Nabors Industries Ltd. (NYSE:NBR) Shares Sold by Federated Hermes Inc.

Federated Hermes Inc. trimmed its position in shares of Nabors Industries Ltd. (NYSE:NBR) by 14.3% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 25,697 shares of the oil and gas company’s stock after selling 4,298 shares during the period. Federated Hermes Inc. owned approximately 0.24% of Nabors Industries worth $1,829,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Quadrant Capital Group LLC lifted its stake in Nabors Industries by 202.4% during the 4th quarter. Quadrant Capital Group LLC now owns 750 shares of the oil and gas company’s stock worth $61,000 after acquiring an additional 502 shares in the last quarter. Russell Investments Group Ltd. grew its holdings in shares of Nabors Industries by 2,022.2% in the first quarter. Russell Investments Group Ltd. now owns 764 shares of the oil and gas company’s stock valued at $67,000 after purchasing an additional 728 shares in the last quarter. GAMMA Investing LLC increased its stake in Nabors Industries by 29.1% during the 1st quarter. GAMMA Investing LLC now owns 1,474 shares of the oil and gas company’s stock worth $127,000 after buying an additional 332 shares during the period. SG Americas Securities LLC acquired a new stake in Nabors Industries during the 2nd quarter worth approximately $159,000. Finally, Everence Capital Management Inc. boosted its position in Nabors Industries by 46.0% in the 1st quarter. Everence Capital Management Inc. now owns 4,600 shares of the oil and gas company’s stock valued at $396,000 after buying an additional 1,450 shares during the period. 81.92% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on NBR shares. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $114.00 price objective on shares of Nabors Industries in a research report on Thursday, July 25th. Citigroup downgraded Nabors Industries from a “buy” rating to a “neutral” rating and cut their price target for the stock from $110.00 to $75.00 in a report on Friday, September 13th. Six research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $104.50.

Nabors Industries Price Performance

Nabors Industries stock opened at $67.32 on Friday. The company has a current ratio of 1.82, a quick ratio of 1.57 and a debt-to-equity ratio of 5.01. The company has a fifty day simple moving average of $79.58 and a 200-day simple moving average of $77.58. The stock has a market cap of $720.46 million, a P/E ratio of -4.87 and a beta of 2.12. Nabors Industries Ltd. has a 12-month low of $59.90 and a 12-month high of $129.85.

Nabors Industries (NYSE:NBR) last announced its quarterly earnings results on Tuesday, July 23rd. The oil and gas company reported ($4.29) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.77) by ($2.52). Nabors Industries had a negative return on equity of 28.10% and a negative net margin of 4.73%. The business had revenue of $742.98 million for the quarter, compared to analysts’ expectations of $737.91 million. During the same period last year, the firm earned ($2.26) earnings per share. The firm’s quarterly revenue was down 4.6% on a year-over-year basis. Equities analysts expect that Nabors Industries Ltd. will post -11.98 EPS for the current fiscal year.

Nabors Industries Profile

Nabors Industries Ltd. provides drilling and drilling-related services for land-based and offshore oil and natural gas wells in the United States and internationally. The company operates through four segments: U.S. Drilling, International Drilling, Drilling Solutions, and Rig Technologies. It provides tubular running services, including casing and tubing running, and torque monitoring; managed pressure drilling services; and drilling-bit steering systems and rig instrumentation software.