Canada Pension Plan Investment Board Sells 326,400 Shares of Nabors Industries Ltd. (NBR)

Canada Pension Plan Investment Board decreased its stake in Nabors Industries Ltd. (NYSE:NBR) by 47.2% in the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 365,853 shares of the oil and gas company’s stock after selling 326,400 shares during the quarter. Canada Pension Plan Investment Board owned about 0.13% of Nabors Industries worth $2,952,000 at the end of the most recent reporting period.

Other institutional investors also recently made changes to their positions in the company. Harbour Capital Advisors LLC boosted its holdings in shares of Nabors Industries by 714.0% in the 2nd quarter. Harbour Capital Advisors LLC now owns 11,396 shares of the oil and gas company’s stock worth $1,400,000 after purchasing an additional 9,996 shares during the period. Wright Investors Service Inc. boosted its holdings in shares of Nabors Industries by 2.2% in the 2nd quarter. Wright Investors Service Inc. now owns 12,560 shares of the oil and gas company’s stock worth $102,000 after purchasing an additional 265 shares during the period. Frontier Wealth Management LLC boosted its holdings in shares of Nabors Industries by 11.4% in the 2nd quarter. Frontier Wealth Management LLC now owns 12,561 shares of the oil and gas company’s stock worth $102,000 after purchasing an additional 1,284 shares during the period. HighTower Advisors LLC boosted its holdings in shares of Nabors Industries by 26.4% in the 1st quarter. HighTower Advisors LLC now owns 14,873 shares of the oil and gas company’s stock worth $193,000 after purchasing an additional 3,109 shares during the period. Finally, Clear Harbor Asset Management LLC purchased a new position in shares of Nabors Industries in the 3rd quarter worth approximately $121,000. Hedge funds and other institutional investors own 94.30% of the company’s stock.

Nabors Industries Ltd. (NYSE:NBR) opened at $5.68 on Friday. The company has a current ratio of 1.41, a quick ratio of 1.27 and a debt-to-equity ratio of 1.35. Nabors Industries Ltd. has a 1 year low of $5.32 and a 1 year high of $18.40.

Nabors Industries (NYSE:NBR) last released its quarterly earnings results on Tuesday, October 24th. The oil and gas company reported ($0.42) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.33) by ($0.09). The company had revenue of $662.50 million during the quarter, compared to the consensus estimate of $674.03 million. Nabors Industries had a negative return on equity of 14.74% and a negative net margin of 31.99%. The company’s revenue was up 27.4% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.55) earnings per share. sell-side analysts predict that Nabors Industries Ltd. will post -1.61 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 3rd. Investors of record on Wednesday, December 13th will be given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 4.23%. The ex-dividend date is Tuesday, December 12th. Nabors Industries’s dividend payout ratio is currently -8.96%.

NBR has been the subject of a number of recent research reports. Societe Generale initiated coverage on Nabors Industries in a report on Thursday, August 31st. They issued a “hold” rating and a $7.00 target price for the company. Citigroup Inc. restated a “buy” rating and set a $8.00 price objective (down previously from $9.00) on shares of Nabors Industries in a report on Wednesday, September 13th. BidaskClub cut Nabors Industries from a “sell” rating to a “strong sell” rating in a report on Friday, July 28th. Sanford C. Bernstein restated an “outperform” rating and set a $12.50 price objective on shares of Nabors Industries in a report on Wednesday, September 6th. Finally, Guggenheim upgraded Nabors Industries from a “neutral” rating to a “buy” rating and set a $10.00 price objective for the company in a report on Tuesday, August 15th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and seventeen have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $11.27.

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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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Institutional Ownership by Quarter for Nabors Industries (NYSE:NBR)

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