Wellington Management Group LLP Takes Position in Nabors Industries Ltd. (NYSE:NBR)

Wellington Management Group LLP acquired a new stake in Nabors Industries Ltd. (NYSE:NBR) in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 3,408 shares of the oil and gas company’s stock, valued at approximately $220,000.

Several other large investors have also recently bought and sold shares of NBR. Dimensional Fund Advisors LP grew its holdings in shares of Nabors Industries by 6.2% during the second 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 in the last quarter. American Century Companies Inc. raised its position in shares of Nabors Industries by 20.2% during the 2nd quarter. American Century Companies Inc. now owns 200,250 shares of the oil and gas company’s stock valued at $14,250,000 after buying an additional 33,616 shares in the last quarter. Van ECK Associates Corp lifted its holdings in shares of Nabors Industries by 6.8% during the 2nd quarter. Van ECK Associates Corp now owns 197,177 shares of the oil and gas company’s stock worth $14,031,000 after acquiring an additional 12,622 shares during the last quarter. Bank of New York Mellon Corp grew its position in Nabors Industries by 42.8% in 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 in the last quarter. Finally, FMR LLC increased its stake in Nabors Industries by 10.6% in the third quarter. FMR LLC now owns 51,794 shares of the oil and gas company’s stock valued at $3,339,000 after acquiring an additional 4,949 shares during the last quarter. 81.92% of the stock is owned by institutional investors.

Nabors Industries Trading Down 1.9 %

NYSE:NBR opened at $53.77 on Friday. The firm has a market capitalization 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 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 fifty day moving average of $72.72 and a 200 day moving average of $74.07.

Wall Street Analysts Forecast Growth

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

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.