Rhumbline Advisers Sells 10,775 Shares of Nabors Industries Ltd. $NBR

Key Points

• Rhumbline Advisers has reduced its holdings in Nabors Industries Ltd. by 33.8%, now owning 21,065 shares worth approximately $879,000.
• JPMorgan Chase & Co. downgraded Nabors Industries' price target from $38.00 to $25.00 with an "underweight" rating, reflecting analysts' cautious outlook on the stock.
• Major shareholder Varde Partners Inc. sold 312,378 shares of Nabors Industries at an average price of $41.04, representing an 18.18% decrease in their ownership.

Rhumbline Advisers reduced its position in Nabors Industries Ltd. (NYSE:NBR - Free Report) by 33.8% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 21,065 shares of the oil and gas company's stock after selling 10,775 shares during the period. Rhumbline Advisers owned 0.13% of Nabors Industries worth $879,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Strs Ohio purchased a new stake in Nabors Industries during the 1st quarter valued at approximately $259,000. Dynamic Technology Lab Private Ltd grew its holdings in Nabors Industries by 11.5% during the 1st quarter. Dynamic Technology Lab Private Ltd now owns 5,540 shares of the oil and gas company's stock valued at $231,000 after buying an additional 570 shares during the last quarter. Petrus Trust Company LTA acquired a new stake in Nabors Industries during the 1st quarter valued at $461,000. Brigade Capital Management LP acquired a new stake in shares of Nabors Industries during the first quarter worth $37,653,000. Finally, AQR Capital Management LLC raised its position in shares of Nabors Industries by 97.1% in the 1st quarter. AQR Capital Management LLC now owns 16,770 shares of the oil and gas company's stock worth $699,000 after buying an additional 8,260 shares during the period. 81.92% of the stock is owned by hedge funds and other institutional investors.

Nabors Industries Price Performance

NBR traded up $3.11 on Tuesday, reaching $41.89. The company had a trading volume of 305,826 shares, compared to its average volume of 474,209. The company has a market cap of $659.35 million, a price-to-earnings ratio of -2.99 and a beta of 1.60. Nabors Industries Ltd. has a 52-week low of $23.27 and a 52-week high of $86.10. The business has a 50 day simple moving average of $35.54 and a 200 day simple moving average of $33.37. The company has a debt-to-equity ratio of 4.17, a quick ratio of 1.63 and a current ratio of 1.79.

Nabors Industries (NYSE:NBR - Get Free Report) last announced its earnings results on Tuesday, July 29th. The oil and gas company reported ($2.71) EPS for the quarter, missing analysts' consensus estimates of ($2.05) by ($0.66). Nabors Industries had a negative net margin of 3.51% and a negative return on equity of 35.99%. The business had revenue of $832.79 million for the quarter, compared to the consensus estimate of $857.98 million. During the same quarter last year, the firm posted ($4.29) EPS. The business's quarterly revenue was up 12.1% on a year-over-year basis. As a group, sell-side analysts anticipate that Nabors Industries Ltd. will post -6.22 EPS for the current year.

Analyst Upgrades and Downgrades

Several research analysts have commented on the company. Royal Bank Of Canada raised their price objective on Nabors Industries from $45.00 to $47.00 and gave the company a "sector perform" rating in a research report on Thursday, August 21st. Piper Sandler restated 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. JPMorgan Chase & Co. decreased their price target on Nabors Industries from $38.00 to $25.00 and set an "underweight" rating for the company in a research note on Wednesday, May 28th. Barclays restated an "underweight" rating and issued a $36.00 target price (up from $29.00) on shares of Nabors Industries in a research note on Monday. Finally, Susquehanna lifted their price target on Nabors Industries from $37.00 to $39.00 and gave the company a "neutral" rating in a report on Wednesday, August 27th. One analyst has rated the stock with a Buy rating, four have issued a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Reduce" and an average price target of $44.00.

Insider Activity at Nabors Industries

In other news, major shareholder Varde Partners Inc sold 312,378 shares of the business's stock in a transaction on Thursday, September 11th. The shares were sold at an average price of $41.04, for a total value of $12,819,993.12. Following the transaction, the insider owned 1,406,052 shares of the company's stock, valued at approximately $57,704,374.08. The trade was a 18.18% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 7.29% of the company's stock.

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.