Nabors Industries Ltd. $NBR Shares Acquired by PDT Partners LLC

Key Points

• PDT Partners LLC significantly increased its stake in Nabors Industries Ltd. by 179.7%, acquiring an additional 59,003 shares to own a total of 91,840 shares, valued at approximately $3.83 million.
• In the most recent earnings report, Nabors Industries missed expectations with an EPS of ($2.71), falling short of the consensus estimate of ($2.05).
• Analysts are mixed on Nabors Industries, with target prices ranging from $25.00 to $47.00, leading to an average rating of "Reduce" and an average price target of $43.00.

PDT Partners LLC increased its holdings in Nabors Industries Ltd. (NYSE:NBR - Free Report) by 179.7% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 91,840 shares of the oil and gas company's stock after buying an additional 59,003 shares during the period. PDT Partners LLC owned 0.96% of Nabors Industries worth $3,831,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Public Employees Retirement System of Ohio bought a new position in Nabors Industries during the fourth quarter valued at approximately $36,000. GAMMA Investing LLC grew its stake in shares of 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 buying an additional 900 shares during the last quarter. Russell Investments Group Ltd. raised its holdings in Nabors Industries by 3,866.7% in the 1st quarter. Russell Investments Group Ltd. now owns 1,309 shares of the oil and gas company's stock worth $55,000 after acquiring an additional 1,276 shares during the last quarter. State of Wyoming raised 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 during the last quarter. Finally, Mission Wealth Management LP purchased a new position in Nabors Industries in the 1st quarter worth approximately $236,000. 81.92% of the stock is currently owned by institutional investors.

Nabors Industries Stock Up 1.4%

Shares of NYSE:NBR traded up $0.54 during trading on Friday, reaching $38.32. The stock had a trading volume of 449,615 shares, compared to its average volume of 531,627. Nabors Industries Ltd. has a one year low of $23.27 and a one year high of $86.10. The company has a market capitalization of $603.09 million, a P/E ratio of -2.73 and a beta of 1.60. 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's 50-day simple moving average is $33.68 and its 200 day simple moving average is $33.45.

Nabors Industries (NYSE:NBR - Get Free Report) last posted its quarterly 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 company had revenue of $832.79 million during the quarter, compared to analysts' expectations of $857.98 million. During the same period in the prior year, the business posted ($4.29) EPS. The company's quarterly revenue was up 12.1% on a year-over-year basis. As a group, research analysts expect that Nabors Industries Ltd. will post -6.22 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on NBR shares. Morgan Stanley lowered their price target on shares of Nabors Industries from $75.00 to $50.00 and set an "overweight" rating on the stock in a report on Friday, May 16th. Royal Bank Of Canada lifted their target price on shares of Nabors Industries from $45.00 to $47.00 and gave the company a "sector perform" rating in a research note on Thursday, August 21st. Citigroup lowered their target price on shares of Nabors Industries from $50.00 to $38.00 and set a "neutral" rating on the stock in a research note on Tuesday, May 13th. Susquehanna lifted their target price on shares of Nabors Industries from $37.00 to $39.00 and gave the company a "neutral" rating in a research note on Wednesday, August 27th. Finally, Piper Sandler reaffirmed an "underweight" rating and set a $32.00 target price (up from $30.00) on shares of Nabors Industries in a research note on Thursday, August 14th. One research analyst has rated the stock with a Buy rating, four have issued a Hold rating and three have given a Sell rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Reduce" and an average target price of $43.00.

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.