Nabors Industries Ltd. $NBR Shares Sold by New York State Common Retirement Fund

New York State Common Retirement Fund lessened its stake in Nabors Industries Ltd. (NYSE:NBR) by 99.7% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 6,501 shares of the oil and gas company’s stock after selling 2,214,300 shares during the period. New York State Common Retirement Fund’s holdings in Nabors Industries were worth $266,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in NBR. CWM LLC boosted its holdings in Nabors Industries by 244.6% during the third quarter. CWM LLC now owns 889 shares of the oil and gas company’s stock worth $36,000 after buying an additional 631 shares in the last quarter. Ameritas Investment Partners Inc. raised its position in shares of Nabors Industries by 58.5% in the second quarter. Ameritas Investment Partners Inc. now owns 1,444 shares of the oil and gas company’s stock worth $40,000 after acquiring an additional 533 shares during the period. Police & Firemen s Retirement System of New Jersey boosted its stake in shares of Nabors Industries by 47.7% during the 2nd quarter. Police & Firemen s Retirement System of New Jersey now owns 3,231 shares of the oil and gas company’s stock worth $91,000 after acquiring an additional 1,044 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in shares of Nabors Industries during the 3rd quarter worth about $207,000. Finally, Outlook Wealth Advisors LLC acquired a new stake in shares of Nabors Industries during the 3rd quarter valued at about $211,000. 81.92% of the stock is owned by hedge funds and other institutional investors.

Nabors Industries Trading Up 3.5%

Shares of NBR opened at $70.73 on Thursday. Nabors Industries Ltd. has a 52-week low of $23.27 and a 52-week high of $72.06. The stock has a market cap of $1.03 billion, a PE ratio of 7.33 and a beta of 0.99. The firm’s fifty day moving average is $60.15 and its two-hundred day moving average is $48.15. The company has a quick ratio of 1.93, a current ratio of 2.09 and a debt-to-equity ratio of 2.50.

Nabors Industries (NYSE:NBR) last posted its quarterly earnings results on Wednesday, February 11th. The oil and gas company reported $0.17 earnings per share for the quarter, topping the consensus estimate of ($3.11) by $3.28. Nabors Industries had a net margin of 7.08% and a negative return on equity of 30.85%. The company’s revenue was up 9.0% on a year-over-year basis. During the same period in the prior year, the company earned ($6.67) EPS. Research analysts forecast that Nabors Industries Ltd. will post -6.22 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the company. Piper Sandler upgraded Nabors Industries from an “underweight” rating to an “overweight” rating and increased their price target for the stock from $32.00 to $65.00 in a research report on Thursday, December 18th. Morgan Stanley reissued an “overweight” rating and issued a $80.00 price target on shares of Nabors Industries in a research note on Wednesday, January 21st. Citigroup upped their price objective on shares of Nabors Industries from $58.00 to $60.00 and gave the stock a “neutral” rating in a research report on Tuesday, January 6th. Barclays set a $50.00 target price on shares of Nabors Industries and gave the company a “neutral” rating in a research report on Wednesday, December 17th. Finally, Susquehanna set a $64.00 price target on shares of Nabors Industries and gave the stock a “neutral” rating in a research report on Wednesday, January 7th. Two investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $59.14.

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.