California Public Employees Retirement System Acquires 187,668 Shares of Nabors Industries Ltd. (NBR)
California Public Employees Retirement System increased its holdings in shares of Nabors Industries Ltd. (NYSE:NBR) by 15.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,385,968 shares of the oil and gas company’s stock after buying an additional 187,668 shares during the period. California Public Employees Retirement System’s holdings in Nabors Industries were worth $9,466,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also bought and sold shares of the company. Brave Asset Management Inc. bought a new stake in shares of Nabors Industries during the third quarter worth approximately $101,000. Oakbrook Investments LLC bought a new stake in shares of Nabors Industries during the fourth quarter worth approximately $103,000. State of Alaska Department of Revenue bought a new stake in shares of Nabors Industries during the fourth quarter worth approximately $109,000. Cetera Advisors LLC bought a new stake in shares of Nabors Industries during the third quarter worth approximately $115,000. Finally, Greatmark Investment Partners Inc. bought a new stake in shares of Nabors Industries during the fourth quarter worth approximately $153,000. 86.69% of the stock is owned by institutional investors and hedge funds.
A number of research firms recently weighed in on NBR. Seaport Global Securities reissued a “buy” rating and set a $13.00 price target on shares of Nabors Industries in a research note on Thursday, January 18th. JPMorgan Chase & Co. downgraded shares of Nabors Industries from an “overweight” rating to a “neutral” rating and set a $9.00 target price for the company. in a research note on Wednesday, January 17th. Zacks Investment Research downgraded shares of Nabors Industries from a “hold” rating to a “sell” rating in a research note on Thursday, January 25th. ValuEngine downgraded shares of Nabors Industries from a “sell” rating to a “strong sell” rating in a research note on Friday, February 2nd. Finally, Cowen set a $9.00 target price on shares of Nabors Industries and gave the company a “buy” rating in a research note on Thursday, January 11th. Three analysts have rated the stock with a sell rating, eight have given a hold rating and sixteen have issued a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $10.89.
Nabors Industries (NYSE:NBR) last released its quarterly earnings results on Tuesday, February 27th. The oil and gas company reported ($0.34) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.33) by ($0.01). The company had revenue of $708.28 million during the quarter, compared to analyst estimates of $706.35 million. Nabors Industries had a negative net margin of 21.32% and a negative return on equity of 15.40%. The firm’s quarterly revenue was up 31.4% compared to the same quarter last year. During the same quarter last year, the company earned ($0.30) EPS. sell-side analysts expect that Nabors Industries Ltd. will post -0.81 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 3rd. Stockholders of record on Tuesday, March 13th will be issued a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 3.56%. The ex-dividend date is Monday, March 12th. Nabors Industries’s dividend payout ratio (DPR) is presently -8.96%.
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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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