Highbridge Capital Management LLC acquired a new position in Nabors Industries Ltd. (NYSE:NBR) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 574,775 shares of the oil and gas company’s stock, valued at approximately $7,513,000. Highbridge Capital Management LLC owned 0.20% of Nabors Industries at the end of the most recent reporting period.
A number of other hedge funds have also recently made changes to their positions in NBR. Invictus RG acquired a new position in Nabors Industries during the first quarter valued at $109,000. Coconut Grove Bank increased its stake in Nabors Industries by 47.1% in the first quarter. Coconut Grove Bank now owns 10,960 shares of the oil and gas company’s stock valued at $143,000 after buying an additional 3,510 shares during the last quarter. Tyers Asset Management LLC bought a new stake in Nabors Industries during the fourth quarter valued at $187,000. Venturi Wealth Management LLC increased its stake in Nabors Industries by 2.7% in the first quarter. Venturi Wealth Management LLC now owns 12,260 shares of the oil and gas company’s stock valued at $154,000 after buying an additional 320 shares during the last quarter. Finally, Wright Investors Service Inc. bought a new stake in Nabors Industries during the first quarter valued at $161,000. Hedge funds and other institutional investors own 98.65% of the company’s stock.
Shares of Nabors Industries Ltd. (NYSE:NBR) traded down 3.47% on Friday, hitting $7.23. 12,061,717 shares of the stock traded hands. The stock’s market cap is $2.07 billion. The stock has a 50 day moving average of $8.81 and a 200-day moving average of $13.06. Nabors Industries Ltd. has a 1-year low of $6.93 and a 1-year high of $18.40.
Nabors Industries (NYSE:NBR) last posted its quarterly earnings results on Wednesday, April 26th. The oil and gas company reported ($0.52) earnings per share for the quarter, missing the consensus estimate of ($0.36) by $0.16. The firm had revenue of $563 million for the quarter, compared to the consensus estimate of $569.96 million. Nabors Industries had a negative return on equity of 11.57% and a negative net margin of 36.49%. The firm’s revenue was up 30.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.29) EPS. On average, equities research analysts expect that Nabors Industries Ltd. will post ($1.34) EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Wednesday, July 5th. Shareholders of record on Wednesday, June 14th were paid a $0.06 dividend. The ex-dividend date was Monday, June 12th. This represents a $0.24 annualized dividend and a yield of 3.32%. Nabors Industries’s dividend payout ratio is currently -8.76%.
Several research analysts have recently commented on the stock. Credit Suisse Group set a $18.00 target price on shares of Nabors Industries and gave the company a “buy” rating in a research note on Sunday, April 30th. BMO Capital Markets set a $13.00 price target on shares of Nabors Industries and gave the stock a “hold” rating in a research note on Saturday, May 6th. TheStreet lowered shares of Nabors Industries from a “c-” rating to a “d+” rating in a research note on Monday, March 27th. Wells Fargo & Company lowered shares of Nabors Industries from an “outperform” rating to a “market perform” rating in a research note on Friday. Finally, Jefferies Group LLC reiterated a “hold” rating and issued a $15.00 target price on shares of Nabors Industries in a report on Wednesday, March 22nd. Two analysts have rated the stock with a sell rating, nine have given a hold rating and eighteen have given a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $15.18.
In related news, CFO William J. Restrepo bought 22,000 shares of the business’s stock in a transaction on Tuesday, May 30th. The stock was acquired at an average price of $8.25 per share, for a total transaction of $181,500.00. Following the purchase, the chief financial officer now directly owns 959,694 shares in the company, valued at $7,917,475.50. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 4.10% of the stock is owned by company insiders.
Nabors Industries Company Profile
Nabors Industries Ltd. owns and operates a land-based drilling rig fleet. The Company is a provider of offshore platform drilling rigs in the United States and multiple international markets. The Company conducts its Drilling & Rig Services business through four segments: U.S. Drilling, Canada Drilling, International Drilling and Rig Services.
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