State Street Corp Decreases Stake in Nabors Industries Ltd. (NYSE:NBR)

State Street Corp lowered its position in shares of Nabors Industries Ltd. (NYSE:NBR) by 0.6% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 415,573 shares of the oil and gas company’s stock after selling 2,315 shares during the quarter. State Street Corp owned 4.35% of Nabors Industries worth $26,792,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of NBR. nVerses Capital LLC bought a new position in Nabors Industries during the third quarter valued at about $45,000. Signaturefd LLC boosted its stake in Nabors Industries by 52.9% in the third quarter. Signaturefd LLC now owns 1,364 shares of the oil and gas company’s stock valued at $88,000 after acquiring an additional 472 shares during the last quarter. SG Americas Securities LLC bought a new position in shares of Nabors Industries during the 2nd quarter valued at approximately $159,000. The Manufacturers Life Insurance Company increased its stake in shares of Nabors Industries by 5.3% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 3,567 shares of the oil and gas company’s stock worth $254,000 after purchasing an additional 181 shares during the last quarter. Finally, AQR Capital Management LLC raised its holdings in shares of Nabors Industries by 14.5% in the 2nd quarter. AQR Capital Management LLC now owns 4,753 shares of the oil and gas company’s stock worth $338,000 after purchasing an additional 601 shares during the period. Hedge funds and other institutional investors own 81.92% of the company’s stock.

Nabors Industries Stock Down 1.9 %

Shares of NYSE NBR opened at $53.77 on Monday. The company has a quick ratio of 1.63, a current ratio of 1.88 and a debt-to-equity ratio of 5.43. The company has a market cap of $575.82 million, a P/E ratio of -2.92 and a beta of 2.05. Nabors Industries Ltd. has a 52 week low of $53.45 and a 52 week high of $105.96. The business has a 50-day simple moving average of $72.20 and a two-hundred day simple moving average of $74.02.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on NBR shares. Barclays reduced their price objective on Nabors Industries from $110.00 to $88.00 and set an “equal weight” rating for the company in a report on Wednesday, October 16th. Citigroup increased their price target on Nabors Industries from $75.00 to $80.00 and gave the stock a “neutral” rating in a research note on Thursday, October 31st. Royal Bank of Canada reissued a “sector perform” rating and issued a $102.00 price objective on shares of Nabors Industries in a report on Wednesday, October 16th. Evercore ISI dropped their price objective on shares of Nabors Industries from $94.00 to $85.00 and set an “in-line” rating on the stock in a report on Thursday, October 24th. Finally, Susquehanna reduced their target price on shares of Nabors Industries from $79.00 to $77.00 and set a “neutral” rating for the company in a research note on Thursday, October 24th. Six equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $97.00.

Nabors Industries Company 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.