Voloridge Investment Management LLC Has $1.03 Million Holdings in Nabors Industries Ltd. (NYSE:NBR)

Voloridge Investment Management LLC cut its stake in Nabors Industries Ltd. (NYSE:NBR - Free Report) by 57.4% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 17,938 shares of the oil and gas company's stock after selling 24,160 shares during the period. Voloridge Investment Management LLC owned about 0.17% of Nabors Industries worth $1,026,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of NBR. US Bancorp DE increased its holdings in Nabors Industries by 234.9% during the 4th quarter. US Bancorp DE now owns 720 shares of the oil and gas company's stock valued at $41,000 after purchasing an additional 505 shares in the last quarter. R Squared Ltd acquired a new stake in Nabors Industries during the 4th quarter valued at $70,000. KLP Kapitalforvaltning AS acquired a new stake in Nabors Industries during the 4th quarter valued at $97,000. DRW Securities LLC acquired a new stake in Nabors Industries during the 4th quarter valued at $234,000. Finally, Dynamic Technology Lab Private Ltd acquired a new stake in Nabors Industries during the 4th quarter valued at $284,000. 81.92% of the stock is owned by institutional investors and hedge funds.

Nabors Industries Stock Up 9.5%

Shares of NBR traded up $2.57 during midday trading on Tuesday, hitting $29.75. The stock had a trading volume of 602,133 shares, compared to its average volume of 373,164. The company has a 50 day simple moving average of $29.63 and a two-hundred day simple moving average of $47.03. Nabors Industries Ltd. has a twelve month low of $23.27 and a twelve month high of $105.96. The firm has a market cap of $467.08 million, a price-to-earnings ratio of -1.33 and a beta of 1.96. The company has a debt-to-equity ratio of 5.95, a current ratio of 1.75 and a quick ratio of 1.52.

Nabors Industries (NYSE:NBR - Get Free Report) last posted its quarterly earnings results on Tuesday, April 29th. The oil and gas company reported ($7.50) EPS for the quarter, missing analysts' consensus estimates of ($2.64) by ($4.86). Nabors Industries had a negative return on equity of 32.96% and a negative net margin of 5.93%. The business had revenue of $742.78 million for the quarter, compared to the consensus estimate of $706.49 million. During the same quarter in the previous year, the business posted ($4.54) EPS. The company's revenue for the quarter was up .3% on a year-over-year basis. On average, analysts anticipate that Nabors Industries Ltd. will post -6.22 EPS for the current year.

Analyst Ratings Changes

A number of research firms recently weighed in on NBR. Royal Bank of Canada dropped their price target on Nabors Industries from $47.00 to $45.00 and set a "sector perform" rating for the company in a report on Thursday, May 1st. Susquehanna decreased their price objective on Nabors Industries from $32.00 to $29.00 and set a "neutral" rating on the stock in a research report on Thursday, May 1st. Barclays reiterated an "underweight" rating and issued a $28.00 price objective (down from $53.00) on shares of Nabors Industries in a research report on Monday, May 19th. JPMorgan Chase & Co. decreased their price objective on Nabors Industries from $38.00 to $25.00 and set an "underweight" rating on the stock in a research report on Wednesday, May 28th. Finally, Citigroup decreased their price objective on Nabors Industries from $50.00 to $38.00 and set a "neutral" rating on the stock in a research report on Tuesday, May 13th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company's stock. According to data from MarketBeat.com, Nabors Industries presently has an average rating of "Hold" and an average target price of $42.86.

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.