Mitchell Group Inc. Sells 346,580 Shares of Nabors Industries Ltd. (NBR)
Mitchell Group Inc. lowered its stake in Nabors Industries Ltd. (NYSE:NBR) by 12.8% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 2,357,910 shares of the oil and gas company’s stock after selling 346,580 shares during the period. Nabors Industries makes up 3.0% of Mitchell Group Inc.’s holdings, making the stock its 20th biggest holding. Mitchell Group Inc. owned 0.82% of Nabors Industries worth $19,028,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors also recently modified their holdings of NBR. Prudential Financial Inc. increased its position in shares of Nabors Industries by 278.9% in the third quarter. Prudential Financial Inc. now owns 3,960,689 shares of the oil and gas company’s stock worth $31,963,000 after purchasing an additional 2,915,370 shares during the period. Sirios Capital Management L P grew its position in Nabors Industries by 246.1% in the second quarter. Sirios Capital Management L P now owns 4,034,937 shares of the oil and gas company’s stock valued at $32,844,000 after acquiring an additional 2,869,187 shares during the last quarter. Victory Capital Management Inc. grew its position in Nabors Industries by 101.4% in the third quarter. Victory Capital Management Inc. now owns 4,677,954 shares of the oil and gas company’s stock valued at $37,751,000 after acquiring an additional 2,354,975 shares during the last quarter. Bank of New York Mellon Corp grew its position in Nabors Industries by 16.4% in the second quarter. Bank of New York Mellon Corp now owns 16,440,910 shares of the oil and gas company’s stock valued at $133,828,000 after acquiring an additional 2,315,688 shares during the last quarter. Finally, FMR LLC grew its position in Nabors Industries by 33.3% in the second quarter. FMR LLC now owns 8,485,080 shares of the oil and gas company’s stock valued at $69,068,000 after acquiring an additional 2,118,198 shares during the last quarter. Institutional investors own 98.76% of the company’s stock.
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Shares of Nabors Industries Ltd. (NYSE NBR) traded down $0.20 during mid-day trading on Tuesday, reaching $5.67. The company had a trading volume of 3,863,024 shares, compared to its average volume of 8,604,746. Nabors Industries Ltd. has a 52 week low of $5.32 and a 52 week high of $18.40. The company has a debt-to-equity ratio of 1.35, a current ratio of 1.41 and a quick ratio of 1.27.
Nabors Industries (NYSE:NBR) last released its quarterly earnings data on Tuesday, October 24th. The oil and gas company reported ($0.42) earnings per share for the quarter, missing the consensus estimate 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 business had revenue of $662.50 million during the quarter, compared to analysts’ expectations of $674.03 million. During the same quarter last year, the business posted ($0.55) EPS. The company’s quarterly revenue was up 27.4% compared to the same quarter last year. equities research analysts expect that Nabors Industries Ltd. will post -1.61 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 3rd. Stockholders of record on Wednesday, December 13th will be paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 4.24%. The ex-dividend date is Tuesday, December 12th. Nabors Industries’s payout ratio is presently -8.96%.
A number of brokerages have recently commented on NBR. BMO Capital Markets reissued a “hold” rating and set a $8.00 price target on shares of Nabors Industries in a research note on Wednesday, September 6th. Jefferies Group LLC reissued a “neutral” rating on shares of Nabors Industries in a research note on Thursday, September 7th. Zacks Investment Research raised Nabors Industries from a “sell” rating to a “hold” rating in a research note on Monday, September 11th. Citigroup Inc. reaffirmed a “buy” rating and issued a $8.00 price objective (down from $9.00) on shares of Nabors Industries in a research note on Wednesday, September 13th. Finally, UBS AG cut their price objective on Nabors Industries from $11.00 to $10.00 and set a “buy” rating on the stock in a research note on Friday, October 27th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and seventeen have assigned a buy rating to the company. Nabors Industries presently has a consensus rating of “Buy” and an average price target of $11.30.
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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