Thrivent Financial for Lutherans Reduces Position in Nabors Industries Ltd. (NYSE:NBR)

Thrivent Financial for Lutherans trimmed its holdings in Nabors Industries Ltd. (NYSE:NBR) by 3.6% in the 2nd quarter, Holdings Channel reports. The fund owned 7,444 shares of the oil and gas company’s stock after selling 274 shares during the quarter. Thrivent Financial for Lutherans’ holdings in Nabors Industries were worth $530,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. GAMMA Investing LLC raised its holdings in Nabors Industries by 29.1% in the 1st quarter. GAMMA Investing LLC now owns 1,474 shares of the oil and gas company’s stock worth $127,000 after purchasing an additional 332 shares during the period. Price T Rowe Associates Inc. MD raised its stake in Nabors Industries by 6.6% during the first quarter. Price T Rowe Associates Inc. MD now owns 6,471 shares of the oil and gas company’s stock valued at $558,000 after purchasing an additional 399 shares in the last quarter. Swiss National Bank lifted its stake in shares of Nabors Industries by 3.4% in the 1st quarter. Swiss National Bank now owns 18,500 shares of the oil and gas company’s stock valued at $1,593,000 after purchasing an additional 600 shares during the last quarter. Russell Investments Group Ltd. boosted its holdings in shares of Nabors Industries by 2,022.2% in the 1st quarter. Russell Investments Group Ltd. now owns 764 shares of the oil and gas company’s stock worth $67,000 after purchasing an additional 728 shares during the period. Finally, Everence Capital Management Inc. increased its position in shares of Nabors Industries by 46.0% during 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 purchasing an additional 1,450 shares during the last quarter. Institutional investors own 81.92% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on NBR. Royal Bank of Canada restated a “sector perform” rating and issued a $114.00 price target on shares of Nabors Industries in a research report on Thursday, July 25th. Citigroup lowered shares of Nabors Industries from a “buy” rating to a “neutral” rating and lowered their target price 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 company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $104.50.

Nabors Industries Price Performance

Shares of NYSE NBR opened at $76.29 on Wednesday. Nabors Industries Ltd. has a 52 week low of $59.67 and a 52 week high of $127.56. The company has a quick ratio of 1.57, a current ratio of 1.82 and a debt-to-equity ratio of 5.01. The firm has a market cap of $816.46 million, a P/E ratio of -5.52 and a beta of 2.11. The business’s 50 day moving average price is $75.06 and its 200 day moving average price is $76.09.

Nabors Industries (NYSE:NBR) last announced its earnings results on Tuesday, July 23rd. The oil and gas company reported ($4.29) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.77) by ($2.52). The company had revenue of $742.98 million during the quarter, compared to analyst estimates of $737.91 million. Nabors Industries had a negative net margin of 4.73% and a negative return on equity of 28.10%. The firm’s revenue for the quarter was down 4.6% compared to the same quarter last year. During the same quarter last year, the business earned ($2.26) EPS. On average, sell-side analysts expect that Nabors Industries Ltd. will post -12.47 earnings per share for the current year.

About Nabors Industries

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.