Insider Selling: Nabors Industries (NYSE:NBR) Major Shareholder Sells 312,378 Shares of 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 sale, the insider owned 1,406,052 shares in the company, valued at approximately $57,704,374.08. This represents a 18.18% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Major shareholders that own 10% or more of a company's stock are required to disclose their sales and purchases with the SEC.

Nabors Industries Stock Performance

Shares of NBR traded down $1.59 on Friday, reaching $37.66. 950,861 shares of the stock traded hands, compared to its average volume of 468,066. The firm has a market cap of $592.77 million, a price-to-earnings ratio of -2.68 and a beta of 1.60. 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 Ltd. has a 12 month low of $23.27 and a 12 month high of $86.10. The stock's 50-day moving average price is $35.42 and its 200-day moving average price is $33.47.

Nabors Industries (NYSE:NBR - Get Free Report) last released 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). Nabors Industries had a negative net margin of 3.51% and a negative return on equity of 35.99%. The firm had revenue of $832.79 million for the quarter, compared to the consensus estimate of $857.98 million. During the same quarter in the prior year, the firm posted ($4.29) earnings per share. The business's revenue for the quarter was up 12.1% on a year-over-year basis. Equities analysts forecast that Nabors Industries Ltd. will post -6.22 EPS for the current fiscal year.

Institutional Trading of Nabors Industries

Several large investors have recently made changes to their positions in the business. Brigade Capital Management LP bought a new stake in shares of Nabors Industries during the first quarter worth $37,653,000. Adage Capital Partners GP L.L.C. lifted its stake in shares of Nabors Industries by 25.0% during the second quarter. Adage Capital Partners GP L.L.C. now owns 750,000 shares of the oil and gas company's stock valued at $21,015,000 after acquiring an additional 150,000 shares during the period. Apollo Management Holdings L.P. lifted its stake in shares of Nabors Industries by 54.2% during the second quarter. Apollo Management Holdings L.P. now owns 650,623 shares of the oil and gas company's stock valued at $18,230,000 after acquiring an additional 228,787 shares during the period. Geode Capital Management LLC lifted its stake in shares of Nabors Industries by 59.5% during the second quarter. Geode Capital Management LLC now owns 338,566 shares of the oil and gas company's stock valued at $9,488,000 after acquiring an additional 126,243 shares during the period. Finally, American Century Companies Inc. lifted its stake in shares of Nabors Industries by 7.6% during the second quarter. American Century Companies Inc. now owns 321,800 shares of the oil and gas company's stock valued at $9,017,000 after acquiring an additional 22,594 shares during the period. Institutional investors own 81.92% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on NBR shares. Susquehanna upped their price target on Nabors Industries from $37.00 to $39.00 and gave the company a "neutral" rating in a research report on Wednesday, August 27th. Piper Sandler reiterated an "underweight" rating and issued a $32.00 price target (up from $30.00) on shares of Nabors Industries in a research report on Thursday, August 14th. JPMorgan Chase & Co. lowered 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. 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 report on Thursday, August 21st. One research analyst has rated the stock with a Buy rating, four have given a Hold rating and three have issued a Sell rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Reduce" and an average price target of $43.00.

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.