Highbridge Capital Management LLC purchased a new position in Nabors Industries Ltd. (NYSE:NBR) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 574,775 shares of the oil and gas company’s stock, valued at approximately $7,513,000. Highbridge Capital Management LLC owned about 0.20% of Nabors Industries at the end of the most recent quarter.
Other hedge funds and other institutional investors have also modified their holdings of the company. Invictus RG acquired a new position in shares of Nabors Industries during the first quarter worth approximately $109,000. Coconut Grove Bank raised its position in shares of 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 worth $143,000 after buying an additional 3,510 shares during the period. Tyers Asset Management LLC acquired a new position in shares of Nabors Industries during the fourth quarter worth approximately $187,000. Venturi Wealth Management LLC raised its position in shares of 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 worth $154,000 after buying an additional 320 shares during the period. Finally, Wright Investors Service Inc. acquired a new position in shares of Nabors Industries during the first quarter worth approximately $161,000. Institutional investors own 98.65% of the company’s stock.
Shares of Nabors Industries Ltd. (NYSE NBR) traded up 1.23% during mid-day trading on Monday, reaching $8.26. The company’s stock had a trading volume of 5,470,756 shares. The firm has a 50 day moving average price of $9.34 and a 200 day moving average price of $13.61. Nabors Industries Ltd. has a 52-week low of $7.90 and a 52-week high of $18.40. The firm’s market cap is $2.36 billion.
Nabors Industries (NYSE:NBR) last announced its earnings results on Wednesday, April 26th. The oil and gas company reported ($0.52) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.36) by $0.16. The company had revenue of $563 million for the quarter, compared to analyst estimates 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 quarterly revenue was up 30.7% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.29) earnings per share. On average, equities analysts predict that Nabors Industries Ltd. will post ($1.34) EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 5th. Shareholders of record on Wednesday, June 14th will be issued a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 2.91%. The ex-dividend date is Monday, June 12th. Nabors Industries’s payout ratio is presently -8.76%.
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A number of brokerages have recently commented on NBR. BMO Capital Markets set a $13.00 price target on Nabors Industries and gave the stock a “hold” rating in a report on Saturday, May 6th. TheStreet lowered Nabors Industries from a “c-” rating to a “d+” rating in a report on Monday, March 27th. Credit Suisse Group set a $18.00 price target on Nabors Industries and gave the stock a “buy” rating in a report on Sunday, April 30th. BidaskClub upgraded Nabors Industries from a “strong sell” rating to a “sell” rating in a report on Wednesday, June 14th. Finally, Jefferies Group LLC set a $12.00 price target on Nabors Industries and gave the stock a “hold” rating in a report on Tuesday, June 6th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and eighteen have assigned a buy rating to the stock. Nabors Industries presently has an average rating of “Buy” and an average target price of $16.16.
In related news, CFO William J. Restrepo bought 22,000 shares of the business’s stock in a transaction on Tuesday, May 30th. The shares were purchased at an average cost of $8.25 per share, with a total value of $181,500.00. Following the acquisition, the chief financial officer now owns 959,694 shares of the company’s stock, valued at $7,917,475.50. The purchase was disclosed in a filing with the SEC, which is available through this link. 4.10% of the stock is currently owned by insiders.
About Nabors Industries
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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