Bank of New York Mellon Corp boosted its stake in Nabors Industries Ltd. (NYSE:NBR) by 173.3% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 8,597,912 shares of the company’s stock after buying an additional 5,451,386 shares during the period. Bank of New York Mellon Corp owned about 3.11% of Nabors Industries worth $104,550,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Victory Capital Management Inc. boosted its stake in Nabors Industries by 5.0% in the third quarter. Victory Capital Management Inc. now owns 3,513,898 shares of the company’s stock valued at $42,729,000 after buying an additional 165,858 shares during the period. State Treasurer State of Michigan boosted its stake in Nabors Industries by 0.8% in the third quarter. State Treasurer State of Michigan now owns 114,063 shares of the company’s stock valued at $1,387,000 after buying an additional 900 shares during the period. TradeLink Capital LLC bought a new stake in Nabors Industries during the third quarter valued at $210,000. Arizona State Retirement System boosted its stake in Nabors Industries by 0.5% in the third quarter. Arizona State Retirement System now owns 110,699 shares of the company’s stock valued at $1,346,000 after buying an additional 500 shares during the period. Finally, Montgomery Investment Management Inc. boosted its stake in shares of Nabors Industries by 20.1% in the third quarter. Montgomery Investment Management Inc. now owns 96,765 shares of the company’s stock worth $1,177,000 after buying an additional 16,200 shares during the period. 95.60% of the stock is currently owned by institutional investors.
Nabors Industries Ltd. (NYSE:NBR) opened at 16.65 on Thursday. The company’s market capitalization is $4.72 billion. The company’s 50 day moving average price is $13.42 and its 200-day moving average price is $10.98. Nabors Industries Ltd. has a 52 week low of $4.93 and a 52 week high of $17.68.
Nabors Industries (NYSE:NBR) last issued its quarterly earnings results on Tuesday, October 25th. The company reported ($0.35) earnings per share for the quarter, missing the consensus estimate of ($0.34) by $0.01. The business earned $519.70 million during the quarter, compared to analyst estimates of $543.48 million. Nabors Industries had a negative return on equity of 8.04% and a negative net margin of 36.84%. Nabors Industries’s revenue was down 38.7% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.14) EPS. Equities research analysts expect that Nabors Industries Ltd. will post ($1.27) earnings per share for the current year.
The firm also recently declared a dividend, which will be paid on Tuesday, January 17th. Shareholders of record on Wednesday, December 14th will be issued a $0.06 dividend. The ex-dividend date of this dividend is Monday, December 12th. Nabors Industries’s dividend payout ratio is presently -7.92%.
A number of brokerages have recently commented on NBR. Stephens cut shares of Nabors Industries from an “overweight” rating to an “equal weight” rating and set a $16.00 target price on the stock. in a report on Wednesday. Sanford C. Bernstein began coverage on shares of Nabors Industries in a report on Thursday, December 1st. They set an “outperform” rating and a $19.50 target price on the stock. Tudor Pickering upgraded shares of Nabors Industries from a “hold” rating to a “buy” rating in a report on Tuesday, November 29th. Goldman Sachs Group Inc. upgraded shares of Nabors Industries from a “buy” rating to a “conviction-buy” rating in a report on Monday, November 21st. Finally, Howard Weil boosted their target price on shares of Nabors Industries from $15.00 to $17.00 and gave the company a “sector outperform” rating in a report on Tuesday, November 15th. Six research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and two have issued a strong buy rating to the company. Nabors Industries presently has a consensus rating of “Buy” and a consensus target price of $12.68.
Nabors Industries Company Profile
Nabors Industries Ltd. owns and operates a land-based drilling rig fleet in North America. The Company is a provider of offshore platform work over and drilling rigs. It conducts its Drilling & Rig Services business through four segments: U.S. Drilling, Canada Drilling, International Drilling and Rig Services.
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