Teachers Retirement System of The State of Kentucky lifted its holdings in Nabors Industries Ltd. (NYSE:NBR) by 32.1% in the 3rd quarter, HoldingsChannel reports. The firm owned 73,181 shares of the oil and gas company’s stock after purchasing an additional 17,800 shares during the quarter. Teachers Retirement System of The State of Kentucky’s holdings in Nabors Industries were worth $451,000 as of its most recent filing with the SEC.
Other large investors have also added to or reduced their stakes in the company. BlackRock Inc. boosted its stake in Nabors Industries by 12.3% during the second quarter. BlackRock Inc. now owns 31,330,733 shares of the oil and gas company’s stock valued at $200,829,000 after buying an additional 3,443,863 shares in the last quarter. Van ECK Associates Corp boosted its stake in Nabors Industries by 5.8% during the second quarter. Van ECK Associates Corp now owns 17,791,852 shares of the oil and gas company’s stock valued at $114,046,000 after buying an additional 970,312 shares in the last quarter. Deprince Race & Zollo Inc. boosted its stake in Nabors Industries by 26.0% during the third quarter. Deprince Race & Zollo Inc. now owns 6,106,150 shares of the oil and gas company’s stock valued at $37,614,000 after buying an additional 1,261,551 shares in the last quarter. Northern Trust Corp boosted its stake in Nabors Industries by 8.2% during the second quarter. Northern Trust Corp now owns 3,093,157 shares of the oil and gas company’s stock valued at $19,826,000 after buying an additional 235,459 shares in the last quarter. Finally, Strs Ohio boosted its stake in Nabors Industries by 1.6% during the second quarter. Strs Ohio now owns 2,549,348 shares of the oil and gas company’s stock valued at $16,341,000 after buying an additional 39,348 shares in the last quarter. 89.03% of the stock is owned by institutional investors.
Several brokerages recently weighed in on NBR. Guggenheim reaffirmed a “buy” rating and set a $11.00 target price on shares of Nabors Industries in a research note on Friday, October 12th. Piper Jaffray Companies set a $7.00 target price on Nabors Industries and gave the company a “hold” rating in a research note on Thursday, November 8th. Jefferies Financial Group reaffirmed a “buy” rating and set a $8.00 target price on shares of Nabors Industries in a research note on Tuesday, November 6th. Cowen reaffirmed a “buy” rating and set a $11.00 target price on shares of Nabors Industries in a research note on Friday, October 12th. Finally, BMO Capital Markets decreased their target price on Nabors Industries from $7.50 to $6.50 and set a “market perform” rating for the company in a research note on Thursday, November 1st. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and eleven have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $8.96.
Nabors Industries (NYSE:NBR) last released its quarterly earnings results on Tuesday, October 30th. The oil and gas company reported ($0.31) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.20) by ($0.11). Nabors Industries had a negative net margin of 19.25% and a negative return on equity of 14.21%. The company had revenue of $779.43 million during the quarter, compared to analyst estimates of $800.78 million. During the same quarter last year, the business earned ($0.42) EPS. The company’s revenue for the quarter was up 17.7% compared to the same quarter last year. On average, equities analysts anticipate that Nabors Industries Ltd. will post -1.22 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, January 3rd. Investors of record on Thursday, December 13th will be given a $0.06 dividend. The ex-dividend date of this dividend is Wednesday, December 12th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 7.74%. Nabors Industries’s dividend payout ratio (DPR) is -14.72%.
In related news, Director John Yearwood purchased 197,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 1st. The stock was acquired at an average price of $5.14 per share, for a total transaction of $1,012,580.00. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director John P. Kotts purchased 100,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 6th. The stock was bought at an average price of $5.61 per share, with a total value of $561,000.00. Following the transaction, the director now directly owns 301,949 shares in the company, valued at $1,693,933.89. The disclosure for this purchase can be found here. Company insiders own 4.15% of the company’s stock.
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Nabors Industries Profile
Nabors Industries Ltd. provides drilling and drilling-related services and technologies for land-based and offshore oil and natural gas wells. It operates through five segments: U.S., Canada, International, Drilling Solutions, and Rig Technologies. The company offers equipment manufacturing, rig instrumentation, optimization software, and directional drilling services.
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