Texas Permanent School Fund trimmed its position in shares of Nabors Industries Ltd. (NYSE:NBR) by 10.0% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 204,794 shares of the oil and gas company’s stock after selling 22,663 shares during the quarter. Texas Permanent School Fund owned approximately 0.06% of Nabors Industries worth $1,262,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors have also recently modified their holdings of NBR. Deprince Race & Zollo Inc. bought a new stake in Nabors Industries during the second quarter worth about $31,054,000. BlackRock Inc. grew its stake in shares of Nabors Industries by 12.3% during the second quarter. BlackRock Inc. now owns 31,330,733 shares of the oil and gas company’s stock valued at $200,829,000 after purchasing an additional 3,443,863 shares during the last quarter. Russell Investments Group Ltd. grew its stake in shares of Nabors Industries by 942.0% during the second quarter. Russell Investments Group Ltd. now owns 1,895,143 shares of the oil and gas company’s stock valued at $12,148,000 after purchasing an additional 1,713,274 shares during the last quarter. State of New Jersey Common Pension Fund D grew its stake in shares of Nabors Industries by 238.1% during the second quarter. State of New Jersey Common Pension Fund D now owns 1,420,000 shares of the oil and gas company’s stock valued at $9,102,000 after purchasing an additional 1,000,000 shares during the last quarter. Finally, Van ECK Associates Corp grew its stake in shares of Nabors Industries by 5.8% during the second quarter. Van ECK Associates Corp now owns 17,791,852 shares of the oil and gas company’s stock valued at $114,046,000 after purchasing an additional 970,312 shares during the last quarter. 96.82% of the stock is currently owned by hedge funds and other institutional investors.
In other Nabors Industries news, Director John Yearwood acquired 197,000 shares of the business’s stock in a transaction that occurred on Thursday, November 1st. The shares were acquired at an average cost of $5.14 per share, for a total transaction of $1,012,580.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director John P. Kotts acquired 100,000 shares of the business’s stock in a transaction that occurred on Tuesday, November 6th. The stock was acquired at an average price of $5.61 per share, for a total transaction of $561,000.00. Following the completion of the acquisition, the director now directly owns 301,949 shares of the company’s stock, valued at $1,693,933.89. The disclosure for this purchase can be found here. Corporate insiders own 4.15% of the company’s stock.
NBR has been the topic of several research analyst reports. ValuEngine raised shares of Nabors Industries from a “strong sell” rating to a “sell” rating in a research note on Thursday, August 2nd. Seaport Global Securities reissued a “buy” rating and set a $11.00 price target on shares of Nabors Industries in a research note on Thursday, August 2nd. Societe Generale raised shares of Nabors Industries from a “hold” rating to a “buy” rating and set a $7.00 price target on the stock in a research note on Friday, August 3rd. Guggenheim reissued a “buy” rating and set a $13.00 price target on shares of Nabors Industries in a research note on Wednesday, August 8th. Finally, Piper Jaffray Companies set a $9.00 price target on shares of Nabors Industries and gave the company a “hold” rating in a research note on Tuesday, August 7th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and eleven have given a buy rating to the company. Nabors Industries presently has an average rating of “Buy” and an average price target of $8.96.
Shares of NYSE NBR opened at $5.24 on Friday. Nabors Industries Ltd. has a fifty-two week low of $4.49 and a fifty-two week high of $8.86. The company has a current ratio of 2.05, a quick ratio of 1.84 and a debt-to-equity ratio of 1.26.
Nabors Industries (NYSE:NBR) last announced its quarterly earnings data on Tuesday, October 30th. The oil and gas company reported ($0.31) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.20) by ($0.11). Nabors Industries had a negative net margin of 19.25% and a negative return on equity of 14.21%. The business had revenue of $779.43 million during the quarter, compared to analyst estimates of $800.78 million. During the same quarter in the prior year, the company earned ($0.42) earnings per share. The company’s quarterly revenue was up 17.7% on a year-over-year basis. On average, sell-side analysts predict that Nabors Industries Ltd. will post -1.18 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 3rd. Investors of record on Thursday, December 13th will be issued a $0.06 dividend. The ex-dividend date of this dividend is Wednesday, December 12th. This represents a $0.24 annualized dividend and a yield of 4.58%. Nabors Industries’s dividend payout ratio is currently -14.72%.
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Nabors Industries 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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