Engineers Gate Manager LP purchased a new position in shares of Nabors Industries Ltd. (NYSE:NBR) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 194,165 shares of the oil and gas company’s stock, valued at approximately $1,357,000. Engineers Gate Manager LP owned about 0.05% of Nabors Industries at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also bought and sold shares of the stock. Schwab Charles Investment Management Inc. raised its stake in shares of Nabors Industries by 3.6% during the first quarter. Schwab Charles Investment Management Inc. now owns 1,723,564 shares of the oil and gas company’s stock worth $12,048,000 after buying an additional 59,864 shares during the last quarter. Swiss National Bank increased its stake in Nabors Industries by 1.8% in the first quarter. Swiss National Bank now owns 551,855 shares of the oil and gas company’s stock valued at $3,857,000 after purchasing an additional 9,800 shares in the last quarter. BancorpSouth Bank bought a new stake in Nabors Industries in the first quarter valued at approximately $489,000. Elkfork Partners LLC bought a new stake in Nabors Industries in the fourth quarter valued at approximately $206,000. Finally, PVG Asset Management Corp bought a new stake in Nabors Industries in the fourth quarter valued at approximately $3,438,000. 85.43% of the stock is owned by institutional investors and hedge funds.
Several brokerages have commented on NBR. Citigroup upped their target price on shares of Nabors Industries to $9.50 and gave the company a “buy” rating in a research note on Tuesday, May 8th. Cowen reaffirmed a “buy” rating and issued a $10.00 target price on shares of Nabors Industries in a research note on Friday, April 13th. Morgan Stanley upped their target price on shares of Nabors Industries from $8.50 to $9.00 and gave the company an “equal weight” rating in a research note on Wednesday, April 11th. Zacks Investment Research downgraded shares of Nabors Industries from a “hold” rating to a “sell” rating in a research note on Thursday, January 25th. Finally, ValuEngine downgraded shares of Nabors Industries from a “sell” rating to a “strong sell” rating in a research note on Friday, February 2nd. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating and thirteen have issued a buy rating to the company. Nabors Industries presently has a consensus rating of “Hold” and a consensus price target of $9.73.
Nabors Industries (NYSE:NBR) last issued its quarterly earnings data on Tuesday, May 1st. The oil and gas company reported ($0.29) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.28) by ($0.01). Nabors Industries had a negative return on equity of 14.45% and a negative net margin of 19.81%. The company had revenue of $734.66 million for the quarter, compared to the consensus estimate of $763.99 million. sell-side analysts expect that Nabors Industries Ltd. will post -0.81 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 3rd. Investors of record on Tuesday, June 12th will be issued a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 2.89%. The ex-dividend date is Monday, June 11th. Nabors Industries’s payout ratio is -14.72%.
Nabors Industries Company Profile
Nabors Industries Ltd. provides drilling and drilling-related services and technologies for land-based and offshore oil and natural gas wells. It operates through five segments: U.S., Canada, International, Drilling Solutions, and Rig Technologies. The company offers equipment manufacturing, rig instrumentation, optimization software, and directional drilling services.
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