Elm Ridge Management LLC Buys 4,553 Shares of Nabors Industries Ltd. (NYSE:NBR)

Elm Ridge Management LLC grew its stake in Nabors Industries Ltd. (NYSE:NBR) by 17.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 30,374 shares of the oil and gas company’s stock after acquiring an additional 4,553 shares during the period. Nabors Industries accounts for about 2.7% of Elm Ridge Management LLC’s investment portfolio, making the stock its 22nd biggest position. Elm Ridge Management LLC owned approximately 0.32% of Nabors Industries worth $2,479,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. Quadrant Capital Group LLC raised its position in Nabors Industries by 202.4% in the 4th quarter. Quadrant Capital Group LLC now owns 750 shares of the oil and gas company’s stock worth $61,000 after purchasing an additional 502 shares during the last quarter. Stonehage Fleming Financial Services Holdings Ltd bought a new stake in shares of Nabors Industries during the fourth quarter worth $80,000. GAMMA Investing LLC acquired a new position in shares of Nabors Industries during the fourth quarter valued at $97,000. Axxcess Wealth Management LLC bought a new position in Nabors Industries in the third quarter valued at about $241,000. Finally, Everence Capital Management Inc. acquired a new stake in Nabors Industries in the fourth quarter worth about $257,000. 81.92% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. Morgan Stanley cut their target price on shares of Nabors Industries from $160.00 to $150.00 and set an “overweight” rating on the stock in a research report on Monday, February 12th. Benchmark restated a “hold” rating on shares of Nabors Industries in a report on Thursday, April 25th. Finally, Susquehanna lowered their target price on shares of Nabors Industries from $88.00 to $79.00 and set a “neutral” rating for the company in a report on Friday, April 26th. Five investment analysts have rated the stock with a hold rating and one has given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $119.67.

Nabors Industries Trading Down 0.5 %

Shares of NBR stock traded down $0.36 on Friday, reaching $66.87. The company had a trading volume of 156,968 shares, compared to its average volume of 165,625. The stock has a market cap of $715.51 million, a PE ratio of -4.84 and a beta of 2.27. The company has a 50-day moving average of $76.57 and a 200-day moving average of $80.75. The company has a current ratio of 1.78, a quick ratio of 1.53 and a debt-to-equity ratio of 4.81. Nabors Industries Ltd. has a 12 month low of $65.11 and a 12 month high of $141.47.

Nabors Industries (NYSE:NBR) last issued its quarterly earnings data on Wednesday, April 24th. The oil and gas company reported ($5.16) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($2.24) by ($2.92). The firm had revenue of $743.91 million for the quarter, compared to analyst estimates of $730.59 million. Nabors Industries had a negative net margin of 3.45% and a negative return on equity of 23.52%. On average, equities analysts forecast that Nabors Industries Ltd. will post -5.95 earnings per share for the current year.

Nabors Industries Profile

Nabors Industries Ltd. provides drilling and drilling-related services for land-based and offshore oil and natural gas wells in the United States and internationally. The company operates through four segments: U.S. Drilling, International Drilling, Drilling Solutions, and Rig Technologies. It provides tubular running services, including casing and tubing running, and torque monitoring; managed pressure drilling services; and drilling-bit steering systems and rig instrumentation software.