Swiss National Bank Raises Holdings in Nabors Industries Ltd. $NBR

Swiss National Bank boosted its stake in shares of Nabors Industries Ltd. (NYSE:NBR) by 27.2% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 21,500 shares of the oil and gas company’s stock after acquiring an additional 4,600 shares during the quarter. Swiss National Bank owned 0.22% of Nabors Industries worth $897,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently bought and sold shares of NBR. Dimensional Fund Advisors LP lifted its holdings in Nabors Industries by 10.6% in 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 buying an additional 27,849 shares during the period. Barings LLC purchased a new stake in Nabors Industries in the 1st quarter worth approximately $8,864,000. Charles Schwab Investment Management Inc. lifted its holdings in Nabors Industries by 33.4% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 150,289 shares of the oil and gas company’s stock worth $6,269,000 after buying an additional 37,648 shares during the period. Balyasny Asset Management L.P. purchased a new stake in Nabors Industries in the 4th quarter worth approximately $6,602,000. Finally, Northern Trust Corp lifted its holdings in Nabors Industries by 9.1% in the 4th 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 during the period. 81.92% of the stock is currently owned by hedge funds and other institutional investors.

Nabors Industries Stock Down 3.1%

Shares of NYSE:NBR opened at $34.66 on Wednesday. The stock has a fifty day simple moving average of $32.64 and a two-hundred day simple moving average of $34.16. The stock has a market capitalization of $545.56 million, a price-to-earnings ratio of -2.47 and a beta of 1.52. Nabors Industries Ltd. has a 12-month low of $23.27 and a 12-month high of $86.10. The company has a current ratio of 1.79, a quick ratio of 1.63 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 company had revenue of $832.79 million for the quarter, compared to analysts’ expectations 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 quarterly revenue was up 12.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($4.29) EPS. On average, research analysts anticipate that Nabors Industries Ltd. will post -6.22 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. Royal Bank Of Canada increased their price objective on Nabors Industries from $45.00 to $47.00 and gave the stock a “sector perform” rating in a report on Thursday, August 21st. Barclays reiterated an “underweight” rating and issued a $28.00 price objective (down previously from $53.00) on shares of Nabors Industries in a report on Monday, May 19th. Morgan Stanley dropped their price objective on Nabors Industries from $75.00 to $50.00 and set an “overweight” rating for the company in a report on Friday, May 16th. Piper Sandler reiterated an “underweight” rating and issued a $32.00 price objective (up previously from $30.00) on shares of Nabors Industries in a report on Thursday, August 14th. Finally, Citigroup lowered their target price on Nabors Industries from $50.00 to $38.00 and set a “neutral” rating for the company in a research note on Tuesday, May 13th. One analyst has rated the stock with a Buy rating, four have assigned a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Reduce” and a consensus target price of $42.13.

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.