Public Employees Retirement System of Ohio Sells 1,980 Shares of Nabors Industries Ltd. $NBR

Public Employees Retirement System of Ohio lessened its stake in shares of Nabors Industries Ltd. (NYSE:NBR) by 61.2% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,256 shares of the oil and gas company’s stock after selling 1,980 shares during the period. Public Employees Retirement System of Ohio’s holdings in Nabors Industries were worth $35,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Inspire Investing LLC increased its position in Nabors Industries by 19.3% during the 1st quarter. Inspire Investing LLC now owns 8,279 shares of the oil and gas company’s stock valued at $345,000 after buying an additional 1,337 shares in the last quarter. Invst LLC bought a new stake in shares of Nabors Industries in the 1st quarter worth $721,000. Strs Ohio bought a new stake in shares of Nabors Industries in the 1st quarter worth $259,000. Dynamic Technology Lab Private Ltd increased its holdings in shares of Nabors Industries by 11.5% in the 1st quarter. Dynamic Technology Lab Private Ltd now owns 5,540 shares of the oil and gas company’s stock worth $231,000 after purchasing an additional 570 shares in the last quarter. Finally, Petrus Trust Company LTA bought a new stake in shares of Nabors Industries in the 1st quarter worth $461,000. Institutional investors own 81.92% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have commented on the company. Piper Sandler reissued an “underweight” rating and issued a $32.00 target price (up previously from $30.00) on shares of Nabors Industries in a report on Thursday, August 14th. Barclays reissued an “underweight” rating and issued a $36.00 target price (up previously from $29.00) on shares of Nabors Industries in a report on Monday, September 22nd. Weiss Ratings reissued a “sell (e+)” rating on shares of Nabors Industries in a report on Saturday, September 27th. Susquehanna lifted their target price on Nabors Industries from $37.00 to $39.00 and gave the stock a “neutral” rating in a report on Wednesday, August 27th. Finally, Royal Bank Of Canada lifted their target price on Nabors Industries from $45.00 to $47.00 and gave the stock a “sector perform” rating in a report on Thursday, August 21st. One equities research analyst has rated the stock with a Buy rating, four have given a Hold rating and four have issued a Sell rating to the company. According to MarketBeat.com, Nabors Industries has a consensus rating of “Reduce” and an average price target of $44.00.

Insider Transactions at Nabors Industries

In other Nabors Industries news, major shareholder Varde Partners Inc sold 312,378 shares of the firm’s stock in a transaction that occurred on Thursday, September 11th. The shares were sold at an average price of $41.04, for a total transaction of $12,819,993.12. Following the sale, the insider owned 1,406,052 shares in the company, valued at approximately $57,704,374.08. This trade represents a 18.18% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 5.41% of the company’s stock.

Nabors Industries Price Performance

Shares of Nabors Industries stock opened at $43.14 on Thursday. The stock has a market cap of $679.02 million, a P/E ratio of -3.07 and a beta of 1.46. The company has a debt-to-equity ratio of 4.17, a quick ratio of 1.63 and a current ratio of 1.79. The stock’s fifty day moving average is $37.79 and its 200 day moving average is $33.50. Nabors Industries Ltd. has a one year low of $23.27 and a one year high of $86.10.

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

Nabors Industries Profile

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.