Nabors Industries Ltd. $NBR Shares Sold by Federated Hermes Inc.

Federated Hermes Inc. lowered its stake in shares of Nabors Industries Ltd. (NYSE:NBR) by 46.4% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 26,101 shares of the oil and gas company’s stock after selling 22,607 shares during the period. Federated Hermes Inc. owned about 0.17% of Nabors Industries worth $1,067,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Apollo Management Holdings L.P. grew its holdings in shares of Nabors Industries by 54.2% in the 2nd quarter. Apollo Management Holdings L.P. now owns 650,623 shares of the oil and gas company’s stock worth $18,230,000 after acquiring an additional 228,787 shares during the period. Adage Capital Partners GP L.L.C. raised its holdings in Nabors Industries by 25.0% during the second quarter. Adage Capital Partners GP L.L.C. now owns 750,000 shares of the oil and gas company’s stock worth $21,015,000 after purchasing an additional 150,000 shares during the last quarter. Geode Capital Management LLC boosted its position in Nabors Industries by 59.5% during the second quarter. Geode Capital Management LLC now owns 338,566 shares of the oil and gas company’s stock worth $9,488,000 after purchasing an additional 126,243 shares in the last quarter. Jump Financial LLC grew its holdings in Nabors Industries by 360.9% in the second quarter. Jump Financial LLC now owns 118,878 shares of the oil and gas company’s stock valued at $3,331,000 after purchasing an additional 93,086 shares during the last quarter. Finally, BROOKFIELD Corp ON acquired a new stake in Nabors Industries in the second quarter valued at $2,170,000. 81.92% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. Piper Sandler upgraded shares of Nabors Industries from an “underweight” rating to an “overweight” rating and boosted their price objective for the stock from $32.00 to $65.00 in a research report on Thursday, December 18th. Morgan Stanley restated an “overweight” rating and set a $80.00 target price on shares of Nabors Industries in a research report on Wednesday, January 21st. Weiss Ratings reiterated a “hold (c-)” rating on shares of Nabors Industries in a research report on Monday, December 29th. Citigroup raised their price objective on shares of Nabors Industries from $58.00 to $60.00 and gave the stock a “neutral” rating in a research note on Tuesday, January 6th. Finally, Susquehanna set a $64.00 target price on Nabors Industries and gave the company a “neutral” rating in a research note on Wednesday, January 7th. Two equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Nabors Industries has a consensus rating of “Hold” and a consensus target price of $59.14.

Nabors Industries Stock Down 2.7%

Shares of NYSE NBR opened at $66.76 on Friday. The firm has a market cap of $972.02 million, a P/E ratio of 6.92 and a beta of 0.99. The company has a debt-to-equity ratio of 2.50, a quick ratio of 1.93 and a current ratio of 2.09. Nabors Industries Ltd. has a 1 year low of $23.27 and a 1 year high of $70.61. The firm’s 50 day moving average price is $58.68 and its 200 day moving average price is $47.02.

Nabors Industries Company Profile

Nabors Industries Ltd. is a global oil and gas drilling contractor that provides land and offshore drilling rigs, drilling equipment and related services to energy companies around the world. The company’s operations span two core segments: drilling and evaluation, which includes land‐based and platform drilling rigs as well as wellbore survey services, and wellbore technologies, offering pressure control equipment, downhole tools and specialized maintenance services. Nabors’ integrated model combines rig operations with engineered products and field support, positioning it as a full‐service provider in the upstream sector.

The company maintains a diverse, modern fleet of automated and conventional drilling rigs and has pioneered advanced drilling technologies, including automated drilling controls and managed pressure drilling systems.