Monaco Asset Management SAM Takes $210,000 Position in Nabors Industries Ltd. $NBR

Monaco Asset Management SAM purchased a new stake in shares of Nabors Industries Ltd. (NYSE:NBR) during the 2nd quarter, HoldingsChannel reports. The firm purchased 7,500 shares of the oil and gas company’s stock, valued at approximately $210,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Y Intercept Hong Kong Ltd purchased a new stake in shares of Nabors Industries during the 1st quarter worth about $438,000. Readystate Asset Management LP boosted its position in Nabors Industries by 78.2% during the first quarter. Readystate Asset Management LP now owns 40,505 shares of the oil and gas company’s stock worth $1,689,000 after purchasing an additional 17,780 shares in the last quarter. Federated Hermes Inc. grew its holdings in Nabors Industries by 23.1% in the first quarter. Federated Hermes Inc. now owns 36,786 shares of the oil and gas company’s stock valued at $1,534,000 after purchasing an additional 6,912 shares during the period. Barings LLC purchased a new stake in shares of Nabors Industries in the first quarter valued at approximately $8,864,000. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of Nabors Industries by 33.4% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 150,289 shares of the oil and gas company’s stock worth $6,269,000 after buying an additional 37,648 shares during the period. Hedge funds and other institutional investors own 81.92% of the company’s stock.

Nabors Industries Stock Down 0.3%

Nabors Industries stock opened at $51.47 on Friday. The firm has a market capitalization of $749.41 million, a P/E ratio of 5.33 and a beta of 1.54. The stock’s fifty day simple moving average is $42.70 and its 200-day simple moving average is $35.24. Nabors Industries Ltd. has a twelve month low of $23.27 and a twelve month high of $85.85. The company has a current ratio of 2.09, a quick ratio of 1.63 and a debt-to-equity ratio of 2.50.

Nabors Industries (NYSE:NBR) last posted its quarterly earnings results on Tuesday, October 28th. The oil and gas company reported ($3.67) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($2.37) by ($1.30). Nabors Industries had a net margin of 7.08% and a negative return on equity of 30.85%. The company had revenue of $818.19 million during the quarter, compared to analyst estimates of $824.61 million. During the same period in the prior year, the business earned ($6.86) EPS. Nabors Industries’s revenue for the quarter was up 11.8% on a year-over-year basis. As a group, equities analysts expect that Nabors Industries Ltd. will post -6.22 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, major shareholder Varde Partners Inc sold 312,378 shares of the business’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 completion of the sale, the insider owned 1,406,052 shares in the company, valued at approximately $57,704,374.08. The trade was a 18.18% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 5.41% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently commented on NBR. Morgan Stanley set a $55.00 price target on shares of Nabors Industries and gave the stock an “overweight” rating in a report on Friday, October 17th. Susquehanna reissued a “neutral” rating and set a $56.00 target price on shares of Nabors Industries in a research note on Thursday, October 30th. Wall Street Zen upgraded shares of Nabors Industries from a “hold” rating to a “buy” rating in a research report on Saturday. Weiss Ratings raised Nabors Industries from a “sell (d-)” rating to a “hold (c-)” rating in a research note on Wednesday. Finally, Piper Sandler reiterated an “underweight” rating and issued a $32.00 price objective (up previously from $30.00) on shares of Nabors Industries in a report on Thursday, August 14th. One analyst has rated the stock with a Buy rating, four have assigned a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat.com, Nabors Industries currently has a consensus rating of “Reduce” and an average target price of $46.86.

About Nabors Industries

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.