Readystate Asset Management LP Cuts Stock Holdings in Nabors Industries Ltd. $NBR

Readystate Asset Management LP lowered its position in shares of Nabors Industries Ltd. (NYSE:NBR) by 27.2% in the third quarter, Holdings Channel.com reports. The fund owned 27,127 shares of the oil and gas company’s stock after selling 10,159 shares during the quarter. Readystate Asset Management LP’s holdings in Nabors Industries were worth $1,109,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. CWM LLC increased its position in shares of Nabors Industries by 244.6% during the third quarter. CWM LLC now owns 889 shares of the oil and gas company’s stock worth $36,000 after purchasing an additional 631 shares in the last quarter. Ameritas Investment Partners Inc. boosted its stake in Nabors Industries by 58.5% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 1,444 shares of the oil and gas company’s stock worth $40,000 after purchasing an additional 533 shares during the last quarter. Police & Firemen s Retirement System of New Jersey grew its holdings in shares of Nabors Industries by 47.7% during the second quarter. Police & Firemen s Retirement System of New Jersey now owns 3,231 shares of the oil and gas company’s stock worth $91,000 after buying an additional 1,044 shares in the last quarter. Osaic Holdings Inc. grew its holdings in shares of Nabors Industries by 720.6% during the second quarter. Osaic Holdings Inc. now owns 5,703 shares of the oil and gas company’s stock worth $160,000 after buying an additional 5,008 shares in the last quarter. Finally, Vanguard Personalized Indexing Management LLC acquired a new stake in shares of Nabors Industries in the second quarter valued at about $203,000. 81.92% of the stock is owned by institutional investors and hedge funds.

Nabors Industries Trading Up 4.5%

NBR opened at $75.16 on Thursday. The stock has a market capitalization of $1.10 billion, a PE ratio of 4.56 and a beta of 0.99. Nabors Industries Ltd. has a one year low of $23.27 and a one year high of $75.57. The company has a debt-to-equity ratio of 2.22, a quick ratio of 1.93 and a current ratio of 1.56. The business’s 50 day moving average price is $61.41 and its 200 day moving average price is $49.39.

Nabors Industries (NYSE:NBR) last posted its earnings results on Wednesday, February 11th. The oil and gas company reported $0.17 earnings per share (EPS) for the quarter, topping the consensus estimate of ($2.93) by $3.10. Nabors Industries had a negative return on equity of 17.63% and a net margin of 8.92%.The company had revenue of $805.13 million during the quarter, compared to analysts’ expectations of $795.82 million. During the same quarter last year, the firm earned ($6.67) earnings per share. The firm’s quarterly revenue was up 9.0% compared to the same quarter last year. As a group, equities research analysts expect that Nabors Industries Ltd. will post -6.22 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Royal Bank Of Canada restated a “sector perform” rating and set a $77.00 price target (up from $70.00) on shares of Nabors Industries in a research report on Friday, February 13th. Susquehanna reissued a “neutral” rating and issued a $70.00 target price (up from $64.00) on shares of Nabors Industries in a research note on Friday, February 13th. Citigroup upped their price target on Nabors Industries from $58.00 to $60.00 and gave the company a “neutral” rating in a research report on Tuesday, January 6th. Barclays set a $50.00 price target on Nabors Industries and gave the company a “neutral” rating in a report on Wednesday, December 17th. Finally, Weiss Ratings reissued a “hold (c-)” rating on shares of Nabors Industries in a research note on Monday, December 29th. Two investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Nabors Industries currently has a consensus rating of “Hold” and a consensus price target of $64.00.

Nabors Industries 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.