DnB Asset Management AS Takes Position in Nabors Industries Ltd. (NBR)
DnB Asset Management AS acquired a new position in Nabors Industries Ltd. (NYSE:NBR) during the second quarter, Holdings Channel reports. The institutional investor acquired 63,600 shares of the oil and gas company’s stock, valued at approximately $518,000.
Other hedge funds have also recently made changes to their positions in the company. BlackRock Inc. increased its stake in shares of Nabors Industries by 7,474.6% in the first quarter. BlackRock Inc. now owns 24,813,903 shares of the oil and gas company’s stock worth $324,317,000 after buying an additional 24,486,309 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Nabors Industries by 4.8% in the first quarter. Vanguard Group Inc. now owns 22,565,265 shares of the oil and gas company’s stock worth $294,929,000 after buying an additional 1,035,970 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Nabors Industries by 5.6% in the first quarter. Dimensional Fund Advisors LP now owns 19,723,712 shares of the oil and gas company’s stock worth $257,786,000 after buying an additional 1,053,328 shares in the last quarter. Morgan Stanley increased its stake in shares of Nabors Industries by 0.6% in the first quarter. Morgan Stanley now owns 18,787,378 shares of the oil and gas company’s stock worth $245,552,000 after buying an additional 114,423 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its stake in shares of Nabors Industries by 30.4% in the first quarter. Bank of New York Mellon Corp now owns 14,125,222 shares of the oil and gas company’s stock worth $184,617,000 after buying an additional 3,296,758 shares in the last quarter.
Shares of Nabors Industries Ltd. (NBR) opened at 7.78 on Monday. Nabors Industries Ltd. has a 1-year low of $6.93 and a 1-year high of $18.40. The stock has a 50 day moving average price of $8.81 and a 200 day moving average price of $13.06. The firm’s market capitalization is $2.22 billion.
Nabors Industries (NYSE:NBR) last announced its quarterly earnings results on Wednesday, April 26th. The oil and gas company reported ($0.52) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.36) by $0.16. The company had revenue of $563 million for the quarter, compared to analyst estimates of $569.96 million. Nabors Industries had a negative return on equity of 11.57% and a negative net margin of 36.49%. The firm’s quarterly revenue was up 30.7% on a year-over-year basis. During the same quarter last year, the company posted ($0.29) earnings per share. Equities research analysts anticipate that Nabors Industries Ltd. will post ($1.35) earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 5th. Investors of record on Wednesday, June 14th were issued a $0.06 dividend. The ex-dividend date was Monday, June 12th. This represents a $0.24 dividend on an annualized basis and a yield of 3.08%. Nabors Industries’s payout ratio is -8.76%.
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A number of analysts have commented on NBR shares. BMO Capital Markets set a $13.00 price objective on Nabors Industries and gave the stock a “hold” rating in a research report on Saturday, May 6th. Credit Suisse Group set a $18.00 price objective on Nabors Industries and gave the stock a “buy” rating in a research report on Sunday, April 30th. Wells Fargo & Company downgraded Nabors Industries from an “outperform” rating to a “market perform” rating in a research report on Friday, July 7th. Morgan Stanley downgraded Nabors Industries from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $19.00 to $10.00 in a research report on Wednesday, June 21st. Finally, Deutsche Bank AG reiterated a “buy” rating and issued a $13.00 price objective (down previously from $20.00) on shares of Nabors Industries in a research report on Tuesday, May 30th. Three analysts have rated the stock with a sell rating, nine have assigned a hold rating and seventeen have assigned a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $14.93.
In related news, CFO William J. Restrepo acquired 22,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 30th. The stock was acquired at an average cost of $8.25 per share, for a total transaction of $181,500.00. Following the completion of the acquisition, the chief financial officer now directly owns 959,694 shares of the company’s stock, valued at approximately $7,917,475.50. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 4.10% of the company’s stock.
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.
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