Oregon Public Employees Retirement Fund Lowers Stake in Nabors Industries Ltd. (NYSE:NBR)

Posted by Defense World Staff on Oct 24th, 2023

Oregon Public Employees Retirement Fund cut its stake in Nabors Industries Ltd. (NYSE:NBR – Free Report) by 3.4% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,800 shares of the oil and gas company’s stock after selling 100 shares during the quarter. Oregon Public Employees Retirement Fund’s holdings in Nabors Industries were worth $260,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in the stock. Creative Planning raised its holdings in Nabors Industries by 37.0% in the second quarter. Creative Planning now owns 2,349 shares of the oil and gas company’s stock worth $219,000 after purchasing an additional 635 shares in the last quarter. Louisiana State Employees Retirement System lifted its position in Nabors Industries by 14.3% during the second quarter. Louisiana State Employees Retirement System now owns 4,800 shares of the oil and gas company’s stock valued at $447,000 after acquiring an additional 600 shares during the last quarter. Harbor Capital Advisors Inc. acquired a new stake in Nabors Industries in the second quarter valued at approximately $565,000. JPMorgan Chase & Co. grew its holdings in Nabors Industries by 29.1% in the first quarter. JPMorgan Chase & Co. now owns 32,194 shares of the oil and gas company’s stock worth $3,925,000 after purchasing an additional 7,265 shares during the last quarter. Finally, KB Financial Partners LLC acquired a new position in shares of Nabors Industries during the first quarter worth $802,000. 80.39% of the stock is owned by institutional investors.

Nabors Industries Stock Down 2.8 %

NBR stock opened at $115.52 on Tuesday. The company has a market capitalization of $1.10 billion, a P/E ratio of -19.68 and a beta of 2.74. Nabors Industries Ltd. has a 12 month low of $83.05 and a 12 month high of $190.90. The firm’s fifty day simple moving average is $118.93 and its 200-day simple moving average is $109.21. The company has a debt-to-equity ratio of 4.23, a current ratio of 1.80 and a quick ratio of 1.52.

Nabors Industries (NYSE:NBR – Get Free Report) last posted its quarterly earnings results on Tuesday, July 25th. The oil and gas company reported ($2.26) EPS for the quarter, missing the consensus estimate of $1.50 by ($3.76). The business had revenue of $778.81 million during the quarter, compared to analysts’ expectations of $777.59 million. Nabors Industries had a negative net margin of 0.96% and a negative return on equity of 17.98%. As a group, equities research analysts forecast that Nabors Industries Ltd. will post -3.89 earnings per share for the current year.

Insider Activity

In related news, Director John P. Kotts sold 4,975 shares of the firm’s stock in a transaction dated Tuesday, September 5th. The stock was sold at an average price of $125.13, for a total transaction of $622,521.75. Following the sale, the director now directly owns 4,787 shares of the company’s stock, valued at $598,997.31. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 7.09% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the company. Benchmark upgraded Nabors Industries from a “hold” rating to a “buy” rating in a research note on Wednesday, July 19th. Susquehanna upped their price objective on shares of Nabors Industries from $112.00 to $125.00 and gave the company a “neutral” rating in a report on Wednesday, October 4th. Royal Bank of Canada lifted their target price on shares of Nabors Industries from $124.00 to $140.00 in a research note on Thursday, July 27th. StockNews.com assumed coverage on shares of Nabors Industries in a research note on Thursday, October 5th. They set a “hold” rating on the stock. Finally, Morgan Stanley upgraded shares of Nabors Industries from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $160.00 to $175.00 in a research note on Tuesday, October 17th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $152.00.

Read Our Latest Analysis on NBR

Nabors Industries Company Profile

(Free Report)

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 U.S. Drilling, International Drilling, Drilling Solutions, and Rig Technologies. It provides tubular running, wellbore placement, directional drilling, measurement-while-drilling (MWD), equipment manufacturing, and rig instrumentation services; and logging-while-drilling systems and services, as well as drilling optimization software.