Comerica Bank Cuts Holdings in Nabors Industries Ltd. (NBR)
Comerica Bank lessened its stake in Nabors Industries Ltd. (NYSE:NBR) by 17.7% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 400,824 shares of the oil and gas company’s stock after selling 86,477 shares during the period. Comerica Bank owned approximately 0.14% of Nabors Industries worth $2,225,000 at the end of the most recent reporting period.
Other hedge funds also recently added to or reduced their stakes in the company. Frontier Wealth Management LLC grew its stake in Nabors Industries by 11.4% in the 2nd quarter. Frontier Wealth Management LLC now owns 12,561 shares of the oil and gas company’s stock worth $102,000 after buying an additional 1,284 shares in the last quarter. Clear Harbor Asset Management LLC purchased a new position in Nabors Industries in the 3rd quarter worth approximately $121,000. M&T Bank Corp grew its stake in Nabors Industries by 6.0% in the 2nd quarter. M&T Bank Corp now owns 16,320 shares of the oil and gas company’s stock worth $133,000 after buying an additional 925 shares in the last quarter. D.A. Davidson & CO. grew its stake in Nabors Industries by 162.8% in the 2nd quarter. D.A. Davidson & CO. now owns 18,700 shares of the oil and gas company’s stock worth $152,000 after buying an additional 11,585 shares in the last quarter. Finally, ClariVest Asset Management LLC purchased a new position in Nabors Industries in the 2nd quarter worth approximately $166,000. 97.70% of the stock is owned by institutional investors and hedge funds.
Shares of Nabors Industries Ltd. (NBR) traded up $0.10 during trading on Thursday, hitting $5.70. 9,668,199 shares of the stock were exchanged, compared to its average volume of 8,578,770. Nabors Industries Ltd. has a 12 month low of $5.32 and a 12 month high of $18.40. The company has a debt-to-equity ratio of 1.35, a current ratio of 1.41 and a quick ratio of 1.27.
Nabors Industries (NYSE:NBR) last announced its quarterly earnings data on Tuesday, October 24th. The oil and gas company reported ($0.42) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.33) by ($0.09). Nabors Industries had a negative net margin of 31.99% and a negative return on equity of 14.74%. The business had revenue of $662.50 million during the quarter, compared to analysts’ expectations of $674.03 million. During the same period last year, the company posted ($0.55) EPS. Nabors Industries’s revenue for the quarter was up 27.4% on a year-over-year basis. equities research analysts forecast that Nabors Industries Ltd. will post -1.61 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 3rd. Investors of record on Wednesday, December 13th will be issued a dividend of $0.06 per share. The ex-dividend date is Tuesday, December 12th. This represents a $0.24 dividend on an annualized basis and a yield of 4.21%. Nabors Industries’s dividend payout ratio is currently -8.96%.
A number of research firms have commented on NBR. Morgan Stanley cut their price target on shares of Nabors Industries from $10.00 to $9.00 and set an “equal weight” rating for the company in a research note on Monday, August 7th. Sanford C. Bernstein reissued an “outperform” rating and issued a $12.50 price target on shares of Nabors Industries in a research note on Wednesday, September 6th. Seaport Global Securities raised shares of Nabors Industries from a “neutral” rating to a “buy” rating and set a $8.00 price target for the company in a research note on Friday, August 18th. Cowen cut their price target on shares of Nabors Industries from $13.00 to $10.50 and set an “outperform” rating for the company in a research note on Tuesday, August 8th. Finally, SunTrust Banks reissued a “buy” rating and issued a $9.00 price target (down previously from $20.00) on shares of Nabors Industries in a research note on Tuesday, October 3rd. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and sixteen have issued a buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $11.30.
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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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