Royal Bank of Canada grew its stake in shares of Nabors Industries Ltd. (NYSE:NBR – Free Report) by 11.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 58,099 shares of the oil and gas company’s stock after acquiring an additional 6,057 shares during the quarter. Royal Bank of Canada owned about 0.39% of Nabors Industries worth $5,000,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Islay Capital Management LLC acquired a new stake in Nabors Industries in the 4th quarter worth approximately $26,000. Quarry LP purchased a new position in shares of Nabors Industries in the fourth quarter worth $33,000. Aster Capital Management DIFC Ltd purchased a new position in shares of Nabors Industries in the fourth quarter worth $40,000. Public Employees Retirement System of Ohio raised its holdings in shares of Nabors Industries by 23.0% in the third quarter. Public Employees Retirement System of Ohio now owns 1,545 shares of the oil and gas company’s stock worth $63,000 after buying an additional 289 shares during the last quarter. Finally, State of Wyoming lifted its stake in shares of Nabors Industries by 106.3% during the fourth quarter. State of Wyoming now owns 1,314 shares of the oil and gas company’s stock worth $71,000 after buying an additional 677 shares during the period. 81.92% of the stock is owned by hedge funds and other institutional investors.
Nabors Industries Trading Up 1.6%
Nabors Industries stock opened at $89.62 on Thursday. The company has a current ratio of 1.89, a quick ratio of 1.75 and a debt-to-equity ratio of 2.24. Nabors Industries Ltd. has a 12 month low of $31.10 and a 12 month high of $112.90. The stock’s 50 day simple moving average is $85.69 and its two-hundred day simple moving average is $84.55. The firm has a market cap of $1.33 billion, a PE ratio of 6.67 and a beta of 0.98.
Wall Street Analyst Weigh In
Several equities analysts recently issued reports on the company. Zacks Research raised Nabors Industries from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, July 15th. Piper Sandler reaffirmed an “overweight” rating and set a $130.00 price target (up from $120.00) on shares of Nabors Industries in a research report on Thursday, July 30th. Morgan Stanley reiterated an “overweight” rating and set a $100.00 price target (up from $80.00) on shares of Nabors Industries in a research note on Wednesday, April 15th. Royal Bank Of Canada increased their price objective on Nabors Industries from $91.00 to $120.00 and gave the company a “sector perform” rating in a report on Thursday, April 30th. Finally, Susquehanna decreased their target price on Nabors Industries from $105.00 to $85.00 and set a “neutral” rating for the company in a report on Wednesday, July 8th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, Nabors Industries presently has an average rating of “Moderate Buy” and a consensus target price of $101.14.
View Our Latest Stock Analysis on Nabors Industries
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.
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