Nabors Industries Ltd. (NBR) Shares Sold by Bank of Montreal Can
Bank of Montreal Can lowered its position in Nabors Industries Ltd. (NYSE:NBR) by 54.7% during the second quarter, Holdings Channel reports. The institutional investor owned 242,953 shares of the oil and gas company’s stock after selling 293,622 shares during the period. Bank of Montreal Can’s holdings in Nabors Industries were worth $1,978,000 at the end of the most recent quarter.
Several other large investors have also recently modified their holdings of the company. BlackRock Inc. boosted its stake in shares of Nabors Industries by 7,474.6% in the first quarter. BlackRock Inc. now owns 24,813,903 shares of the oil and gas company’s stock worth $324,317,000 after buying an additional 24,486,309 shares in the last quarter. Renaissance Technologies LLC boosted its stake in shares of Nabors Industries by 414.1% in the first quarter. Renaissance Technologies LLC now owns 4,467,589 shares of the oil and gas company’s stock worth $58,391,000 after buying an additional 3,598,589 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Nabors Industries by 30.4% in the first quarter. Bank of New York Mellon Corp now owns 14,125,222 shares of the oil and gas company’s stock worth $184,617,000 after buying an additional 3,296,758 shares in the last quarter. Deprince Race & Zollo Inc. purchased a new stake in shares of Nabors Industries during the first quarter worth about $35,002,000. Finally, Bank of America Corp DE boosted its stake in shares of Nabors Industries by 29.1% in the first quarter. Bank of America Corp DE now owns 5,933,232 shares of the oil and gas company’s stock worth $77,547,000 after buying an additional 1,336,220 shares in the last quarter. Institutional investors own 98.65% of the company’s stock.
Nabors Industries Ltd. (NYSE NBR) traded down 0.15% during midday trading on Friday, hitting $6.80. 5,658,337 shares of the company were exchanged. The firm’s market capitalization is $1.94 billion. The stock has a 50 day moving average of $7.65 and a 200 day moving average of $11.12. Nabors Industries Ltd. has a 1-year low of $6.72 and a 1-year high of $18.40.
Nabors Industries (NYSE:NBR) last issued its earnings results on Wednesday, August 2nd. The oil and gas company reported ($0.38) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.35) by $0.03. The firm had revenue of $630.50 million during the quarter, compared to analysts’ expectations of $589.79 million. Nabors Industries had a negative return on equity of 13.31% and a negative net margin of 32.35%. The firm’s quarterly revenue was up 21.9% on a year-over-year basis. During the same period last year, the firm posted ($0.35) earnings per share. On average, equities analysts predict that Nabors Industries Ltd. will post ($1.49) earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 3rd. Stockholders of record on Tuesday, September 12th will be issued a dividend of $0.06 per share. The ex-dividend date of this dividend is Monday, September 11th. This represents a $0.24 annualized dividend and a dividend yield of 3.53%. Nabors Industries’s payout ratio is -9.41%.
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NBR has been the subject of a number of research analyst reports. Citigroup Inc. restated a “buy” rating on shares of Nabors Industries in a report on Wednesday, May 10th. ValuEngine cut Nabors Industries from a “hold” rating to a “sell” rating in a report on Saturday, May 27th. Zacks Investment Research cut Nabors Industries from a “hold” rating to a “sell” rating in a report on Tuesday, July 11th. Goldman Sachs Group, Inc. (The) cut Nabors Industries from a “conviction-buy” rating to a “buy” rating and boosted their price objective for the stock from $17.50 to $18.00 in a report on Friday, April 28th. Finally, Wells Fargo & Company cut Nabors Industries from an “outperform” rating to a “market perform” rating in a report on Friday, July 7th. Three analysts have rated the stock with a sell rating, nine have given a hold rating and seventeen have issued a buy rating to the company. Nabors Industries presently has a consensus rating of “Hold” and an average price target of $14.18.
In related news, CFO William J. Restrepo acquired 22,000 shares of the firm’s stock in a transaction dated Tuesday, May 30th. The stock was purchased at an average cost of $8.25 per share, with a total value of $181,500.00. Following the completion of the acquisition, the chief financial officer now directly owns 959,694 shares of the company’s stock, valued at $7,917,475.50. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 4.10% of the stock is owned by insiders.
Nabors Industries Company Profile
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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