Miller Value Partners LLC Sells 70,358 Shares of Nabors Industries Ltd. $NBR

Key Points

• Miller Value Partners trimmed its Nabors Industries stake by 10.5% in the fourth quarter, selling 70,358 shares and leaving it with 602,737 shares worth about $32.7 million. Nabors remains the fund’s largest position, making up 11.5% of its portfolio.
• Other big institutional holders were also active: Adage Capital Partners boosted its Nabors position by 62.6%, while Vanguard, CIBC World Markets, Highbridge Capital, and Charles Schwab also increased their stakes. Overall, 81.92% of Nabors shares are owned by institutions and hedge funds.
• Nabors Industries posted better-than-expected quarterly results, with EPS of ($1.54) versus the estimated ($2.49) and revenue of $783.55 million topping forecasts. Despite the beat, the stock was down 2.5% in trading and analysts currently have a consensus Hold rating with an average price target of $103.43.

Miller Value Partners LLC reduced its stake in Nabors Industries Ltd. (NYSE:NBR - Free Report) by 10.5% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 602,737 shares of the oil and gas company's stock after selling 70,358 shares during the period. Nabors Industries comprises approximately 11.5% of Miller Value Partners LLC's investment portfolio, making the stock its largest position. Miller Value Partners LLC owned 4.14% of Nabors Industries worth $32,729,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the stock. Adage Capital Partners GP L.L.C. boosted its stake in shares of Nabors Industries by 62.6% in the 4th quarter. Adage Capital Partners GP L.L.C. now owns 1,260,000 shares of the oil and gas company's stock valued at $68,418,000 after purchasing an additional 485,000 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of Nabors Industries by 1.6% in the 4th quarter. Vanguard Group Inc. now owns 871,047 shares of the oil and gas company's stock valued at $47,298,000 after purchasing an additional 13,424 shares in the last quarter. Cibc World Market Inc. boosted its stake in shares of Nabors Industries by 2.0% in the 4th quarter. Cibc World Market Inc. now owns 499,147 shares of the oil and gas company's stock valued at $27,104,000 after purchasing an additional 9,640 shares in the last quarter. Highbridge Capital Management LLC boosted its stake in shares of Nabors Industries by 26.9% in the 3rd quarter. Highbridge Capital Management LLC now owns 491,795 shares of the oil and gas company's stock valued at $20,100,000 after purchasing an additional 104,219 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in Nabors Industries by 15.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 485,346 shares of the oil and gas company's stock valued at $26,354,000 after buying an additional 66,640 shares during the last quarter. 81.92% of the stock is currently owned by institutional investors and hedge funds.

Nabors Industries Stock Down 2.5%

NYSE:NBR opened at $88.96 on Thursday. The firm's 50 day simple moving average is $94.97 and its 200 day simple moving average is $77.19. The company has a debt-to-equity ratio of 2.22, a current ratio of 1.97 and a quick ratio of 1.82. Nabors Industries Ltd. has a one year low of $27.18 and a one year high of $112.90. The company has a market cap of $1.32 billion, a PE ratio of 6.97 and a beta of 0.96.

Nabors Industries (NYSE:NBR - Get Free Report) last released its quarterly earnings results on Tuesday, April 28th. The oil and gas company reported ($1.54) earnings per share (EPS) for the quarter, topping the consensus estimate of ($2.49) by $0.95. Nabors Industries had a net margin of 7.32% and a negative return on equity of 8.66%. The firm had revenue of $783.55 million during the quarter, compared to analyst estimates of $769.33 million. During the same quarter last year, the business earned $2.18 EPS. The company's revenue was up 6.4% compared to the same quarter last year. On average, research analysts anticipate that Nabors Industries Ltd. will post -3.32 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on NBR shares. Citigroup lifted their target price on shares of Nabors Industries from $89.00 to $110.00 and gave the stock a "neutral" rating in a research report on Friday, May 1st. Wall Street Zen downgraded shares of Nabors Industries from a "buy" rating to a "hold" rating in a research report on Saturday, February 21st. Royal Bank Of Canada lifted their target price on shares of Nabors Industries from $91.00 to $120.00 and gave the stock a "sector perform" rating in a research report on Thursday, April 30th. Weiss Ratings downgraded shares of Nabors Industries from a "hold (c)" rating to a "hold (c-)" rating in a research report on Monday, May 4th. Finally, Barclays upgraded shares of Nabors Industries from an "underweight" rating to an "equal weight" rating and lifted their target price for the stock from $65.00 to $99.00 in a research report on Thursday, May 7th. Two analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Hold" and an average target price of $103.43.

About Nabors Industries

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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