Cibc World Market Inc. Grows Stock Position in Nabors Industries Ltd. $NBR

Cibc World Market Inc. boosted its position in shares of Nabors Industries Ltd. (NYSE:NBR) by 2.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 499,147 shares of the oil and gas company’s stock after purchasing an additional 9,640 shares during the period. Cibc World Market Inc. owned approximately 3.43% of Nabors Industries worth $27,104,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in NBR. AQR Capital Management LLC grew its position in shares of Nabors Industries by 97.1% during the first quarter. AQR Capital Management LLC now owns 16,770 shares of the oil and gas company’s stock worth $699,000 after buying an additional 8,260 shares in the last quarter. Dynamic Technology Lab Private Ltd boosted its stake in Nabors Industries by 11.5% during the 1st quarter. Dynamic Technology Lab Private Ltd now owns 5,540 shares of the oil and gas company’s stock valued at $231,000 after acquiring an additional 570 shares during the last quarter. Cetera Investment Advisers boosted its stake in Nabors Industries by 19.1% during the 2nd quarter. Cetera Investment Advisers now owns 8,570 shares of the oil and gas company’s stock valued at $240,000 after acquiring an additional 1,374 shares during the last quarter. Rhumbline Advisers grew its holdings in Nabors Industries by 37.0% during the 2nd quarter. Rhumbline Advisers now owns 28,864 shares of the oil and gas company’s stock worth $809,000 after acquiring an additional 7,799 shares in the last quarter. Finally, Invesco Ltd. grew its holdings in Nabors Industries by 3.3% during the 2nd quarter. Invesco Ltd. now owns 55,830 shares of the oil and gas company’s stock worth $1,564,000 after acquiring an additional 1,764 shares in the last quarter. Hedge funds and other institutional investors own 81.92% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently commented on NBR. Weiss Ratings downgraded Nabors Industries from a “hold (c)” rating to a “hold (c-)” rating in a research note on Monday, May 4th. Susquehanna reiterated a “neutral” rating and issued a $105.00 target price (up from $85.00) on shares of Nabors Industries in a research report on Thursday, April 30th. Citigroup boosted their price target on Nabors Industries from $89.00 to $110.00 and gave the company a “neutral” rating in a report on Friday, May 1st. Piper Sandler upped their price target on Nabors Industries from $84.00 to $120.00 and gave the company an “overweight” rating in a research report on Thursday, April 30th. Finally, Morgan Stanley restated an “overweight” rating and set a $100.00 price objective (up from $80.00) on shares of Nabors Industries in a research note on Wednesday, April 15th. Two equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $103.43.

Nabors Industries Stock Performance

NBR opened at $101.08 on Friday. The business has a 50 day moving average price of $92.72 and a two-hundred day moving average price of $74.06. The company has a debt-to-equity ratio of 2.22, a current ratio of 1.97 and a quick ratio of 1.82. The company has a market capitalization of $1.50 billion, a price-to-earnings ratio of 7.92 and a beta of 0.96. Nabors Industries Ltd. has a 1-year low of $27.18 and a 1-year high of $112.90.

Nabors Industries (NYSE:NBR) last issued its quarterly earnings results on Tuesday, April 28th. The oil and gas company reported ($1.54) earnings per share for the quarter, beating analysts’ consensus estimates of ($2.49) by $0.95. Nabors Industries had a net margin of 7.32% and a negative return on equity of 8.66%. The company had revenue of $783.55 million during the quarter, compared to the consensus estimate of $769.33 million. During the same period in the prior year, the company earned $2.18 EPS. Nabors Industries’s revenue was up 6.4% on a year-over-year basis. Research analysts predict that Nabors Industries Ltd. will post -3.52 EPS for the current fiscal year.

Nabors Industries Company Profile

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.