Bank of New York Mellon Corp Acquires 34,473 Shares of Nabors Industries Ltd. (NYSE:NBR)

Bank of New York Mellon Corp boosted its holdings in Nabors Industries Ltd. (NYSE:NBR) by 42.8% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 115,084 shares of the oil and gas company’s stock after purchasing an additional 34,473 shares during the quarter. Bank of New York Mellon Corp owned approximately 1.08% of Nabors Industries worth $8,189,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in NBR. Goldman Sachs Group Inc. grew its stake in Nabors Industries by 111.6% during the fourth quarter. Goldman Sachs Group Inc. now owns 397,102 shares of the oil and gas company’s stock valued at $32,415,000 after acquiring an additional 209,450 shares in the last quarter. Elm Ridge Management LLC grew its holdings in Nabors Industries by 17.6% during the 4th quarter. Elm Ridge Management LLC now owns 30,374 shares of the oil and gas company’s stock valued at $2,479,000 after buying an additional 4,553 shares in the last quarter. Vanguard Group Inc. increased its stake in Nabors Industries by 5.1% in the 1st quarter. Vanguard Group Inc. now owns 819,113 shares of the oil and gas company’s stock worth $70,550,000 after acquiring an additional 40,078 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Nabors Industries by 4.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 295,256 shares of the oil and gas company’s stock worth $24,102,000 after acquiring an additional 13,324 shares in the last quarter. Finally, Burney Co. bought a new position in shares of Nabors Industries during the 1st quarter valued at approximately $989,000. 81.92% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the stock. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $114.00 price target on shares of Nabors Industries in a research note on Thursday, July 25th. Citigroup decreased their target price on shares of Nabors Industries from $95.00 to $91.00 and set a “buy” rating on the stock in a research report on Wednesday, July 10th. Five research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, Nabors Industries has an average rating of “Hold” and an average target price of $108.50.

Nabors Industries Trading Down 2.8 %

Shares of NBR opened at $65.96 on Wednesday. Nabors Industries Ltd. has a twelve month low of $59.90 and a twelve month high of $141.47. The company has a current ratio of 1.82, a quick ratio of 1.57 and a debt-to-equity ratio of 5.01. The company’s fifty day simple moving average is $80.41 and its 200-day simple moving average is $78.22. The company has a market cap of $705.90 million, a P/E ratio of -4.78 and a beta of 2.13.

Nabors Industries (NYSE:NBR) last announced its quarterly earnings data on Tuesday, July 23rd. The oil and gas company reported ($4.29) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.77) by ($2.52). The firm had revenue of $742.98 million during the quarter, compared to the consensus estimate of $737.91 million. Nabors Industries had a negative return on equity of 28.10% and a negative net margin of 4.73%. The firm’s revenue for the quarter was down 4.6% on a year-over-year basis. During the same period in the previous year, the business earned ($2.26) EPS. As a group, analysts expect that Nabors Industries Ltd. will post -11.98 EPS for the current year.

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.