Renaissance Technologies LLC Buys 11,800 Shares of Nabors Industries Ltd. $NBR

Key Points

• Renaissance Technologies increased its Nabors Industries stake by 236% in the first quarter, buying 11,800 additional shares and bringing its total holdings to 16,800 shares worth approximately $1.45 million.
• Institutional investors own approximately 81.92% of Nabors Industries, with several funds initiating or expanding positions in the oil and gas drilling contractor.
• Analysts maintain a generally positive outlook, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $101.14, compared with a recent price of $89.62.

Renaissance Technologies LLC lifted its position in Nabors Industries Ltd. (NYSE:NBR - Free Report) by 236.0% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 16,800 shares of the oil and gas company's stock after buying an additional 11,800 shares during the period. Renaissance Technologies LLC owned approximately 0.11% of Nabors Industries worth $1,446,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently modified their holdings of NBR. Islay Capital Management LLC purchased a new stake in Nabors Industries during the fourth quarter valued at $26,000. Quarry LP bought a new stake in shares of Nabors Industries during the 4th quarter valued at about $33,000. Aster Capital Management DIFC Ltd bought a new stake in shares of Nabors Industries during the 4th quarter valued at about $40,000. Public Employees Retirement System of Ohio increased its position in shares of Nabors Industries by 23.0% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 1,545 shares of the oil and gas company's stock valued at $63,000 after purchasing an additional 289 shares during the last quarter. Finally, State of Wyoming lifted its stake in shares of Nabors Industries by 106.3% in the 4th quarter. State of Wyoming now owns 1,314 shares of the oil and gas company's stock worth $71,000 after purchasing an additional 677 shares during the period. Institutional investors own 81.92% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on NBR shares. Citigroup boosted their target price on shares of Nabors Industries from $89.00 to $110.00 and gave the company a "neutral" rating in a research report on Friday, May 1st. Barclays set a $93.00 price target on shares of Nabors Industries and gave the stock an "equal weight" rating in a research report on Wednesday, August 5th. Morgan Stanley reissued an "overweight" rating and set a $100.00 price objective (up from $80.00) on shares of Nabors Industries in a research report on Wednesday, April 15th. Zacks Research upgraded Nabors Industries from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, July 15th. Finally, Piper Sandler reaffirmed an "overweight" rating and issued a $130.00 target price (up from $120.00) on shares of Nabors Industries in a report on Thursday, July 30th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and five have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $101.14.

Nabors Industries Price Performance

NYSE NBR opened at $89.62 on Thursday. The company has a current ratio of 1.89, a quick ratio of 1.75 and a debt-to-equity ratio of 2.24. Nabors Industries Ltd. has a 12 month low of $31.10 and a 12 month high of $112.90. The stock has a market cap of $1.33 billion, a price-to-earnings ratio of 6.67 and a beta of 0.98. The company's 50 day moving average is $85.69 and its two-hundred day moving average is $84.55.

Nabors Industries (NYSE:NBR - Get Free Report) last announced its quarterly earnings data on Tuesday, June 30th. The oil and gas company reported ($2.04) earnings per share (EPS) for the quarter. Nabors Industries had a negative return on equity of 7.06% and a net margin of 7.64%.The firm had revenue of $814.79 million during the quarter. As a group, research analysts anticipate that Nabors Industries Ltd. will post -2.96 earnings per share for the current year.

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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