JPMorgan Chase & Co. Boosts Stock Holdings in Nabors Industries Ltd. $NBR

Key Points

• JPMorgan increased its stake in Nabors by 77.6% in Q3, buying 29,408 shares to own 67,313 shares (about 0.46% of the company) valued at $2.75 million.
• Nabors beat expectations with Q4-like results showing EPS of $0.17 versus a ($2.93) consensus and revenue of $797.5M (up 9% year-over-year); the stock trades around $79.89, has a market cap of $1.17B and a low PE of 4.84.
• Analyst sentiment is mixed—two Buys, four Holds and two Sells—giving an average rating of "Hold" and an average target price of $69.50.

JPMorgan Chase & Co. grew its stake in shares of Nabors Industries Ltd. (NYSE:NBR - Free Report) by 77.6% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 67,313 shares of the oil and gas company's stock after buying an additional 29,408 shares during the quarter. JPMorgan Chase & Co. owned 0.46% of Nabors Industries worth $2,751,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of the stock. CWM LLC lifted its stake in shares of Nabors Industries by 244.6% in the 3rd quarter. CWM LLC now owns 889 shares of the oil and gas company's stock valued at $36,000 after acquiring an additional 631 shares during the last quarter. Public Employees Retirement System of Ohio increased its stake in Nabors Industries by 23.0% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 1,545 shares of the oil and gas company's stock worth $63,000 after purchasing an additional 289 shares during the period. Russell Investments Group Ltd. lifted its position in Nabors Industries by 153.9% in the third quarter. Russell Investments Group Ltd. now owns 3,222 shares of the oil and gas company's stock valued at $132,000 after purchasing an additional 1,953 shares during the last quarter. Osaic Holdings Inc. lifted its position in Nabors Industries by 720.6% in the second quarter. Osaic Holdings Inc. now owns 5,703 shares of the oil and gas company's stock valued at $160,000 after purchasing an additional 5,008 shares during the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in shares of Nabors Industries during the third quarter valued at approximately $207,000. Hedge funds and other institutional investors own 81.92% of the company's stock.

Nabors Industries Price Performance

Shares of Nabors Industries stock opened at $79.89 on Monday. The business has a 50 day moving average of $76.01 and a 200 day moving average of $59.36. Nabors Industries Ltd. has a 52 week low of $23.27 and a 52 week high of $92.38. The company has a market cap of $1.17 billion, a PE ratio of 4.84 and a beta of 0.87. The company has a quick ratio of 1.47, a current ratio of 1.56 and a debt-to-equity ratio of 2.22.

Nabors Industries (NYSE:NBR - Get Free Report) last released its quarterly earnings results on Wednesday, February 11th. The oil and gas company reported $0.17 earnings per share for the quarter, beating the consensus estimate of ($2.93) by $3.10. The business had revenue of $797.53 million for the quarter, compared to analysts' expectations of $795.82 million. Nabors Industries had a net margin of 8.92% and a negative return on equity of 17.63%. The firm's revenue for the quarter was up 9.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($6.67) earnings per share. As a group, equities research analysts forecast that Nabors Industries Ltd. will post -6.22 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the stock. Wall Street Zen cut shares of Nabors Industries from a "buy" rating to a "hold" rating in a report on Saturday, February 21st. Barclays increased their price target on shares of Nabors Industries from $50.00 to $65.00 and gave the company an "underweight" rating in a research report on Wednesday, February 25th. Citigroup raised their price target on shares of Nabors Industries from $85.00 to $89.00 and gave the stock a "neutral" rating in a report on Wednesday, April 1st. Piper Sandler restated an "overweight" rating and issued a $80.00 price objective (up from $65.00) on shares of Nabors Industries in a research report on Tuesday, February 17th. Finally, Susquehanna reaffirmed a "neutral" rating and set a $70.00 price objective (up from $64.00) on shares of Nabors Industries in a research note on Friday, February 13th. Two research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $69.50.

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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