Principal Financial Group Inc. Decreases Position in Nabors Industries Ltd. (NYSE:NBR)

Principal Financial Group Inc. trimmed its holdings in shares of Nabors Industries Ltd. (NYSE:NBR) by 4.4% during the 3rd quarter, according to the company in its most recent 13F 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 quarter. Principal Financial Group Inc.’s holdings in Nabors Industries were worth $2,735,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in the business. nVerses Capital LLC acquired a new stake in Nabors Industries in the third quarter worth about $45,000. Signaturefd LLC raised its position in shares of Nabors Industries by 52.9% in the 3rd quarter. Signaturefd LLC now owns 1,364 shares of the oil and gas company’s stock valued at $88,000 after purchasing an additional 472 shares during the last quarter. Wellington Management Group LLP acquired a new stake in Nabors Industries in the 3rd quarter worth approximately $220,000. The Manufacturers Life Insurance Company grew its position 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 worth $254,000 after purchasing an additional 181 shares during the last quarter. Finally, SG Americas Securities LLC increased its stake in Nabors Industries by 79.6% during the 3rd quarter. SG Americas Securities LLC now owns 4,017 shares of the oil and gas company’s stock valued at $259,000 after purchasing an additional 1,780 shares in the last quarter. 81.92% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the stock. Susquehanna lowered their price objective 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. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $102.00 price target on shares of Nabors Industries in a research report on Wednesday, October 16th. Barclays cut their price objective on 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 decreased their target price 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. Finally, Citigroup upped their target price on Nabors Industries from $75.00 to $80.00 and gave the company a “neutral” rating in a research report on Thursday, October 31st. Six analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to data from MarketBeat.com, Nabors Industries currently has a consensus rating of “Hold” and a consensus price target of $97.00.

Nabors Industries Stock Up 1.8 %

Shares of NBR opened at $61.72 on Friday. The company has a market capitalization of $660.96 million, a price-to-earnings 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. The stock’s 50-day moving average price is $68.43 and its 200-day moving average price is $73.23. The company has a quick ratio of 1.63, a current ratio of 1.88 and a debt-to-equity ratio of 5.43.

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.