Van ECK Associates Corp Has $17.50 Million Stock Holdings in Nabors Industries Ltd. (NYSE:NBR)

Van ECK Associates Corp increased its position in shares of Nabors Industries Ltd. (NYSE:NBR) by 6.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 214,415 shares of the oil and gas company’s stock after acquiring an additional 13,552 shares during the quarter. Van ECK Associates Corp’s holdings in Nabors Industries were worth $17,503,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. GAMMA Investing LLC bought a new position in shares of Nabors Industries during the fourth quarter worth $97,000. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Nabors Industries by 48.0% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,957 shares of the oil and gas company’s stock worth $241,000 after buying an additional 635 shares during the period. Axxcess Wealth Management LLC bought a new position in Nabors Industries during the third quarter worth about $241,000. Everence Capital Management Inc. acquired a new position in Nabors Industries in the fourth quarter valued at about $257,000. Finally, Fox Run Management L.L.C. bought a new stake in shares of Nabors Industries in the third quarter worth about $261,000. Institutional investors and hedge funds own 81.92% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. Morgan Stanley cut their price objective on Nabors Industries from $160.00 to $150.00 and set an “overweight” rating on the stock in a report on Monday, February 12th. Benchmark reaffirmed a “hold” rating on shares of Nabors Industries in a research note on Thursday, April 25th. Finally, Susquehanna lowered their price objective on shares of Nabors Industries from $88.00 to $79.00 and set a “neutral” rating for the company in a research report on Friday, April 26th. Six equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $127.80.

Nabors Industries Price Performance

NYSE NBR opened at $70.97 on Thursday. The firm’s 50 day moving average is $82.78 and its 200-day moving average is $86.29. The company has a quick ratio of 1.23, a current ratio of 1.78 and a debt-to-equity ratio of 4.81. The company has a market capitalization of $759.38 million, a PE ratio of -5.16 and a beta of 2.33. Nabors Industries Ltd. has a 12-month low of $70.48 and a 12-month high of $141.47.

Nabors Industries (NYSE:NBR) last released its earnings results on Wednesday, April 24th. The oil and gas company reported ($5.16) earnings per share for the quarter, missing analysts’ consensus estimates of ($2.24) by ($2.92). Nabors Industries had a negative net margin of 3.45% and a negative return on equity of 23.52%. The business had revenue of $743.91 million during the quarter, compared to the consensus estimate of $730.59 million. Equities research analysts anticipate that Nabors Industries Ltd. will post -5.12 earnings per share for the current fiscal year.

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.