Bank of New York Mellon Corp Trims Stock Holdings in Nabors Industries Ltd. (NYSE:NBR)

Bank of New York Mellon Corp trimmed its stake in Nabors Industries Ltd. (NYSE:NBR - Free Report) by 14.1% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 59,481 shares of the oil and gas company's stock after selling 9,761 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.56% of Nabors Industries worth $3,401,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in NBR. Intech Investment Management LLC raised its holdings in shares of Nabors Industries by 6.4% in the third quarter. Intech Investment Management LLC now owns 5,372 shares of the oil and gas company's stock worth $346,000 after acquiring an additional 322 shares during the last quarter. FMR LLC raised its holdings in shares of Nabors Industries by 10.6% in the third quarter. FMR LLC now owns 51,794 shares of the oil and gas company's stock worth $3,339,000 after acquiring an additional 4,949 shares during the last quarter. PDT Partners LLC raised its holdings in shares of Nabors Industries by 49.7% in the third quarter. PDT Partners LLC now owns 46,659 shares of the oil and gas company's stock worth $3,008,000 after acquiring an additional 15,494 shares during the last quarter. Atom Investors LP acquired a new position in Nabors Industries in the third quarter valued at $332,000. Finally, Centiva Capital LP acquired a new position in Nabors Industries in the third quarter valued at $531,000. 81.92% of the stock is owned by institutional investors and hedge funds.

Nabors Industries Trading Down 0.6 %

NYSE:NBR traded down $0.25 on Friday, hitting $43.53. 2,054,880 shares of the stock were exchanged, compared to its average volume of 315,501. The stock has a market cap of $418.05 million, a PE ratio of -1.95 and a beta of 2.08. The company has a current ratio of 1.75, a quick ratio of 1.52 and a debt-to-equity ratio of 5.95. The stock has a fifty day moving average of $50.76 and a 200-day moving average of $62.65. Nabors Industries Ltd. has a fifty-two week low of $34.42 and a fifty-two week high of $105.96.

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Nabors Industries (NYSE:NBR - Get Free Report) last announced its quarterly earnings results on Wednesday, February 12th. The oil and gas company reported ($6.67) EPS for the quarter, missing the consensus estimate of ($1.86) by ($4.81). Nabors Industries had a negative return on equity of 32.96% and a negative net margin of 5.93%. As a group, equities analysts expect that Nabors Industries Ltd. will post -6.22 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms recently commented on NBR. Barclays dropped their target price on Nabors Industries from $90.00 to $53.00 and set an "equal weight" rating for the company in a research note on Wednesday, February 19th. Susquehanna dropped their target price on Nabors Industries from $53.00 to $45.00 and set a "neutral" rating for the company in a research note on Thursday, March 13th. Six analysts have rated the stock with a hold rating, According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $73.00.

Nabors Industries Company 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.