HighTower Advisors LLC Increases Position in Nabors Industries Ltd. (NBR)
HighTower Advisors LLC boosted its stake in shares of Nabors Industries Ltd. (NYSE:NBR) by 26.4% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 14,873 shares of the oil and gas company’s stock after buying an additional 3,109 shares during the period. HighTower Advisors LLC’s holdings in Nabors Industries were worth $193,000 as of its most recent SEC filing.
A number of other large investors have also recently made changes to their positions in the stock. TFS Capital LLC bought a new position in Nabors Industries during the first quarter worth about $647,000. KBC Group NV boosted its position in Nabors Industries by 15.4% in the first quarter. KBC Group NV now owns 423,891 shares of the oil and gas company’s stock worth $5,540,000 after buying an additional 56,564 shares in the last quarter. Wells Fargo & Company MN boosted its position in shares of Nabors Industries by 73.5% in the first quarter. Wells Fargo & Company MN now owns 747,410 shares of the oil and gas company’s stock valued at $9,770,000 after buying an additional 316,556 shares during the period. Paloma Partners Management Co boosted its position in shares of Nabors Industries by 117.2% in the first quarter. Paloma Partners Management Co now owns 68,892 shares of the oil and gas company’s stock valued at $901,000 after buying an additional 37,175 shares during the period. Finally, Municipal Employees Retirement System of Michigan boosted its position in shares of Nabors Industries by 1.5% in the first quarter. Municipal Employees Retirement System of Michigan now owns 131,340 shares of the oil and gas company’s stock valued at $1,717,000 after buying an additional 1,990 shares during the period. Institutional investors own 98.65% of the company’s stock.
Shares of Nabors Industries Ltd. (NYSE:NBR) traded up 3.46% during midday trading on Friday, reaching $6.57. 9,003,443 shares of the company traded hands. The company’s 50 day moving average is $7.43 and its 200-day moving average is $10.76. The stock’s market capitalization is $1.88 billion. Nabors Industries Ltd. has a 12 month low of $6.18 and a 12 month high of $18.40.
Nabors Industries (NYSE:NBR) last announced its earnings results on Wednesday, August 2nd. The oil and gas company reported ($0.38) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.35) by $0.03. The firm had revenue of $630.50 million during the quarter, compared to analyst estimates of $589.79 million. Nabors Industries had a negative net margin of 32.35% and a negative return on equity of 13.31%. The firm’s quarterly revenue was up 21.9% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.35) EPS. Equities research analysts forecast that Nabors Industries Ltd. will post ($1.49) earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 3rd. Stockholders of record on Tuesday, September 12th will be paid a dividend of $0.06 per share. The ex-dividend date is Monday, September 11th. This represents a $0.24 annualized dividend and a dividend yield of 3.65%. Nabors Industries’s dividend payout ratio is currently -9.41%.
Several brokerages recently issued reports on NBR. BMO Capital Markets set a $13.00 target price on shares of Nabors Industries and gave the stock a “hold” rating in a report on Saturday, May 6th. Seaport Global Securities reissued a “neutral” rating on shares of Nabors Industries in a report on Friday, August 4th. Cowen and Company reduced their target price on shares of Nabors Industries from $13.00 to $10.50 and set an “outperform” rating for the company in a report on Tuesday, August 8th. Credit Suisse Group set a $9.00 price target on shares of Nabors Industries and gave the company a “buy” rating in a research report on Thursday, August 10th. They noted that the move was a valuation call. Finally, Jefferies Group LLC set a $8.00 price target on shares of Nabors Industries and gave the company a “hold” rating in a research report on Friday, August 4th. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and nineteen have issued a buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $14.00.
In other news, CFO William J. Restrepo purchased 22,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 30th. The stock was acquired at an average cost of $8.25 per share, with a total value of $181,500.00. Following the acquisition, the chief financial officer now owns 959,694 shares in the company, valued at approximately $7,917,475.50. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 4.10% of the company’s stock.
About Nabors Industries
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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