Metropolitan Life Insurance Co. NY lifted its stake in Nabors Industries Ltd. (NYSE:NBR) by 11.5% in the 2nd quarter, Holdings Channel reports. The firm owned 101,334 shares of the oil and gas company’s stock after acquiring an additional 10,467 shares during the period. Metropolitan Life Insurance Co. NY’s holdings in Nabors Industries were worth $650,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently made changes to their positions in the company. NumerixS Investment Technologies Inc purchased a new position in shares of Nabors Industries in the 2nd quarter valued at approximately $106,000. Signition LP purchased a new position in shares of Nabors Industries in the 2nd quarter valued at approximately $133,000. Commerzbank Aktiengesellschaft FI purchased a new position in shares of Nabors Industries in the 2nd quarter valued at approximately $139,000. Penn Capital Management Co. Inc. raised its position in shares of Nabors Industries by 86.3% in the 1st quarter. Penn Capital Management Co. Inc. now owns 22,294 shares of the oil and gas company’s stock valued at $156,000 after purchasing an additional 10,329 shares during the last quarter. Finally, Cerebellum GP LLC purchased a new position in shares of Nabors Industries in the 2nd quarter valued at approximately $177,000. 96.20% of the stock is owned by hedge funds and other institutional investors.

NBR opened at $6.14 on Wednesday. Nabors Industries Ltd. has a 12-month low of $5.32 and a 12-month high of $8.86. The company has a quick ratio of 1.84, a current ratio of 2.04 and a debt-to-equity ratio of 1.24. The company has a market cap of $2.23 billion, a price-to-earnings ratio of -3.84 and a beta of 1.64.

Nabors Industries (NYSE:NBR) last posted its quarterly earnings results on Tuesday, July 31st. The oil and gas company reported ($0.39) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.15). Nabors Industries had a negative return on equity of 14.97% and a negative net margin of 21.21%. The business had revenue of $761.92 million for the quarter, compared to analysts’ expectations of $755.76 million. During the same period in the prior year, the business posted ($0.41) earnings per share. The business’s quarterly revenue was up 20.7% compared to the same quarter last year. analysts expect that Nabors Industries Ltd. will post -1.03 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 2nd. Shareholders of record on Tuesday, September 11th will be given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 3.91%. The ex-dividend date is Monday, September 10th. Nabors Industries’s dividend payout ratio is presently -14.72%.

Several brokerages recently commented on NBR. ValuEngine raised shares of Nabors Industries from a “strong sell” rating to a “sell” rating in a research report on Saturday, June 2nd. Societe Generale raised shares of Nabors Industries from a “hold” rating to a “buy” rating and set a $7.00 price objective for the company in a research report on Friday, August 3rd. Citigroup decreased their price objective on shares of Nabors Industries from $10.00 to $9.00 and set a “buy” rating for the company in a research report on Wednesday, July 11th. Seaport Global Securities reaffirmed a “buy” rating and issued a $11.00 price objective on shares of Nabors Industries in a research report on Thursday, August 2nd. Finally, Guggenheim reaffirmed a “buy” rating and issued a $13.00 price objective on shares of Nabors Industries in a research report on Wednesday, August 8th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and thirteen have assigned a buy rating to the company’s stock. Nabors Industries has a consensus rating of “Buy” and an average price target of $9.22.

About Nabors Industries

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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Institutional Ownership by Quarter for Nabors Industries (NYSE:NBR)

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