Tejara Capital Ltd Cuts Stock Holdings in Nabors Industries Ltd. $NBR

Tejara Capital Ltd cut its stake in shares of Nabors Industries Ltd. (NYSE:NBR) by 17.9% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 84,964 shares of the oil and gas company’s stock after selling 18,571 shares during the quarter. Tejara Capital Ltd’s holdings in Nabors Industries were worth $2,381,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of NBR. Federated Hermes Inc. increased its position in Nabors Industries by 23.1% during the 1st 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 bought a new stake in shares of Nabors Industries in the 1st quarter worth $8,864,000. Charles Schwab Investment Management Inc. increased its holdings in Nabors Industries by 33.4% in 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 in the last quarter. Swiss National Bank boosted its holdings in Nabors Industries by 27.2% in the first quarter. Swiss National Bank now owns 21,500 shares of the oil and gas company’s stock worth $897,000 after purchasing an additional 4,600 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new position in Nabors Industries in the first quarter worth about $294,000. 81.92% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on NBR shares. Barclays reaffirmed an “underweight” rating and issued a $45.00 target price (up from $36.00) on shares of Nabors Industries in a report on Tuesday, November 11th. Susquehanna reissued a “neutral” rating and issued a $56.00 price target on shares of Nabors Industries in a report on Thursday, October 30th. Wall Street Zen raised shares of Nabors Industries from a “hold” rating to a “buy” rating in a report on Sunday, November 16th. Citigroup reiterated a “neutral” rating and set a $58.00 price objective (up previously from $38.00) on shares of Nabors Industries in a research report on Monday, November 3rd. Finally, Morgan Stanley set a $55.00 target price on shares of Nabors Industries and gave the stock an “overweight” rating in a research report on Friday, October 17th. One research analyst has rated the stock with a Buy rating, four have given a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat.com, Nabors Industries presently has a consensus rating of “Reduce” and a consensus target price of $48.14.

Nabors Industries Stock Performance

Shares of NYSE:NBR opened at $49.77 on Friday. The firm has a fifty day simple moving average of $45.18 and a two-hundred day simple moving average of $37.20. Nabors Industries Ltd. has a 52 week low of $23.27 and a 52 week high of $77.00. The company has a quick ratio of 1.63, a current ratio of 2.09 and a debt-to-equity ratio of 2.50. The stock has a market capitalization of $724.66 million, a P/E ratio of 5.16 and a beta of 1.54.

Nabors Industries (NYSE:NBR) last released its quarterly earnings results on Tuesday, October 28th. The oil and gas company reported ($3.67) EPS for the quarter, missing the consensus estimate of ($2.37) by ($1.30). Nabors Industries had a negative return on equity of 30.85% and a net margin of 7.08%.The company had revenue of $825.51 million during the quarter, compared to analysts’ expectations of $824.61 million. During the same quarter in the prior year, the business posted ($6.86) EPS. The company’s revenue was up 11.8% on a year-over-year basis. On average, analysts expect that Nabors Industries Ltd. will post -6.22 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, major shareholder Varde Partners Inc sold 312,378 shares of the firm’s stock in a transaction on Thursday, September 11th. The stock was sold at an average price of $41.04, for a total value of $12,819,993.12. Following the completion of the sale, the insider directly owned 1,406,052 shares in the company, valued at $57,704,374.08. This trade represents a 18.18% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 5.41% of the company’s stock.

Nabors Industries Company Profile

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.