State Treasurer State of Michigan boosted its position in Nabors Industries Ltd. (NYSE:NBR) by 1.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 117,863 shares of the oil and gas company’s stock after buying an additional 1,900 shares during the period. State Treasurer State of Michigan’s holdings in Nabors Industries were worth $959,000 at the end of the most recent reporting period.
Other hedge funds have also recently made changes to their positions in the company. Oakbrook Investments LLC raised its stake in shares of Nabors Industries by 0.4% in the first quarter. Oakbrook Investments LLC now owns 22,700 shares of the oil and gas company’s stock worth $297,000 after buying an additional 100 shares during the period. Wedbush Securities Inc. raised its stake in shares of Nabors Industries by 0.7% in the first quarter. Wedbush Securities Inc. now owns 33,695 shares of the oil and gas company’s stock worth $440,000 after buying an additional 218 shares during the period. Capstone Asset Management Co. raised its stake in shares of Nabors Industries by 0.9% in the second quarter. Capstone Asset Management Co. now owns 23,571 shares of the oil and gas company’s stock worth $192,000 after buying an additional 220 shares during the period. Raymond James Financial Services Advisors Inc. raised its stake in shares of Nabors Industries by 0.9% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 36,812 shares of the oil and gas company’s stock worth $481,000 after buying an additional 317 shares during the period. Finally, Venturi Wealth Management LLC raised its stake in shares of Nabors Industries by 2.7% in the first quarter. Venturi Wealth Management LLC now owns 12,260 shares of the oil and gas company’s stock worth $154,000 after buying an additional 320 shares during the period. Hedge funds and other institutional investors own 98.65% of the company’s stock.
Nabors Industries Ltd. (NBR) opened at 6.57 on Friday. Nabors Industries Ltd. has a 1-year low of $6.18 and a 1-year high of $18.40. The firm’s market capitalization is $1.88 billion. The firm’s 50-day moving average is $7.43 and its 200-day moving average is $10.76.
Nabors Industries (NYSE:NBR) last posted its earnings results on Wednesday, August 2nd. The oil and gas company reported ($0.38) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.35) by $0.03. Nabors Industries had a negative return on equity of 13.31% and a negative net margin of 32.35%. The firm had revenue of $630.50 million during the quarter, compared to the consensus estimate of $589.79 million. During the same period in the previous year, the company posted ($0.35) EPS. The firm’s revenue for the quarter was up 21.9% compared to the same quarter last year. On average, equities analysts anticipate that Nabors Industries Ltd. will post ($1.49) EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 3rd. Stockholders of record on Tuesday, September 12th will be issued a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 3.65%. The ex-dividend date of this dividend is Monday, September 11th. Nabors Industries’s payout ratio is -9.41%.
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NBR has been the topic of a number of research analyst reports. Credit Suisse Group set a $18.00 price target on shares of Nabors Industries and gave the company a “buy” rating in a report on Sunday, April 30th. BMO Capital Markets set a $13.00 price target on shares of Nabors Industries and gave the company a “hold” rating in a report on Saturday, May 6th. Morgan Stanley decreased their price target on shares of Nabors Industries from $10.00 to $9.00 and set an “equal weight” rating on the stock in a report on Monday, August 7th. Seaport Global Securities upgraded shares of Nabors Industries from a “neutral” rating to a “buy” rating in a report on Friday. Finally, Evercore ISI reiterated an “outperform” rating and issued a $18.00 price target on shares of Nabors Industries in a report on Tuesday, June 20th. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and nineteen have assigned a buy rating to the company’s stock. Nabors Industries currently has a consensus rating of “Buy” and an average price target of $14.00.
In other news, CFO William J. Restrepo bought 22,000 shares of the stock in a transaction dated Tuesday, May 30th. The shares were acquired at an average price of $8.25 per share, with a total value of $181,500.00. Following the acquisition, the chief financial officer now owns 959,694 shares in the company, valued at $7,917,475.50. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 4.10% of the stock is currently owned by corporate insiders.
Nabors Industries Company Profile
Nabors Industries Ltd. owns and operates a land-based drilling rig fleet. The Company is a provider of offshore platform drilling rigs in the United States and multiple international markets. The Company conducts its Drilling & Rig Services business through four segments: U.S. Drilling, Canada Drilling, International Drilling and Rig Services.
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