Virtu Financial LLC Cuts Stake in Nabors Industries Ltd. (NYSE:NBR)

Virtu Financial LLC decreased its position in shares of Nabors Industries Ltd. (NYSE:NBR) by 54.1% during the first quarter, according to its most recent filing with the SEC. The firm owned 50,068 shares of the oil and gas company’s stock after selling 59,023 shares during the period. Virtu Financial LLC’s holdings in Nabors Industries were worth $172,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Traynor Capital Management Inc. bought a new stake in Nabors Industries in the first quarter worth about $39,000. Cambridge Investment Research Advisors Inc. bought a new stake in Nabors Industries in the fourth quarter worth about $25,000. GWM Advisors LLC bought a new stake in Nabors Industries in the fourth quarter worth about $27,000. Hellman Jordan Management Co. Inc. MA bought a new stake in Nabors Industries in the fourth quarter worth about $28,000. Finally, M&T Bank Corp bought a new stake in Nabors Industries in the fourth quarter worth about $29,000. Hedge funds and other institutional investors own 86.05% of the company’s stock.

NYSE NBR traded down $0.18 on Wednesday, hitting $3.10. The stock had a trading volume of 10,032,700 shares, compared to its average volume of 11,747,199. The company has a current ratio of 2.11, a quick ratio of 1.89 and a debt-to-equity ratio of 1.39. Nabors Industries Ltd. has a 52-week low of $1.81 and a 52-week high of $8.12. The firm has a market capitalization of $1.18 billion, a P/E ratio of -2.46 and a beta of 2.28.

Nabors Industries (NYSE:NBR) last released its quarterly earnings results on Tuesday, April 30th. The oil and gas company reported ($0.36) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.25) by ($0.11). Nabors Industries had a negative return on equity of 14.79% and a negative net margin of 19.68%. The firm had revenue of $809.31 million during the quarter, compared to analysts’ expectations of $774.35 million. During the same period in the prior year, the firm posted ($0.46) earnings per share. Nabors Industries’s revenue for the quarter was up 10.2% compared to the same quarter last year. As a group, sell-side analysts predict that Nabors Industries Ltd. will post -0.91 earnings per share for the current fiscal year.

NBR has been the subject of several analyst reports. Zacks Investment Research downgraded shares of Nabors Industries from a “hold” rating to a “sell” rating in a research note on Tuesday, February 5th. Argus lowered shares of Nabors Industries from a “hold” rating to a “sell” rating in a research report on Wednesday, February 27th. Societe Generale set a $4.00 target price on shares of Nabors Industries and gave the stock a “buy” rating in a research report on Thursday, February 28th. Goldman Sachs Group started coverage on shares of Nabors Industries in a research report on Sunday, March 10th. They set a “neutral” rating and a $4.00 target price on the stock. Finally, Citigroup reduced their target price on shares of Nabors Industries from $8.00 to $6.70 and set a “buy” rating on the stock in a research report on Tuesday, March 12th. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating and nine have given a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $7.13.

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Nabors Industries Profile

Nabors Industries Ltd. provides drilling and drilling-related services and technologies for land-based and offshore oil and natural gas wells. It operates through five segments: U.S. Drilling, Canada Drilling, International Drilling, Drilling Solutions, and Rig Technologies. The company offers equipment manufacturing, rig instrumentation, optimization software, and directional drilling services.

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Institutional Ownership by Quarter for Nabors Industries (NYSE:NBR)

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