Castle Creek Arbitrage LLC purchased a new stake in Nabors Industries Ltd. (NYSE:NBR) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 49,700 shares of the oil and gas company’s stock, valued at approximately $405,000.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Wright Investors Service Inc. raised its position in Nabors Industries by 2.2% in the second quarter. Wright Investors Service Inc. now owns 12,560 shares of the oil and gas company’s stock worth $102,000 after buying an additional 265 shares during the period. Invictus RG bought a new position in Nabors Industries during the first quarter worth about $109,000. Carlton Hofferkamp & Jenks Wealth Management LLC raised its position in Nabors Industries by 3.3% in the second quarter. Carlton Hofferkamp & Jenks Wealth Management LLC now owns 13,550 shares of the oil and gas company’s stock worth $110,000 after buying an additional 435 shares during the period. Coconut Grove Bank raised its position in Nabors Industries by 47.1% in the first quarter. Coconut Grove Bank now owns 10,960 shares of the oil and gas company’s stock worth $143,000 after buying an additional 3,510 shares during the period. Finally, Aviance Capital Management LLC bought a new position in Nabors Industries during the first quarter worth about $143,000. Institutional investors and hedge funds own 98.65% of the company’s stock.
Shares of Nabors Industries Ltd. (NYSE:NBR) opened at 6.27 on Thursday. Nabors Industries Ltd. has a 52-week low of $6.18 and a 52-week high of $18.40. The stock’s 50 day moving average price is $7.53 and its 200-day moving average price is $10.86. The firm’s market cap is $1.79 billion.
Nabors Industries (NYSE:NBR) last released its quarterly earnings data on Wednesday, August 2nd. The oil and gas company reported ($0.38) earnings per share for the quarter, missing the consensus estimate of ($0.35) by $0.03. The business had revenue of $630.50 million for the quarter, compared to analyst estimates of $589.79 million. Nabors Industries had a negative return on equity of 13.31% and a negative net margin of 32.35%. Nabors Industries’s revenue was up 21.9% compared to the same quarter last year. During the same quarter last year, the company earned ($0.35) EPS. On average, equities research analysts anticipate that Nabors Industries Ltd. will post ($1.49) earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 3rd. Shareholders of record on Tuesday, September 12th will be paid a $0.06 dividend. The ex-dividend date of this dividend is Monday, September 11th. This represents a $0.24 annualized dividend and a dividend yield of 3.83%. Nabors Industries’s payout ratio is currently -9.41%.
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A number of research analysts recently issued reports on NBR shares. Credit Suisse Group set a $18.00 target price on Nabors Industries and gave the company a “buy” rating in a report on Sunday, April 30th. Goldman Sachs Group, Inc. (The) lowered Nabors Industries from a “conviction-buy” rating to a “buy” rating and lifted their target price for the company from $17.50 to $18.00 in a report on Friday, April 28th. Citigroup Inc. reiterated a “buy” rating on shares of Nabors Industries in a report on Wednesday, May 10th. Deutsche Bank AG reiterated a “buy” rating and issued a $13.00 target price (down from $20.00) on shares of Nabors Industries in a report on Tuesday, May 30th. Finally, Royal Bank Of Canada reiterated a “buy” rating on shares of Nabors Industries in a report on Tuesday, June 20th. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating and eighteen have given a buy rating to the stock. Nabors Industries presently has an average rating of “Buy” and a consensus target price of $14.00.
In related news, CFO William J. Restrepo acquired 22,000 shares of the stock in a transaction that occurred on Tuesday, May 30th. The shares were acquired at an average price of $8.25 per share, for a total transaction of $181,500.00. Following the completion of the purchase, the chief financial officer now directly owns 959,694 shares of the company’s stock, valued at $7,917,475.50. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 4.10% of the stock is currently owned by company insiders.
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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