Nabors Industries (NYSE:NBR) Stock Price Expected to Rise, Citigroup Analyst Says

Nabors Industries (NYSE:NBR) had its price objective boosted by Citigroup from $75.00 to $80.00 in a research note released on Thursday, Benzinga reports. The brokerage currently has a neutral rating on the oil and gas company’s stock.

Several other equities research analysts have also commented on NBR. Royal Bank of Canada reiterated a “sector perform” rating and issued a $102.00 price objective on shares of Nabors Industries in a research note on Wednesday, October 16th. Barclays decreased their price target on Nabors Industries from $110.00 to $88.00 and set an “equal weight” rating for the company in a research report on Wednesday, October 16th. Evercore ISI cut their price objective on Nabors Industries from $94.00 to $85.00 and set an “in-line” rating on the stock in a research report on Thursday, October 24th. Finally, Susquehanna decreased their target price on Nabors Industries from $79.00 to $77.00 and set a “neutral” rating for the company in a research report on Thursday, October 24th. Eight research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat.com, Nabors Industries currently has an average rating of “Hold” and a consensus target price of $97.00.

Nabors Industries Stock Performance

NYSE NBR opened at $72.01 on Thursday. The company has a fifty day moving average price of $71.93 and a 200-day moving average price of $74.81. The firm has a market cap of $687.62 million, a price-to-earnings ratio of -3.92 and a beta of 2.09. The company has a debt-to-equity ratio of 5.43, a current ratio of 1.88 and a quick ratio of 1.57. Nabors Industries has a 1 year low of $59.67 and a 1 year high of $105.96.

Institutional Investors Weigh In On Nabors Industries

Several institutional investors have recently added to or reduced their stakes in the business. The Manufacturers Life Insurance Company raised its position in shares of Nabors Industries by 5.3% in the second quarter. The Manufacturers Life Insurance Company now owns 3,567 shares of the oil and gas company’s stock valued at $254,000 after purchasing an additional 181 shares during the period. Price T Rowe Associates Inc. MD grew its stake in Nabors Industries by 6.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 6,471 shares of the oil and gas company’s stock valued at $558,000 after buying an additional 399 shares in the last quarter. Signaturefd LLC raised its holdings in Nabors Industries by 52.9% during the 3rd quarter. Signaturefd LLC now owns 1,364 shares of the oil and gas company’s stock valued at $88,000 after acquiring an additional 472 shares during the period. Swiss National Bank lifted its position in shares of Nabors Industries by 3.4% during the first quarter. Swiss National Bank now owns 18,500 shares of the oil and gas company’s stock worth $1,593,000 after acquiring an additional 600 shares in the last quarter. Finally, AQR Capital Management LLC boosted its holdings in shares of Nabors Industries by 14.5% in the second 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. 81.92% of the stock is owned by hedge funds and other institutional investors.

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.