Varde Partners Inc Sells 312,378 Shares of Nabors Industries (NYSE:NBR) Stock

Key Points

• Varde Partners Inc, a major shareholder, sold 312,378 shares of Nabors Industries at an average price of $41.04, a transaction valued at approximately $12.82 million, resulting in an 18.18% decrease in their position.
• Nabors Industries reported a loss of ($2.71) EPS in their latest earnings announcement, missing analysts' expectations and showing a year-over-year revenue increase of 12.1%.
• Institutional investors now hold 81.92% of Nabors Industries' stock, with hedge fund activity showing significant changes in stakes during the last quarters.

Nabors Industries Ltd. (NYSE:NBR - Get Free Report) major shareholder Varde Partners Inc sold 312,378 shares of the business'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 transaction, the insider owned 1,406,052 shares of the company's stock, valued at $57,704,374.08. This trade represents a 18.18% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Large shareholders that own more than 10% of a company's stock are required to disclose their sales and purchases with the SEC.

Nabors Industries Trading Down 1.6%

Shares of NYSE:NBR traded down $0.67 during trading hours on Monday, hitting $41.69. 497,618 shares of the company's stock traded hands, compared to its average volume of 517,436. Nabors Industries Ltd. has a 1 year low of $23.27 and a 1 year high of $86.10. The business has a fifty day moving average price of $34.78 and a 200-day moving average price of $33.34. The company has a quick ratio of 1.63, a current ratio of 1.79 and a debt-to-equity ratio of 4.17.

Nabors Industries (NYSE:NBR - Get Free Report) last announced its earnings results on Tuesday, July 29th. The oil and gas company reported ($2.71) earnings per share (EPS) 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 analysts' expectations of $857.98 million. Nabors Industries had a negative net margin of 3.51% and a negative return on equity of 35.99%. The firm's quarterly revenue was up 12.1% on a year-over-year basis. During the same quarter last year, the firm earned ($4.29) EPS. Equities research analysts anticipate that Nabors Industries Ltd. will post -6.22 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Nabors Industries

Hedge funds have recently added to or reduced their stakes in the business. Public Employees Retirement System of Ohio purchased a new stake in shares of Nabors Industries during the 4th quarter worth about $36,000. GAMMA Investing LLC boosted its stake in shares of 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 acquiring an additional 900 shares in the last quarter. Russell Investments Group Ltd. boosted its stake in shares of Nabors Industries by 3,866.7% during 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 in the last quarter. Ameritas Investment Partners Inc. boosted its stake in shares of Nabors Industries by 58.5% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 1,444 shares of the oil and gas company's stock worth $40,000 after acquiring an additional 533 shares in the last quarter. Finally, State of Wyoming boosted its stake in shares of Nabors Industries by 20.5% during 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 in the last quarter. 81.92% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

NBR has been the subject of a number of research reports. Barclays reiterated an "underweight" rating and issued a $28.00 price target (down previously from $53.00) on shares of Nabors Industries in a report on Monday, May 19th. Piper Sandler reissued an "underweight" rating and issued a $32.00 price objective (up previously from $30.00) on shares of Nabors Industries in a research note on Thursday, August 14th. Susquehanna boosted their price objective on shares of Nabors Industries from $37.00 to $39.00 and gave the stock a "neutral" rating in a research note on Wednesday, August 27th. Royal Bank Of Canada boosted their price objective on shares of Nabors Industries from $45.00 to $47.00 and gave the stock a "sector perform" rating in a research note on Thursday, August 21st. Finally, JPMorgan Chase & Co. reduced their price target on Nabors Industries from $38.00 to $25.00 and set an "underweight" rating on the stock in a research report on Wednesday, May 28th. One equities research analyst has rated the stock with a Buy rating, four have assigned a Hold rating and three have assigned a Sell rating to the company's stock. According to data from MarketBeat, Nabors Industries currently has an average rating of "Reduce" and an average target price of $43.00.

Nabors Industries Company 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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