Martingale Asset Management LP purchased a new position in Nabors Industries Ltd. (NYSE: NBR – Get Rating) in the third quarter, according to its latest Form 13F filed with the SEC. The Fund purchased 3,596 shares of oil and gas company stock valued at approximately $365,000.
Several other hedge funds and other institutional investors have also recently changed their positions in NBR. Edgestream Partners LP increased his stake in Nabors Industries by 21.4% in the third quarter. Edgestream Partners LP now owns 36,353 shares in oil and gas companies worth $3,688,000 after purchasing an additional 6,402 of his shares during this period. Elm Ridge Management LLC increased its stake in Nabors Industries by 33.0% in the third quarter. Elm Ridge Management LLC now owns 14,885 shares of oil and gas company valued at $1,510,000 after purchasing an additional 3,697 shares during the previous quarter. Bank of New York Mellon Corp increased its stake in Nabors Industries by 7.5% in the third quarter. Bank of New York Mellon Corp now owns 84,653 shares of the oil and gas company worth $8,588,000 after purchasing an additional 5,890 shares during the period. BlackRock Inc. increased its stake in Nabors Industries by 8.8% in the third quarter. BlackRock Inc. now owns 1,696,916 shares of oil and gas companies valued at $172,152,000 after acquiring an additional 136,874 shares during the previous quarter. Finally, Royal Bank of Canada increased its position in Nabors Industries by 43.1% in the third quarter. Royal Bank of Canada now owns 793 shares in the oil and gas company valued at $80,000 after acquiring an additional 239 shares during this period. Hedge funds and other institutional investors own 71.98% of the company’s shares.
Nabors Industries price/performance ratio
Nabors Industries shares opened Friday at $136.22. His 50-day simple moving average for this business is $162.87 and his 200-day simple moving average is $148.64. The stock has a market cap of $1.29 billion, a PE ratio of -3.28 and a beta of 2.78. The company has a debt to equity ratio of 4.73, a current ratio of 1.68 and a quick ratio of 1.46. Nabors Industries Ltd. has a 12-month low of $92.66 and a 12-month high of $207.67.
Wall Street Analyst Predicts Growth
Recently, many brokerages have turned their attention to NBR. The Royal Bank of Canada raised its price target for Nabors Industries from $193.00 to $215.00, giving the company a ‘sector perform’ rating in its Thursday, February 9 report. Benchmark began covering Nabors Industries shares in its report on Thursday, January 19th. They issued a “pending” rating to the company. Citigroup lowered his Nabors Industries stock price target to $200.00 from $210.00, setting a “buy” rating for the company in a research report on Wednesday, Feb. 22. Morgan Stanley raised its stock price target for Nabors Industries from his $140.00 to his $175.00 in a research note on Wednesday, Jan. 4, giving the company an “underweight” rating. Finally, Barclays raised his Nabors Industries share price target from $200.00 to $250.00, giving the company an ‘overweight’ rating in its research notes on Friday 10 February. Two analysts assigned a sell rating to the stock, six assigned a hold rating, and two assigned a buy rating to the company. According to MarketBeat.com, Nabors Industries’ current consensus rating is “hold” with an average target price of $199.86.
Nabors Industry Profile
Nabors Industries Ltd. is engaged in providing platform work and drilling rigs. We also offer performance tools, directional drilling services, tubular running services, and innovative technology. The company operates through its U.S. Drilling, Canadian Drilling, International Drilling, Drilling Solutions, and Rig Technology business segments.
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