Principal Financial Group Inc. Sells 1,941 Shares of Nabors Industries Ltd. (NYSE:NBR)

Principal Financial Group Inc. lowered its holdings in shares of Nabors Industries Ltd. (NYSE:NBR) by 4.4% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 42,418 shares of the oil and gas company’s stock after selling 1,941 shares during the quarter. Principal Financial Group Inc. owned 0.40% of Nabors Industries worth $2,735,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in NBR. Barclays PLC raised its position in shares of Nabors Industries by 60.8% during the 3rd quarter. Barclays PLC now owns 112,318 shares of the oil and gas company’s stock valued at $7,241,000 after buying an additional 42,483 shares in the last quarter. Bank of New York Mellon Corp increased its stake in Nabors Industries by 42.8% during the second quarter. Bank of New York Mellon Corp now owns 115,084 shares of the oil and gas company’s stock worth $8,189,000 after acquiring an additional 34,473 shares during the last quarter. American Century Companies Inc. raised its position in Nabors Industries by 20.2% during the second quarter. American Century Companies Inc. now owns 200,250 shares of the oil and gas company’s stock valued at $14,250,000 after purchasing an additional 33,616 shares during the period. Hsbc Holdings PLC bought a new stake in shares of Nabors Industries in the 2nd quarter valued at approximately $1,242,000. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of Nabors Industries by 6.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 289,967 shares of the oil and gas company’s stock worth $20,634,000 after purchasing an additional 16,890 shares during the period. 81.92% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

Nabors Industries Trading Up 1.8 %

NBR opened at $61.72 on Friday. 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 stock’s fifty day moving average is $68.43 and its two-hundred day moving average is $73.23. The company has a market capitalization of $660.96 million, a P/E ratio of -3.36 and a beta of 2.05. Nabors Industries Ltd. has a 52 week low of $50.15 and a 52 week high of $105.96.

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.