PNC Financial Services Group Inc. Sells 595 Shares of Nabors Industries Ltd. $NBR

PNC Financial Services Group Inc. trimmed its position in Nabors Industries Ltd. (NYSE:NBR) by 13.5% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,797 shares of the oil and gas company’s stock after selling 595 shares during the period. PNC Financial Services Group Inc.’s holdings in Nabors Industries were worth $158,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. GAMMA Investing LLC increased its stake in Nabors Industries by 520.2% during the 1st quarter. GAMMA Investing LLC now owns 1,073 shares of the oil and gas company’s stock worth $45,000 after purchasing an additional 900 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in Nabors Industries by 10.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 289,632 shares of the oil and gas company’s stock worth $16,556,000 after purchasing an additional 27,849 shares in the last quarter. Readystate Asset Management LP increased its stake in Nabors Industries by 78.2% during the 1st quarter. Readystate Asset Management LP now owns 40,505 shares of the oil and gas company’s stock worth $1,689,000 after purchasing an additional 17,780 shares in the last quarter. SG Americas Securities LLC increased its stake in Nabors Industries by 178.7% during the 1st quarter. SG Americas Securities LLC now owns 6,666 shares of the oil and gas company’s stock worth $278,000 after purchasing an additional 4,274 shares in the last quarter. Finally, Barings LLC bought a new position in shares of Nabors Industries during the 1st quarter worth approximately $8,864,000. 81.92% of the stock is currently owned by institutional investors and hedge funds.

Nabors Industries Price Performance

Shares of NYSE:NBR opened at $31.70 on Tuesday. The stock’s 50 day moving average is $32.61 and its 200-day moving average is $34.90. Nabors Industries Ltd. has a twelve month low of $23.27 and a twelve month high of $86.69. The firm has a market capitalization of $498.91 million, a price-to-earnings ratio of -2.25 and a beta of 1.52. The company has a quick ratio of 1.63, a current ratio of 1.79 and a debt-to-equity ratio of 4.17.

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

Analysts Set New Price Targets

NBR has been the subject of several research reports. Royal Bank Of Canada decreased their price target on shares of Nabors Industries from $47.00 to $45.00 and set a “sector perform” rating for the company in a research note on Thursday, May 1st. Morgan Stanley dropped their target price on Nabors Industries from $75.00 to $50.00 and set an “overweight” rating for the company in a report on Friday, May 16th. Citigroup decreased their target price on shares of Nabors Industries from $50.00 to $38.00 and set a “neutral” rating on the stock in a report on Tuesday, May 13th. Barclays reiterated an “underweight” rating and issued a $28.00 target price (down previously from $53.00) on shares of Nabors Industries in a research report on Monday, May 19th. Finally, JPMorgan Chase & Co. reduced their price target on Nabors Industries from $38.00 to $25.00 and set an “underweight” rating on the stock in a report on Wednesday, May 28th. Three investment analysts have rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $41.88.

About Nabors Industries

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.