Capital Fund Management S.A. reduced its stake in shares of Nabors Industries Ltd. (NYSE:NBR) by 17.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,070,274 shares of the company’s stock after selling 232,548 shares during the period. Capital Fund Management S.A.’s holdings in Nabors Industries were worth $10,756,000 at the end of the most recent quarter.
Several other hedge funds have also recently bought and sold shares of NBR. Seven Eight Capital LLC purchased a new stake in Nabors Industries during the first quarter valued at $118,000. LS Investment Advisors LLC increased its stake in Nabors Industries by 77.7% in the second quarter. LS Investment Advisors LLC now owns 16,763 shares of the company’s stock valued at $168,000 after buying an additional 7,332 shares during the last quarter. Meeder Asset Management Inc. purchased a new stake in Nabors Industries during the first quarter valued at $195,000. Commonwealth Equity Services Inc increased its stake in Nabors Industries by 10.7% in the first quarter. Commonwealth Equity Services Inc now owns 34,972 shares of the company’s stock valued at $322,000 after buying an additional 3,371 shares during the last quarter. Finally, BlueMountain Capital Management LLC purchased a new stake in Nabors Industries during the first quarter valued at $322,000. 93.06% of the stock is owned by institutional investors and hedge funds.
Nabors Industries Ltd. (NYSE:NBR) traded up 10.72% during midday trading on Wednesday, reaching $11.26. The company had a trading volume of 12,113,809 shares. The company’s 50 day moving average is $9.99 and its 200-day moving average is $9.54. Nabors Industries Ltd. has a 52-week low of $4.93 and a 52-week high of $12.33. The company’s market capitalization is $3.19 billion.
Nabors Industries (NYSE:NBR) last posted its earnings results on Tuesday, August 2nd. The company reported ($0.26) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.45) by $0.19. The business had revenue of $571.60 million for the quarter, compared to analysts’ expectations of $497.83 million. Nabors Industries had a negative net margin of 39.78% and a negative return on equity of 6.31%. The firm’s revenue for the quarter was down 40.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.14) earnings per share. Equities analysts expect that Nabors Industries Ltd. will post ($1.21) earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 4th. Investors of record on Tuesday, September 13th will be paid a $0.06 dividend. The ex-dividend date is Friday, September 9th. This represents a $0.24 dividend on an annualized basis and a yield of 2.13%. Nabors Industries’s payout ratio is currently -6.56%.
Several research firms have recently weighed in on NBR. Nomura set a $8.00 target price on Nabors Industries and gave the company a “hold” rating in a report on Tuesday, August 16th. Zacks Investment Research downgraded Nabors Industries from a “buy” rating to a “hold” rating in a report on Tuesday, August 9th. DA Davidson began coverage on Nabors Industries in a report on Thursday, September 15th. They issued a “buy” rating and a $16.00 target price for the company. Jefferies Group reissued a “hold” rating and issued a $10.00 target price (up from $9.00) on shares of Nabors Industries in a report on Monday, August 8th. Finally, Argus reissued a “hold” rating on shares of Nabors Industries in a report on Friday, September 23rd. Eight equities research analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the company’s stock. Nabors Industries currently has an average rating of “Buy” and a consensus price target of $11.42.
About Nabors Industries
Nabors Industries Ltd. owns and operates a land-based drilling rig fleet in North America. The Company is a provider of offshore platform work over and drilling rigs. It conducts its Drilling & Rig Services business through four segments: U.S. Drilling, Canada Drilling, International Drilling and Rig Services.
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