Royal Bank of Canada Increases Position in Nabors Industries Ltd. $NBR

Royal Bank of Canada increased its holdings in Nabors Industries Ltd. (NYSE:NBR) by 11.6% in the first quarter, HoldingsChannel.com reports. The firm owned 58,099 shares of the oil and gas company’s stock after buying an additional 6,057 shares during the quarter. Royal Bank of Canada’s holdings in Nabors Industries were worth $5,000,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Kestra Advisory Services LLC grew its holdings in Nabors Industries by 0.7% in the first quarter. Kestra Advisory Services LLC now owns 24,937 shares of the oil and gas company’s stock valued at $2,146,000 after purchasing an additional 168 shares during the period. Vanguard Personalized Indexing Management LLC raised its stake in shares of Nabors Industries by 2.0% during the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 8,634 shares of the oil and gas company’s stock worth $469,000 after buying an additional 173 shares during the period. Public Employees Retirement System of Ohio raised its stake in shares of Nabors Industries by 23.0% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 1,545 shares of the oil and gas company’s stock worth $63,000 after buying an additional 289 shares during the period. Quadrant Capital Group LLC raised its stake in shares of Nabors Industries by 24.1% during the 4th quarter. Quadrant Capital Group LLC now owns 1,754 shares of the oil and gas company’s stock worth $95,000 after buying an additional 341 shares during the period. Finally, Nebula Research & Development LLC lifted its position in shares of Nabors Industries by 2.5% during the 2nd quarter. Nebula Research & Development LLC now owns 17,697 shares of the oil and gas company’s stock valued at $496,000 after buying an additional 428 shares in the last quarter. Hedge funds and other institutional investors own 81.92% of the company’s stock.

Wall Street Analyst Weigh In

NBR has been the subject of several recent analyst reports. Zacks Research raised shares of Nabors Industries from a “hold” rating to a “strong-buy” rating in a report on Wednesday, July 15th. Morgan Stanley reaffirmed an “overweight” rating and set a $100.00 price objective (up from $80.00) on shares of Nabors Industries in a report on Wednesday, April 15th. Piper Sandler reiterated an “overweight” rating and issued a $130.00 target price (up from $120.00) on shares of Nabors Industries in a research report on Thursday, July 30th. Wall Street Zen cut shares of Nabors Industries from a “hold” rating to a “sell” rating in a research note on Saturday, August 1st. Finally, Barclays set a $93.00 price target on shares of Nabors Industries and gave the stock an “equal weight” rating in a research report on Wednesday, August 5th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, Nabors Industries presently has a consensus rating of “Moderate Buy” and an average target price of $101.14.

Nabors Industries Stock Up 1.6%

Shares of NBR opened at $89.62 on Thursday. The stock has a 50 day moving average price of $85.69 and a 200 day moving average price of $84.55. Nabors Industries Ltd. has a one year low of $31.10 and a one year high of $112.90. The company has a debt-to-equity ratio of 2.24, a quick ratio of 1.75 and a current ratio of 1.89. The stock has a market capitalization of $1.33 billion, a price-to-earnings ratio of 6.67 and a beta of 0.98.

Nabors Industries (NYSE:NBR) last announced its quarterly earnings data on Tuesday, June 30th. The oil and gas company reported ($2.04) earnings per share for the quarter. Nabors Industries had a net margin of 7.64% and a negative return on equity of 7.06%. The firm had revenue of $814.79 million during the quarter. Equities research analysts forecast that Nabors Industries Ltd. will post -2.96 earnings per share for the current fiscal year.

Nabors Industries Profile

Nabors Industries Ltd. is a global oil and gas drilling contractor that provides land and offshore drilling rigs, drilling equipment and related services to energy companies around the world. The company’s operations span two core segments: drilling and evaluation, which includes land‐based and platform drilling rigs as well as wellbore survey services, and wellbore technologies, offering pressure control equipment, downhole tools and specialized maintenance services. Nabors’ integrated model combines rig operations with engineered products and field support, positioning it as a full‐service provider in the upstream sector.

The company maintains a diverse, modern fleet of automated and conventional drilling rigs and has pioneered advanced drilling technologies, including automated drilling controls and managed pressure drilling systems.