Industry News

Comerica Bank Cuts Stake in Nabors Industries Ltd. (NYSE:NBR)

By September 7, 2019 No Comments

Comerica Bank decreased its holdings in Nabors Industries Ltd. (NYSE:NBR) by 4.0% in the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 321,721 shares of the oil and gas company’s stock after selling 13,296 shares during the period. Comerica Bank owned approximately 0.09% of Nabors Industries worth $708,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in the company. Systematic Financial Management LP bought a new stake in Nabors Industries during the 1st quarter valued at $1,472,000. Nomura Asset Management Co. Ltd. raised its holdings in Nabors Industries by 63.6% during the 1st quarter. Nomura Asset Management Co. Ltd. now owns 17,500 shares of the oil and gas company’s stock valued at $60,000 after buying an additional 6,800 shares during the last quarter. KBC Group NV bought a new stake in Nabors Industries during the 2nd quarter valued at $362,000. World Asset Management Inc raised its holdings in Nabors Industries by 62.5% during the 1st quarter. World Asset Management Inc now owns 38,395 shares of the oil and gas company’s stock valued at $132,000 after buying an additional 14,772 shares during the last quarter. Finally, BB&T Corp raised its holdings in Nabors Industries by 31.4% during the 2nd quarter. BB&T Corp now owns 20,500 shares of the oil and gas company’s stock valued at $59,000 after buying an additional 4,900 shares during the last quarter. 81.22% of the stock is owned by institutional investors.

Shares of NYSE NBR opened at $1.97 on Friday. The company has a current ratio of 1.90, a quick ratio of 1.67 and a debt-to-equity ratio of 1.45. Nabors Industries Ltd. has a 12 month low of $1.60 and a 12 month high of $6.65. The firm has a market capitalization of $606.97 million, a PE ratio of -1.56 and a beta of 2.65. The firm has a fifty day simple moving average of $2.11 and a two-hundred day simple moving average of $2.89.

Nabors Industries (NYSE:NBR) last issued its quarterly earnings data on Monday, July 29th. The oil and gas company reported ($0.61) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.21) by ($0.40). Nabors Industries had a negative return on equity of 16.01% and a negative net margin of 19.75%. The company had revenue of $771.40 million during the quarter, compared to the consensus estimate of $801.17 million. During the same quarter last year, the company posted ($0.42) earnings per share. The firm’s revenue for the quarter was up 1.2% compared to the same quarter last year. On average, sell-side analysts predict that Nabors Industries Ltd. will post -1.13 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 2nd. Investors of record on Wednesday, September 11th will be paid a $0.01 dividend. The ex-dividend date of this dividend is Tuesday, September 10th. This represents a $0.04 annualized dividend and a dividend yield of 2.03%. Nabors Industries’s payout ratio is -3.17%.

A number of equities research analysts recently commented on NBR shares. Bank of America lowered shares of Nabors Industries from a “buy” rating to a “neutral” rating in a report on Wednesday, August 28th. Susquehanna Bancshares set a $3.00 price target on shares of Nabors Industries and gave the company a “hold” rating in a report on Wednesday, July 31st. ValuEngine upgraded shares of Nabors Industries from a “sell” rating to a “hold” rating in a report on Thursday, August 1st. Citigroup set a $3.00 price objective on shares of Nabors Industries and gave the stock a “hold” rating in a report on Tuesday, July 2nd. Finally, AltaCorp Capital restated a “sector perform” rating on shares of Nabors Industries in a report on Thursday, June 20th. Two analysts have rated the stock with a sell rating, eleven have given a hold rating and six have given a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $5.75.

In other Nabors Industries news, Director Tanya S. Beder purchased 50,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 8th. The stock was bought at an average cost of $2.31 per share, for a total transaction of $115,500.00. Following the purchase, the director now directly owns 219,409 shares in the company, valued at $506,834.79. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO William J. Restrepo purchased 177,100 shares of the firm’s stock in a transaction that occurred on Friday, June 14th. The stock was acquired at an average price of $2.03 per share, with a total value of $359,513.00. Following the completion of the purchase, the chief financial officer now owns 2,136,255 shares in the company, valued at $4,336,597.65. The disclosure for this purchase can be found here. 4.02% of the stock is owned by company insiders.

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. Drilling, Canada Drilling, International Drilling, Drilling Solutions, and Rig Technologies. The company offers equipment manufacturing, rig instrumentation, optimization software, and directional drilling services.

Further Reading: Outstanding Shares and The Effect on Share Price

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

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