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

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

Other institutional investors and hedge funds also recently modified their holdings of the company. nVerses Capital LLC acquired a new position in Nabors Industries during the third quarter worth approximately $45,000. Russell Investments Group Ltd. boosted its stake in shares of Nabors Industries by 2,022.2% during the 1st quarter. Russell Investments Group Ltd. now owns 764 shares of the oil and gas company’s stock worth $67,000 after acquiring an additional 728 shares during the period. Signaturefd LLC increased its holdings in shares of Nabors Industries by 52.9% during the 3rd quarter. Signaturefd LLC now owns 1,364 shares of the oil and gas company’s stock worth $88,000 after acquiring an additional 472 shares during the last quarter. SG Americas Securities LLC bought a new stake in Nabors Industries in the 2nd quarter valued at $159,000. Finally, The Manufacturers Life Insurance Company lifted its holdings in 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 valued at $254,000 after purchasing an additional 181 shares during the last quarter. 81.92% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

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

Nabors Industries Trading Up 2.5 %

Shares of Nabors Industries stock opened at $77.30 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. Nabors Industries Ltd. has a 12-month low of $59.67 and a 12-month high of $105.96. The company has a market capitalization of $738.22 million, a price-to-earnings ratio of -4.20 and a beta of 2.09. The firm’s 50-day moving average price is $73.69 and its two-hundred day moving average price is $74.98.

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.