Insider Buying: Nabors Industries Ltd. (NBR) Director Acquires 197,000 Shares of Stock

Nabors Industries Ltd. (NYSE:NBR) Director John Yearwood bought 197,000 shares of the company’s stock in a transaction on Thursday, November 1st. The shares were acquired at an average price of $5.14 per share, for a total transaction of $1,012,580.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

NBR stock opened at $5.44 on Friday. The stock has a market cap of $1.94 billion, a price-to-earnings ratio of -3.34 and a beta of 1.69. 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 2.05 and a debt-to-equity ratio of 1.26.

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). The firm had revenue of $779.43 million for the quarter, compared to analysts’ expectations of $800.78 million. Nabors Industries had a negative net margin of 19.25% and a negative return on equity of 14.21%. The business’s quarterly revenue was up 17.7% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.42) earnings per share. Analysts predict that Nabors Industries Ltd. will post -1.05 earnings per share for the current year.

Several brokerages have issued reports on NBR. Citigroup dropped their target price on shares of Nabors Industries from $10.00 to $9.00 and set a “buy” rating on the stock in a report on Wednesday, July 11th. ValuEngine upgraded shares of Nabors Industries from a “strong sell” rating to a “sell” rating in a report on Thursday, August 2nd. Morgan Stanley upgraded shares of Nabors Industries from an “equal weight” rating to an “overweight” rating and set a $9.00 target price on the stock in a report on Thursday, July 12th. Guggenheim reiterated a “buy” rating and set a $11.00 target price on shares of Nabors Industries in a report on Friday, October 12th. Finally, Seaport Global Securities reiterated a “buy” rating and set a $11.00 target price on shares of Nabors Industries in a report on Thursday, August 2nd. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and eleven have assigned a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $9.04.

Several hedge funds have recently added to or reduced their stakes in NBR. Deprince Race & Zollo Inc. purchased a new stake in shares of Nabors Industries during the second quarter valued at about $31,054,000. BlackRock Inc. raised its position in shares of Nabors Industries by 12.3% in the 2nd quarter. BlackRock Inc. now owns 31,330,733 shares of the oil and gas company’s stock valued at $200,829,000 after purchasing an additional 3,443,863 shares during the last quarter. Russell Investments Group Ltd. raised its position in shares of Nabors Industries by 942.0% in the 2nd quarter. Russell Investments Group Ltd. now owns 1,895,143 shares of the oil and gas company’s stock valued at $12,148,000 after purchasing an additional 1,713,274 shares during the last quarter. State of New Jersey Common Pension Fund D raised its position in shares of Nabors Industries by 238.1% in the 2nd quarter. State of New Jersey Common Pension Fund D now owns 1,420,000 shares of the oil and gas company’s stock valued at $9,102,000 after purchasing an additional 1,000,000 shares during the last quarter. Finally, Van ECK Associates Corp raised its position in shares of Nabors Industries by 5.8% in the 2nd quarter. Van ECK Associates Corp now owns 17,791,852 shares of the oil and gas company’s stock valued at $114,046,000 after purchasing an additional 970,312 shares during the last quarter. 96.55% of the stock is owned by institutional investors and hedge funds.

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.

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