New York State Common Retirement Fund Cuts Position in Nabors Industries Ltd. $NBR

New York State Common Retirement Fund reduced its stake in shares of Nabors Industries Ltd. (NYSE:NBR) by 99.7% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,501 shares of the oil and gas company’s stock after selling 2,214,300 shares during the quarter. New York State Common Retirement Fund’s holdings in Nabors Industries were worth $266,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in NBR. CWM LLC boosted its holdings in shares of Nabors Industries by 244.6% in the 3rd quarter. CWM LLC now owns 889 shares of the oil and gas company’s stock valued at $36,000 after buying an additional 631 shares in the last quarter. Ameritas Investment Partners Inc. lifted its position in Nabors Industries by 58.5% during the second quarter. Ameritas Investment Partners Inc. now owns 1,444 shares of the oil and gas company’s stock valued at $40,000 after acquiring an additional 533 shares during the last quarter. Police & Firemen s Retirement System of New Jersey boosted its stake in Nabors Industries by 47.7% in the second quarter. Police & Firemen s Retirement System of New Jersey now owns 3,231 shares of the oil and gas company’s stock valued at $91,000 after acquiring an additional 1,044 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in Nabors Industries in the third quarter worth $207,000. Finally, Outlook Wealth Advisors LLC acquired a new position in shares of Nabors Industries during the third quarter worth $211,000. Institutional investors own 81.92% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on NBR. Wall Street Zen upgraded Nabors Industries from a “hold” rating to a “buy” rating in a research note on Saturday, January 10th. Piper Sandler upgraded Nabors Industries from an “underweight” rating to an “overweight” rating and boosted their price target for the stock from $32.00 to $65.00 in a research note on Thursday, December 18th. Morgan Stanley restated an “overweight” rating and set a $80.00 price objective on shares of Nabors Industries in a report on Wednesday, January 21st. Weiss Ratings reiterated a “hold (c-)” rating on shares of Nabors Industries in a research note on Monday, December 29th. Finally, Royal Bank Of Canada reaffirmed a “sector perform” rating and issued a $70.00 price target on shares of Nabors Industries in a report on Thursday, January 15th. Two equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $59.14.

Nabors Industries Stock Performance

NBR opened at $70.73 on Thursday. The company has a current ratio of 2.09, a quick ratio of 1.93 and a debt-to-equity ratio of 2.50. Nabors Industries Ltd. has a 12-month low of $23.27 and a 12-month high of $72.06. The firm has a 50 day moving average of $60.15 and a two-hundred day moving average of $48.15. The firm has a market capitalization of $1.03 billion, a PE ratio of 7.33 and a beta of 0.99.

Nabors Industries (NYSE:NBR) last released its quarterly earnings data on Wednesday, February 11th. The oil and gas company reported $0.17 earnings per share for the quarter, topping analysts’ consensus estimates of ($3.11) by $3.28. Nabors Industries had a net margin of 7.08% and a negative return on equity of 30.85%. During the same period last year, the company earned ($6.67) EPS. Nabors Industries’s revenue for the quarter was up 9.0% compared to the same quarter last year. On average, analysts anticipate that Nabors Industries Ltd. will post -6.22 EPS for the current year.

About Nabors Industries

Nabors Industries Ltd. is a global oil and gas drilling contractor that provides land and offshore drilling rigs, drilling equipment and related services to energy companies around the world. The company’s operations span two core segments: drilling and evaluation, which includes land‐based and platform drilling rigs as well as wellbore survey services, and wellbore technologies, offering pressure control equipment, downhole tools and specialized maintenance services. Nabors’ integrated model combines rig operations with engineered products and field support, positioning it as a full‐service provider in the upstream sector.

The company maintains a diverse, modern fleet of automated and conventional drilling rigs and has pioneered advanced drilling technologies, including automated drilling controls and managed pressure drilling systems.