Greatmark Investment Partners Inc. Grows Position in Nabors Industries Ltd. (NBR)

Greatmark Investment Partners Inc. increased its holdings in Nabors Industries Ltd. (NYSE:NBR) by 82.5% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 51,790 shares of the oil and gas company’s stock after acquiring an additional 23,415 shares during the quarter. Greatmark Investment Partners Inc.’s holdings in Nabors Industries were worth $319,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in NBR. Deprince Race & Zollo Inc. purchased a new stake in Nabors Industries in the second quarter worth about $31,054,000. BlackRock Inc. lifted its stake in Nabors Industries by 12.3% in the second quarter. BlackRock Inc. now owns 31,330,733 shares of the oil and gas company’s stock worth $200,829,000 after acquiring an additional 3,443,863 shares during the period. Russell Investments Group Ltd. lifted its stake in Nabors Industries by 942.0% in the second quarter. Russell Investments Group Ltd. now owns 1,895,143 shares of the oil and gas company’s stock worth $12,148,000 after acquiring an additional 1,713,274 shares during the period. State of New Jersey Common Pension Fund D lifted its stake in Nabors Industries by 238.1% in the second quarter. State of New Jersey Common Pension Fund D now owns 1,420,000 shares of the oil and gas company’s stock worth $9,102,000 after acquiring an additional 1,000,000 shares during the period. Finally, Van ECK Associates Corp lifted its stake in Nabors Industries by 5.8% in the second quarter. Van ECK Associates Corp now owns 17,791,852 shares of the oil and gas company’s stock worth $114,046,000 after acquiring an additional 970,312 shares during the period. 96.55% of the stock is owned by institutional investors.

NBR stock opened at $5.01 on Thursday. The stock has a market cap of $1.70 billion, a price-to-earnings ratio of -3.07 and a beta of 1.63. Nabors Industries Ltd. has a one year low of $4.49 and a one year high of $8.86. The company has a quick ratio of 1.84, a current ratio of 2.04 and a debt-to-equity ratio of 1.24.

Nabors Industries (NYSE:NBR) last released its quarterly earnings results on Tuesday, October 30th. The oil and gas company reported ($0.31) EPS for the quarter, missing the Thomson Reuters’ 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 14.26%. The firm had revenue of $779.43 million for the quarter, compared to analysts’ expectations of $800.78 million. During the same period in the previous year, the company posted ($0.42) earnings per share. The business’s quarterly revenue was up 17.7% compared to the same quarter last year. Analysts predict that Nabors Industries Ltd. will post -1.04 earnings per share for the current year.

A number of analysts recently weighed in on the stock. Citigroup lowered their price objective on shares of Nabors Industries from $10.00 to $9.00 and set a “buy” rating for the company in a research note on Wednesday, July 11th. Piper Jaffray Companies set a $9.00 price target on shares of Nabors Industries and gave the company a “hold” rating in a research report on Tuesday, August 7th. Seaport Global Securities reissued a “buy” rating and set a $11.00 price target on shares of Nabors Industries in a research report on Thursday, August 2nd. Bank of America assumed coverage on shares of Nabors Industries in a research report on Wednesday, October 17th. They set a “buy” rating for the company. Finally, Cowen reissued a “buy” rating and set a $11.00 price target on shares of Nabors Industries in a research report on Friday, October 12th. Two 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 an average rating of “Buy” and a consensus target price of $9.14.

About Nabors Industries

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.

Further Reading: What are retained earnings?

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

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