Nabors Industries Ltd. (NBR) Shares Bought by Commonwealth Bank of Australia
Commonwealth Bank of Australia raised its stake in Nabors Industries Ltd. (NYSE:NBR) by 26.6% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 116,761 shares of the oil and gas company’s stock after purchasing an additional 24,500 shares during the quarter. Commonwealth Bank of Australia’s holdings in Nabors Industries were worth $939,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Frontier Wealth Management LLC lifted its holdings in shares of Nabors Industries by 11.4% during the 2nd quarter. Frontier Wealth Management LLC now owns 12,561 shares of the oil and gas company’s stock valued at $102,000 after acquiring an additional 1,284 shares in the last quarter. Clear Harbor Asset Management LLC acquired a new position in shares of Nabors Industries during the 3rd quarter valued at $121,000. M&T Bank Corp lifted its holdings in shares of Nabors Industries by 6.0% during the 2nd quarter. M&T Bank Corp now owns 16,320 shares of the oil and gas company’s stock valued at $133,000 after acquiring an additional 925 shares in the last quarter. D.A. Davidson & CO. lifted its holdings in shares of Nabors Industries by 162.8% during the 2nd quarter. D.A. Davidson & CO. now owns 18,700 shares of the oil and gas company’s stock valued at $152,000 after acquiring an additional 11,585 shares in the last quarter. Finally, ClariVest Asset Management LLC acquired a new position in shares of Nabors Industries during the 2nd quarter valued at $166,000. Institutional investors own 97.71% of the company’s stock.
Several equities analysts recently weighed in on NBR shares. Societe Generale started coverage on shares of Nabors Industries in a report on Thursday, August 31st. They set a “hold” rating and a $7.00 target price on the stock. Jefferies Group upgraded shares of Nabors Industries from a “hold” rating to a “buy” rating and lifted their target price for the company from $6.19 to $9.00 in a report on Wednesday, November 8th. Citigroup restated a “buy” rating and set a $8.00 target price (down previously from $9.00) on shares of Nabors Industries in a report on Wednesday, September 13th. BMO Capital Markets restated a “hold” rating and set a $8.00 target price on shares of Nabors Industries in a report on Wednesday, September 6th. Finally, Sanford C. Bernstein restated an “outperform” rating and set a $12.50 target price on shares of Nabors Industries in a report on Wednesday, September 6th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and sixteen have assigned a buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $11.30.
Nabors Industries (NYSE:NBR) last released its earnings results on Tuesday, October 24th. The oil and gas company reported ($0.42) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.33) by ($0.09). The company had revenue of $662.50 million during the quarter, compared to the consensus estimate of $674.03 million. Nabors Industries had a negative return on equity of 14.74% and a negative net margin of 31.99%. Nabors Industries’s revenue for the quarter was up 27.4% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.55) EPS. equities analysts expect that Nabors Industries Ltd. will post -1.61 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 3rd. Stockholders of record on Wednesday, December 13th will be given a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 4.03%. The ex-dividend date of this dividend is Tuesday, December 12th. Nabors Industries’s payout ratio is currently -8.96%.
Nabors Industries 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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