors Industries Ltd. $NBR

Key Points

• Invesco Ltd. has reduced its holdings in Nabors Industries Ltd. by 57.1%, controlling 54,066 shares valued at $2,255,000 after selling 71,946 shares in the first quarter.
• Several hedge funds have made changes to their investments in Nabors, with notable increases from Swiss National Bank (27.2% growth) and Charles Schwab Investment Management (33.4% growth).
• Nabors Industries reported a quarterly loss of ($2.71) EPS and revenue of $832.79 million, missing analyst estimates, with a consensus forecast of -6.22 EPS for the current fiscal year.

Invesco Ltd. lowered its position in Nabors Industries Ltd. (NYSE:NBR - Free Report) by 57.1% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 54,066 shares of the oil and gas company's stock after selling 71,946 shares during the period. Invesco Ltd. owned about 0.56% of Nabors Industries worth $2,255,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. GAMMA Investing LLC grew its stake in shares of 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 valued at $45,000 after purchasing an additional 900 shares during the period. Dimensional Fund Advisors LP boosted its stake in shares of Nabors Industries by 10.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 289,632 shares of the oil and gas company's stock worth $16,556,000 after acquiring an additional 27,849 shares during the last quarter. Readystate Asset Management LP grew its position in shares of Nabors Industries by 78.2% during the 1st quarter. Readystate Asset Management LP now owns 40,505 shares of the oil and gas company's stock valued at $1,689,000 after acquiring an additional 17,780 shares during the period. SG Americas Securities LLC increased its stake in shares of Nabors Industries by 178.7% in the 1st quarter. SG Americas Securities LLC now owns 6,666 shares of the oil and gas company's stock worth $278,000 after purchasing an additional 4,274 shares in the last quarter. Finally, Barings LLC bought a new position in Nabors Industries in the 1st quarter worth $8,864,000. Institutional investors own 81.92% of the company's stock.

Analyst Ratings Changes

Several research firms have issued reports on NBR. Morgan Stanley cut their price target 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 increased 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. JPMorgan Chase & Co. decreased their target price on shares of 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 lifted their price target on shares of Nabors Industries from $37.00 to $39.00 and gave the company a "neutral" rating in a report on Wednesday, August 27th. Finally, Barclays reiterated an "underweight" rating and issued a $28.00 price target (down from $53.00) on shares of Nabors Industries in a research report on Monday, May 19th. One equities research analyst has rated the stock with a Buy rating, four have issued a Hold rating and three have assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Reduce" and an average price target of $43.00.

Nabors Industries Price Performance

NYSE NBR traded down $1.53 during trading on Wednesday, hitting $35.55. 208,701 shares of the stock traded hands, compared to its average volume of 468,996. The company has a quick ratio of 1.63, a current ratio of 1.79 and a debt-to-equity ratio of 4.17. Nabors Industries Ltd. has a 12-month low of $23.27 and a 12-month high of $86.10. The firm has a 50-day simple moving average of $33.12 and a 200-day simple moving average of $33.63. The company has a market capitalization of $559.56 million, a P/E ratio of -2.53 and a beta of 1.60.

Nabors Industries (NYSE:NBR - Get Free Report) last posted its earnings results on Tuesday, July 29th. The oil and gas company reported ($2.71) 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 firm had revenue of $832.79 million for the quarter, compared to the consensus estimate of $857.98 million. During the same quarter in the prior year, the company posted ($4.29) earnings per share. The firm's revenue was up 12.1% compared to the same quarter last year. As a group, analysts predict that Nabors Industries Ltd. will post -6.22 EPS for the current year.

About Nabors Industries

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.