Russell Investments Group Ltd. Has $15.50 Million Stake in Nabors Industries Ltd. (NBR)
Russell Investments Group Ltd. raised its stake in Nabors Industries Ltd. (NYSE:NBR) by 32.8% in the third quarter, Holdings Channel reports. The fund owned 2,517,201 shares of the oil and gas company’s stock after purchasing an additional 622,058 shares during the quarter. Russell Investments Group Ltd.’s holdings in Nabors Industries were worth $15,497,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. First Trust Advisors LP raised its holdings in shares of Nabors Industries by 38.8% in the third quarter. First Trust Advisors LP now owns 1,319,525 shares of the oil and gas company’s stock worth $8,128,000 after acquiring an additional 368,647 shares during the last quarter. Vanguard Capital Wealth Advisors raised its holdings in shares of Nabors Industries by 147.1% in the third quarter. Vanguard Capital Wealth Advisors now owns 29,900 shares of the oil and gas company’s stock worth $184,000 after acquiring an additional 17,800 shares during the last quarter. Aperio Group LLC raised its holdings in shares of Nabors Industries by 16.4% in the third quarter. Aperio Group LLC now owns 363,883 shares of the oil and gas company’s stock worth $2,242,000 after acquiring an additional 51,351 shares during the last quarter. Deprince Race & Zollo Inc. raised its holdings in shares of Nabors Industries by 26.0% in the third quarter. Deprince Race & Zollo Inc. now owns 6,106,150 shares of the oil and gas company’s stock worth $37,614,000 after acquiring an additional 1,261,551 shares during the last quarter. Finally, State of New Jersey Common Pension Fund D raised its holdings in shares of Nabors Industries by 17.1% in the third quarter. State of New Jersey Common Pension Fund D now owns 1,662,800 shares of the oil and gas company’s stock worth $10,243,000 after acquiring an additional 242,800 shares during the last quarter. 96.82% of the stock is owned by institutional investors.
In other Nabors Industries news, Director John Yearwood acquired 197,000 shares of the stock in a transaction dated Thursday, November 1st. The stock was acquired at an average price of $5.14 per share, with a total value of $1,012,580.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John P. Kotts purchased 100,000 shares of the stock in a transaction on Tuesday, November 6th. The shares were purchased at an average cost of $5.61 per share, with a total value of $561,000.00. Following the transaction, the director now owns 301,949 shares of the company’s stock, valued at approximately $1,693,933.89. The disclosure for this purchase can be found here. 4.15% of the stock is owned by insiders.
Nabors Industries (NYSE:NBR) last announced its quarterly earnings data on Tuesday, October 30th. The oil and gas company reported ($0.31) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.20) by ($0.11). The business had revenue of $779.43 million during the quarter, compared to analysts’ expectations of $800.78 million. Nabors Industries had a negative net margin of 19.25% and a negative return on equity of 14.21%. Nabors Industries’s revenue for the quarter was up 17.7% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.42) EPS. On average, research analysts anticipate that Nabors Industries Ltd. will post -1.18 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 3rd. Stockholders of record on Thursday, December 13th will be given a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 4.58%. The ex-dividend date is Wednesday, December 12th. Nabors Industries’s dividend payout ratio is currently -14.72%.
A number of research firms have recently weighed in on NBR. Cowen reissued a “buy” rating and issued a $11.00 price target on shares of Nabors Industries in a report on Friday, October 12th. Seaport Global Securities reissued a “buy” rating and issued a $11.00 price target on shares of Nabors Industries in a report on Thursday, August 2nd. Royal Bank of Canada set a $12.00 price target on Nabors Industries and gave the stock a “buy” rating in a report on Thursday, September 20th. ValuEngine raised Nabors Industries from a “strong sell” rating to a “sell” rating in a report on Thursday, August 2nd. Finally, Piper Jaffray Companies set a $8.00 price target on Nabors Industries and gave the stock a “hold” rating in a report on Wednesday, October 3rd. Two research analysts have rated the stock with a sell rating, four have given a hold rating and eleven have issued a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $8.96.
Nabors Industries Company Profile
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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