Strs Ohio Takes $259,000 Position in Nabors Industries Ltd. $NBR

Key Points

• Strs Ohio has invested approximately $259,000 in Nabors Industries, acquiring 6,200 shares, as indicated in their latest SEC filing.
• Several hedge funds, including Brigade Capital Management, made significant changes to their positions in Nabors Industries, with Brigade purchasing a stake worth approximately $37.65 million.
• Despite a 12.1% year-over-year revenue increase, Nabors Industries reported a quarterly earnings per share of ($2.71), missing analysts' expectations by $0.66.

Strs Ohio bought a new position in shares of Nabors Industries Ltd. (NYSE:NBR - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 6,200 shares of the oil and gas company's stock, valued at approximately $259,000.

Several other hedge funds have also made changes to their positions in the company. Brigade Capital Management LP purchased a new stake in Nabors Industries in the 1st quarter worth approximately $37,653,000. Adage Capital Partners GP L.L.C. grew its position in Nabors Industries by 445.5% in the 1st quarter. Adage Capital Partners GP L.L.C. now owns 600,000 shares of the oil and gas company's stock worth $25,026,000 after purchasing an additional 490,000 shares during the last quarter. Apollo Management Holdings L.P. grew its position in Nabors Industries by 26.2% in the 1st quarter. Apollo Management Holdings L.P. now owns 421,836 shares of the oil and gas company's stock worth $17,595,000 after purchasing an additional 87,552 shares during the last quarter. American Century Companies Inc. grew its position in Nabors Industries by 4.7% in the 1st quarter. American Century Companies Inc. now owns 299,206 shares of the oil and gas company's stock worth $12,480,000 after purchasing an additional 13,391 shares during the last quarter. Finally, Barings LLC bought a new position in shares of Nabors Industries during the 1st quarter worth about $8,864,000. Hedge funds and other institutional investors own 81.92% of the company's stock.

Insider Buying and Selling at Nabors Industries

In other news, major shareholder Varde Partners Inc sold 312,378 shares of the firm's stock in a transaction that occurred 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 sale, the insider directly owned 1,406,052 shares in the company, valued at approximately $57,704,374.08. This trade represents a 18.18% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 5.41% of the company's stock.

Nabors Industries Price Performance

NYSE:NBR opened at $40.95 on Thursday. The firm has a market cap of $644.51 million, a price-to-earnings ratio of -2.91 and a beta of 1.60. 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 Ltd. has a 52 week low of $23.27 and a 52 week high of $86.10. The firm's 50-day simple moving average is $35.95 and its 200 day simple moving average is $33.48.

Nabors Industries (NYSE:NBR - Get Free Report) last announced its quarterly earnings data 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). The firm had revenue of $832.79 million for the quarter, compared to analyst estimates of $857.98 million. Nabors Industries had a negative return on equity of 35.99% and a negative net margin of 3.51%.The company's quarterly revenue was up 12.1% on a year-over-year basis. During the same quarter in the previous year, the company earned ($4.29) earnings per share. As a group, sell-side analysts predict that Nabors Industries Ltd. will post -6.22 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on NBR shares. JPMorgan Chase & Co. cut their price target on shares of Nabors Industries from $38.00 to $25.00 and set an "underweight" rating for the company in a report on Wednesday, May 28th. Piper Sandler reaffirmed an "underweight" rating and issued a $32.00 target price (up previously from $30.00) on shares of Nabors Industries in a research note on Thursday, August 14th. Barclays reaffirmed an "underweight" rating and issued a $36.00 target price (up previously from $29.00) on shares of Nabors Industries in a research note on Monday. Royal Bank Of Canada upped their price target on shares of Nabors Industries from $45.00 to $47.00 and gave the company a "sector perform" rating in a report on Thursday, August 21st. Finally, Susquehanna increased their target price on shares of Nabors Industries from $37.00 to $39.00 and gave the stock a "neutral" rating in a report on Wednesday, August 27th. 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 stock. According to MarketBeat.com, Nabors Industries has an average rating of "Reduce" and a consensus target price of $44.00.

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.

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