State of Tennessee Treasury Department Holds Stake in Nabors Industries Ltd. (NBR)

State of Tennessee Treasury Department continued to hold its position in Nabors Industries Ltd. (NYSE:NBR) during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 310,000 shares of the oil and gas company’s stock at the end of the 2nd quarter. State of Tennessee Treasury Department owned about 0.11% of Nabors Industries worth $2,523,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the company. BlackRock Inc. raised its holdings in shares of Nabors Industries by 7,474.6% during the first quarter. BlackRock Inc. now owns 24,813,903 shares of the oil and gas company’s stock valued at $324,317,000 after acquiring an additional 24,486,309 shares during the period. Vanguard Group Inc. increased its stake in Nabors Industries by 4.8% in the 1st quarter. Vanguard Group Inc. now owns 22,565,265 shares of the oil and gas company’s stock valued at $294,929,000 after buying an additional 1,035,970 shares during the period. Dimensional Fund Advisors LP increased its stake in Nabors Industries by 5.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 19,723,712 shares of the oil and gas company’s stock valued at $257,786,000 after buying an additional 1,053,328 shares during the period. Morgan Stanley increased its stake in Nabors Industries by 0.6% in the 1st quarter. Morgan Stanley now owns 18,787,378 shares of the oil and gas company’s stock valued at $245,552,000 after buying an additional 114,423 shares during the period. Finally, Bank of New York Mellon Corp increased its stake in Nabors Industries by 16.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 16,440,910 shares of the oil and gas company’s stock valued at $133,828,000 after buying an additional 2,315,688 shares during the period. Institutional investors and hedge funds own 95.60% of the company’s stock.

Nabors Industries Ltd. (NYSE NBR) opened at 7.44 on Friday. The company’s market cap is $2.13 billion. Nabors Industries Ltd. has a 1-year low of $6.18 and a 1-year high of $18.40. The company’s 50-day moving average is $6.92 and its 200 day moving average is $9.56.

Nabors Industries (NYSE:NBR) last announced its earnings results on Wednesday, August 2nd. The oil and gas company reported ($0.38) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.35) by ($0.03). Nabors Industries had a negative net margin of 32.35% and a negative return on equity of 13.31%. The company had revenue of $630.50 million during the quarter, compared to the consensus estimate of $589.79 million. During the same quarter in the previous year, the company earned ($0.35) earnings per share. The business’s revenue was up 21.9% on a year-over-year basis. On average, equities analysts predict that Nabors Industries Ltd. will post ($1.50) EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 3rd. Investors of record on Tuesday, September 12th will be issued a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 3.23%. The ex-dividend date is Monday, September 11th. Nabors Industries’s payout ratio is presently -9.41%.

Several research analysts have weighed in on the stock. Morgan Stanley dropped their price objective on shares of Nabors Industries from $10.00 to $9.00 and set an “equal weight” rating on the stock in a research note on Monday, August 7th. BMO Capital Markets reissued a “hold” rating and issued a $8.00 target price (down from $13.00) on shares of Nabors Industries in a research report on Thursday, July 13th. Evercore ISI reissued an “outperform” rating and issued a $18.00 target price on shares of Nabors Industries in a research report on Tuesday, June 20th. Guggenheim downgraded shares of Nabors Industries from a “buy” rating to a “neutral” rating in a research report on Tuesday, June 27th. Finally, Cowen and Company decreased their target price on shares of Nabors Industries from $13.00 to $10.50 and set an “outperform” rating for the company in a research report on Tuesday, August 8th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and nineteen have issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $13.26.

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About Nabors Industries

Nabors Industries Ltd. owns and operates a land-based drilling rig fleet. The Company is a provider of offshore platform drilling rigs in the United States and multiple international markets. The Company conducts its Drilling & Rig Services business through four segments: U.S. Drilling, Canada Drilling, International Drilling and Rig Services.

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Institutional Ownership by Quarter for Nabors Industries (NYSE:NBR)

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