Elm Ridge Management LLC Has $5.79 Million Stake in Nabors Industries Ltd. (NBR)

Elm Ridge Management LLC lifted its stake in Nabors Industries Ltd. (NYSE:NBR) by 2.7% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 717,816 shares of the oil and gas company’s stock after buying an additional 19,101 shares during the period. Nabors Industries makes up approximately 2.4% of Elm Ridge Management LLC’s holdings, making the stock its 18th largest holding. Elm Ridge Management LLC owned about 0.25% of Nabors Industries worth $5,793,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Mitchell Group Inc. increased its holdings in Nabors Industries by 52.0% during the 2nd quarter. Mitchell Group Inc. now owns 2,704,490 shares of the oil and gas company’s stock valued at $22,015,000 after purchasing an additional 925,140 shares during the period. HAP Trading LLC increased its holdings in Nabors Industries by 479.2% during the 3rd quarter. HAP Trading LLC now owns 44,361 shares of the oil and gas company’s stock valued at $358,000 after purchasing an additional 56,061 shares during the period. Teacher Retirement System of Texas increased its holdings in Nabors Industries by 4.3% during the 2nd quarter. Teacher Retirement System of Texas now owns 23,815 shares of the oil and gas company’s stock valued at $194,000 after purchasing an additional 979 shares during the period. Arizona State Retirement System increased its holdings in Nabors Industries by 1.5% during the 2nd quarter. Arizona State Retirement System now owns 120,500 shares of the oil and gas company’s stock valued at $981,000 after purchasing an additional 1,800 shares during the period. Finally, Comerica Bank increased its holdings in Nabors Industries by 4.3% during the 2nd quarter. Comerica Bank now owns 487,301 shares of the oil and gas company’s stock valued at $3,708,000 after purchasing an additional 20,177 shares during the period. Hedge funds and other institutional investors own 97.71% of the company’s stock.

Shares of Nabors Industries Ltd. (NYSE:NBR) traded down $0.20 on Thursday, hitting $5.81. The stock had a trading volume of 13,309,700 shares, compared to its average volume of 8,644,261. The company has a current ratio of 1.41, a quick ratio of 1.27 and a debt-to-equity ratio of 1.35. Nabors Industries Ltd. has a 12-month low of $5.32 and a 12-month high of $18.40.

Nabors Industries (NYSE:NBR) last issued its quarterly earnings results on Tuesday, October 24th. The oil and gas company reported ($0.42) EPS for the quarter, missing analysts’ consensus estimates of ($0.33) by ($0.09). Nabors Industries had a negative return on equity of 14.74% and a negative net margin of 31.99%. The company had revenue of $662.50 million during the quarter, compared to the consensus estimate of $674.03 million. During the same period in the prior year, the firm earned ($0.55) earnings per share. The business’s revenue for the quarter was up 27.4% compared to the same quarter last year. analysts forecast that Nabors Industries Ltd. will post -1.63 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 3rd. Stockholders of record on Wednesday, December 13th will be given a $0.06 dividend. The ex-dividend date is Tuesday, December 12th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 4.13%. Nabors Industries’s dividend payout ratio is currently -8.96%.

A number of research analysts recently issued reports on the company. Zacks Investment Research upgraded Nabors Industries from a “sell” rating to a “hold” rating in a report on Wednesday, November 8th. Bank of America reduced their price target on Nabors Industries from $8.50 to $8.00 and set a “buy” rating on the stock in a report on Wednesday, November 8th. Jefferies Group upgraded Nabors Industries from a “hold” rating to a “buy” rating and upped their target price for the stock from $6.19 to $9.00 in a report on Wednesday, November 8th. UBS reduced their target price on Nabors Industries from $11.00 to $10.00 and set a “buy” rating on the stock in a report on Friday, October 27th. Finally, BMO Capital Markets set a $6.00 target price on Nabors Industries and gave the stock a “hold” rating in a report on Friday, October 27th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and sixteen have issued a buy rating to the company’s stock. Nabors Industries has an average rating of “Buy” and a consensus target price of $11.07.

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About Nabors Industries

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.

Institutional Ownership by Quarter for Nabors Industries (NYSE:NBR)

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