Concurrent Investment Advisors LLC acquired a new stake in Nabors Industries Ltd. (NYSE:NBR – Free Report) in the 2nd quarter, HoldingsChannel reports. The fund acquired 24,766 shares of the oil and gas company’s stock, valued at approximately $2,081,000.
Several other hedge funds and other institutional investors have also made changes to their positions in NBR. AQR Capital Management LLC lifted its stake in Nabors Industries by 97.1% in the first quarter. AQR Capital Management LLC now owns 16,770 shares of the oil and gas company’s stock valued at $699,000 after acquiring an additional 8,260 shares during the last quarter. Dynamic Technology Lab Private Ltd increased its stake in shares of Nabors Industries by 11.5% during the 1st quarter. Dynamic Technology Lab Private Ltd now owns 5,540 shares of the oil and gas company’s stock worth $231,000 after purchasing an additional 570 shares during the last quarter. Cetera Investment Advisers increased its stake in shares of Nabors Industries by 19.1% during the 2nd quarter. Cetera Investment Advisers now owns 8,570 shares of the oil and gas company’s stock worth $240,000 after purchasing an additional 1,374 shares during the last quarter. Rhumbline Advisers raised its holdings in shares of Nabors Industries by 37.0% in the 2nd quarter. Rhumbline Advisers now owns 28,864 shares of the oil and gas company’s stock valued at $809,000 after purchasing an additional 7,799 shares during the period. Finally, Invesco Ltd. raised its holdings in shares of Nabors Industries by 3.3% in the 2nd quarter. Invesco Ltd. now owns 55,830 shares of the oil and gas company’s stock valued at $1,564,000 after purchasing an additional 1,764 shares during the period. 81.92% of the stock is owned by institutional investors.
Wall Street Analysts Forecast Growth
A number of research firms recently commented on NBR. Barclays set a $93.00 price target on Nabors Industries and gave the stock an “equal weight” rating in a report on Wednesday, August 5th. Susquehanna dropped their price objective on Nabors Industries from $105.00 to $85.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 8th. Piper Sandler reiterated an “overweight” rating and set a $130.00 target price (up from $120.00) on shares of Nabors Industries in a research note on Thursday, July 30th. Zacks Research lowered Nabors Industries from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 13th. Finally, Weiss Ratings raised Nabors Industries from a “hold (c-)” rating to a “hold (c)” rating in a report on Thursday, August 13th. Two research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $102.57.
Insider Activity at Nabors Industries
In other news, Director David Tudor sold 3,200 shares of the company’s stock in a transaction that occurred on Friday, August 28th. The stock was sold at an average price of $92.30, for a total value of $295,360.00. Following the transaction, the director owned 5,264 shares of the company’s stock, valued at approximately $485,867.20. This represents a 37.81% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 5.32% of the company’s stock.
Nabors Industries Stock Performance
Shares of NBR stock opened at $91.96 on Wednesday. Nabors Industries Ltd. has a 52 week low of $36.62 and a 52 week high of $112.90. The company has a market capitalization of $1.47 billion, a price-to-earnings ratio of 6.84 and a beta of 1.00. The company has a 50-day simple moving average of $85.85 and a 200 day simple moving average of $87.73. The company has a debt-to-equity ratio of 2.24, a quick ratio of 1.75 and a current ratio of 1.89.
Nabors Industries (NYSE:NBR – Get Free Report) last released its quarterly earnings results on Tuesday, June 30th. The oil and gas company reported ($2.04) earnings per share for the quarter. The company had revenue of $814.79 million during the quarter. Nabors Industries had a net margin of 7.64% and a negative return on equity of 7.06%. On average, sell-side analysts predict that Nabors Industries Ltd. will post -3.69 earnings per share for the current year.
About Nabors Industries
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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