Adage Capital Partners GP L.L.C. Grows Position in Nabors Industries Ltd. $NBR

Adage Capital Partners GP L.L.C. lifted its position in Nabors Industries Ltd. (NYSE:NBR) by 445.5% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 600,000 shares of the oil and gas company’s stock after buying an additional 490,000 shares during the quarter. Adage Capital Partners GP L.L.C. owned approximately 6.25% of Nabors Industries worth $25,026,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of NBR. Dimensional Fund Advisors LP lifted its holdings in shares of Nabors Industries by 10.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 289,632 shares of the oil and gas company’s stock worth $16,556,000 after buying an additional 27,849 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in shares of Nabors Industries by 5.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 8,780 shares of the oil and gas company’s stock worth $502,000 after buying an additional 459 shares in the last quarter. Northern Trust Corp lifted its holdings in shares of Nabors Industries by 9.1% in the fourth quarter. Northern Trust Corp now owns 104,523 shares of the oil and gas company’s stock worth $5,976,000 after buying an additional 8,720 shares in the last quarter. Bank of America Corp DE lifted its holdings in shares of Nabors Industries by 12.3% in the fourth quarter. Bank of America Corp DE now owns 44,102 shares of the oil and gas company’s stock worth $2,521,000 after buying an additional 4,838 shares in the last quarter. Finally, Balyasny Asset Management L.P. purchased a new stake in shares of Nabors Industries in the fourth quarter worth about $6,602,000. 81.92% of the stock is owned by hedge funds and other institutional investors.

Nabors Industries Stock Up 7.1%

Shares of Nabors Industries stock opened at $37.83 on Friday. The company has a debt-to-equity ratio of 4.17, a quick ratio of 1.63 and a current ratio of 1.79. Nabors Industries Ltd. has a 52-week low of $23.27 and a 52-week high of $86.10. The stock has a market capitalization of $595.43 million, a price-to-earnings ratio of -2.69 and a beta of 1.60. The company’s 50 day moving average price is $33.47 and its 200-day moving average price is $33.58.

Nabors Industries (NYSE:NBR) last issued its earnings results on Tuesday, July 29th. The oil and gas company reported ($2.71) earnings per share (EPS) for the quarter, missing the consensus estimate of ($2.05) by ($0.66). Nabors Industries had a negative return on equity of 35.99% and a negative net margin of 3.51%.The firm had revenue of $832.79 million during the quarter, compared to the consensus estimate of $857.98 million. During the same quarter in the prior year, the business posted ($4.29) EPS. The firm’s revenue for the quarter was up 12.1% on a year-over-year basis. Equities research analysts forecast that Nabors Industries Ltd. will post -6.22 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. Piper Sandler reissued an “underweight” rating and issued a $32.00 price target (up from $30.00) on shares of Nabors Industries in a report on Thursday, August 14th. JPMorgan Chase & Co. decreased their price objective on shares of Nabors Industries from $38.00 to $25.00 and set an “underweight” rating on the stock in a research report on Wednesday, May 28th. Susquehanna upped their price objective on shares of Nabors Industries from $37.00 to $39.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 27th. Royal Bank Of Canada upped their price objective on shares of Nabors Industries from $45.00 to $47.00 and gave the stock a “sector perform” rating in a research report on Thursday, August 21st. Finally, Morgan Stanley decreased their price objective on shares of Nabors Industries from $75.00 to $50.00 and set an “overweight” rating on the stock in a research report on Friday, May 16th. One analyst has rated the stock with a Buy rating, four have issued a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Nabors Industries has an average rating of “Reduce” and a consensus target price of $43.00.

Nabors Industries Profile

Nabors Industries Ltd. provides drilling and drilling-related services for land-based and offshore oil and natural gas wells in the United States and internationally. The company operates through four segments: U.S. Drilling, International Drilling, Drilling Solutions, and Rig Technologies. It provides tubular running services, including casing and tubing running, and torque monitoring; managed pressure drilling services; and drilling-bit steering systems and rig instrumentation software.