Mitchell Group Inc. lifted its position in shares of Nabors Industries Ltd. (NYSE:NBR) by 52.0% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,704,490 shares of the oil and gas company’s stock after acquiring an additional 925,140 shares during the quarter. Nabors Industries accounts for approximately 3.4% of Mitchell Group Inc.’s portfolio, making the stock its 17th largest holding. Mitchell Group Inc. owned about 0.95% of Nabors Industries worth $22,015,000 at the end of the most recent quarter.
Several other institutional investors have also recently modified their holdings of NBR. BlackRock Inc. increased its stake in shares of Nabors Industries by 7,474.6% during the first quarter. BlackRock Inc. now owns 24,813,903 shares of the oil and gas company’s stock worth $324,317,000 after acquiring an additional 24,486,309 shares during the period. Renaissance Technologies LLC grew its position in Nabors Industries by 414.1% during the first quarter. Renaissance Technologies LLC now owns 4,467,589 shares of the oil and gas company’s stock worth $58,391,000 after buying an additional 3,598,589 shares during the period. Sirios Capital Management L P grew its position in Nabors Industries by 246.1% during the second quarter. Sirios Capital Management L P now owns 4,034,937 shares of the oil and gas company’s stock worth $32,844,000 after buying an additional 2,869,187 shares during the period. Deprince Race & Zollo Inc. acquired a new position in Nabors Industries during the first quarter worth about $35,002,000. Finally, Bank of New York Mellon Corp grew its position in Nabors Industries by 16.4% during the second quarter. Bank of New York Mellon Corp now owns 16,440,910 shares of the oil and gas company’s stock worth $133,828,000 after buying an additional 2,315,688 shares during the period. Institutional investors and hedge funds own 95.60% of the company’s stock.
Shares of Nabors Industries Ltd. (NBR) opened at 7.44 on Friday. The stock has a 50 day moving average price of $6.92 and a 200 day moving average price of $9.56. Nabors Industries Ltd. has a 12-month low of $6.18 and a 12-month high of $18.40. The firm’s market cap is $2.13 billion.
Nabors Industries (NYSE:NBR) last announced its quarterly earnings data on Wednesday, August 2nd. The oil and gas company reported ($0.38) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.35) by ($0.03). Nabors Industries had a negative net margin of 32.35% and a negative return on equity of 13.31%. The business had revenue of $630.50 million during the quarter, compared to the consensus estimate of $589.79 million. During the same quarter last year, the company earned ($0.35) EPS. The firm’s revenue for the quarter was up 21.9% compared to the same quarter last year. On average, equities analysts expect that Nabors Industries Ltd. will post ($1.50) earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 3rd. Stockholders of record on Tuesday, September 12th will be given a dividend of $0.06 per share. The ex-dividend date of this dividend is Monday, September 11th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 3.23%. Nabors Industries’s dividend payout ratio is presently -9.41%.
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NBR has been the topic of several recent research reports. Deutsche Bank AG reaffirmed a “buy” rating and issued a $13.00 price target (down previously from $20.00) on shares of Nabors Industries in a report on Tuesday, May 30th. Zacks Investment Research raised shares of Nabors Industries from a “sell” rating to a “hold” rating in a report on Monday, September 11th. ValuEngine downgraded shares of Nabors Industries from a “sell” rating to a “strong sell” rating in a research note on Friday, September 1st. Wells Fargo & Company downgraded shares of Nabors Industries from an “outperform” rating to a “market perform” rating in a research note on Friday, July 7th. Finally, Guggenheim raised shares of Nabors Industries from a “neutral” rating to a “buy” rating and set a $10.00 price target for the company in a report on Tuesday, August 15th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and nineteen have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $13.26.
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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