Nabors Industries (NYSE:NBR) Shares Down 4.5% – What’s Next?

Shares of Nabors Industries Ltd. (NYSE:NBR) traded down 4.5% on Monday . The stock traded as low as $62.28 and last traded at $62.42. 103,818 shares traded hands during mid-day trading, a decline of 64% from the average session volume of 284,729 shares. The stock had previously closed at $65.38.

Wall Street Analyst Weigh In

NBR has been the subject of a number of research reports. Evercore ISI decreased their price objective 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. Susquehanna decreased their price target 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. Barclays dropped their price objective on shares of Nabors Industries from $110.00 to $88.00 and set an “equal weight” rating on the stock in a research note on Wednesday, October 16th. Citigroup raised their target price on shares of Nabors Industries from $75.00 to $80.00 and gave the company a “neutral” rating in a research note on Thursday, October 31st. Finally, Royal Bank of Canada reissued a “sector perform” rating and issued a $102.00 price target on shares of Nabors Industries in a research report on Wednesday, October 16th. Seven investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat.com, Nabors Industries currently has an average rating of “Hold” and an average target price of $97.00.

Nabors Industries Trading Down 6.2 %

The stock has a market cap of $600.99 million, a P/E ratio of -3.05 and a beta of 2.05. The company has a debt-to-equity ratio of 5.43, a current ratio of 1.88 and a quick ratio of 1.63. The firm’s 50 day moving average price is $73.17 and its 200-day moving average price is $74.21.

Institutional Investors Weigh In On Nabors Industries

A number of large investors have recently added to or reduced their stakes in NBR. The Manufacturers Life Insurance Company raised its holdings in Nabors Industries by 5.3% in 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 period. Intech Investment Management LLC grew its stake in shares of Nabors Industries by 6.4% during the 3rd quarter. Intech Investment Management LLC now owns 5,372 shares of the oil and gas company’s stock valued at $346,000 after acquiring an additional 322 shares during the period. Signaturefd LLC increased its holdings in Nabors Industries by 52.9% in the 3rd quarter. Signaturefd LLC now owns 1,364 shares of the oil and gas company’s stock worth $88,000 after acquiring an additional 472 shares in the last quarter. AQR Capital Management LLC raised its stake in Nabors Industries by 14.5% during the 2nd quarter. AQR Capital Management LLC now owns 4,753 shares of the oil and gas company’s stock worth $338,000 after acquiring an additional 601 shares during the period. Finally, Ensign Peak Advisors Inc boosted its position in shares of Nabors Industries by 8.8% in the second quarter. Ensign Peak Advisors Inc now owns 8,649 shares of the oil and gas company’s stock worth $615,000 after purchasing an additional 700 shares during the period. Institutional investors own 81.92% of the company’s stock.

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.