Vanguard Group Inc. Sells 90,625 Shares of Nabors Industries Ltd. $NBR

Key Points

• Vanguard Group Inc. reduced its stake in Nabors Industries by 13%, now holding 605,530 shares worth approximately $25.26 million.
• Nabors Industries reported a decline in earnings, with an EPS of ($2.71) for the recent quarter, missing the estimate of ($2.05) by ($0.66).
• Despite its recent struggles, equities analysts have varying ratings on Nabors Industries, with targets ranging from $32.00 to $50.00, indicating mixed market sentiment.

Vanguard Group Inc. trimmed its position in Nabors Industries Ltd. (NYSE:NBR - Free Report) by 13.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 605,530 shares of the oil and gas company's stock after selling 90,625 shares during the period. Vanguard Group Inc. owned approximately 6.30% of Nabors Industries worth $25,257,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the company. GAMMA Investing LLC increased its stake in Nabors Industries by 520.2% during the 1st quarter. GAMMA Investing LLC now owns 1,073 shares of the oil and gas company's stock worth $45,000 after purchasing an additional 900 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in Nabors Industries by 10.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 289,632 shares of the oil and gas company's stock worth $16,556,000 after purchasing an additional 27,849 shares in the last quarter. Readystate Asset Management LP increased its stake in Nabors Industries by 78.2% during the 1st quarter. Readystate Asset Management LP now owns 40,505 shares of the oil and gas company's stock worth $1,689,000 after purchasing an additional 17,780 shares in the last quarter. SG Americas Securities LLC increased its stake in Nabors Industries by 178.7% during the 1st quarter. SG Americas Securities LLC now owns 6,666 shares of the oil and gas company's stock worth $278,000 after purchasing an additional 4,274 shares in the last quarter. Finally, Barings LLC bought a new stake in Nabors Industries during the 1st quarter worth approximately $8,864,000. 81.92% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. Piper Sandler reissued 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. Barclays reissued an "underweight" rating and set a $28.00 target price (down from $53.00) on shares of Nabors Industries in a research note on Monday, May 19th. Morgan Stanley lowered their target price on Nabors Industries from $75.00 to $50.00 and set an "overweight" rating for the company in a research note on Friday, May 16th. Susquehanna increased their target price on Nabors Industries from $37.00 to $39.00 and gave the stock a "neutral" rating in a research note on Wednesday, August 27th. Finally, Royal Bank Of Canada increased their target price on Nabors Industries from $45.00 to $47.00 and gave the stock a "sector perform" rating in a research note on Thursday, August 21st. One investment analyst has rated the stock with a Buy rating, four have issued a Hold rating and three have issued a Sell rating to the company. According to MarketBeat.com, Nabors Industries has a consensus rating of "Reduce" and an average target price of $43.00.

Nabors Industries Stock Down 4.8%

Shares of NBR traded down $1.77 during mid-day trading on Wednesday, hitting $35.31. 459,024 shares of the company's stock were exchanged, compared to its average volume of 542,012. The company has a market cap of $555.84 million, a PE ratio of -2.51 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 company has a 50-day simple moving average of $33.27 and a 200 day simple moving average of $33.64. The company has a debt-to-equity ratio of 4.17, a current ratio of 1.79 and a quick ratio of 1.63.

Nabors Industries (NYSE:NBR - Get Free Report) last issued its quarterly earnings results on Tuesday, July 29th. The oil and gas company reported ($2.71) earnings per share for the quarter, missing the consensus estimate of ($2.05) by ($0.66). The business had revenue of $832.79 million for the quarter, compared to the consensus estimate of $857.98 million. Nabors Industries had a negative return on equity of 35.99% and a negative net margin of 3.51%.Nabors Industries's revenue was up 12.1% compared to the same quarter last year. During the same period in the prior year, the business earned ($4.29) earnings per share. On average, research analysts forecast that Nabors Industries Ltd. will post -6.22 earnings per share for the current fiscal year.

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.