Nabors Industries (NYSE:NBR) Stock Price Down 4.8% – Here’s What Happened

Shares of Nabors Industries Ltd. (NYSE:NBR) dropped 4.8% during mid-day trading on Monday . The company traded as low as $73.38 and last traded at $73.62. Approximately 177,944 shares changed hands during trading, a decline of 38% from the average daily volume of 285,925 shares. The stock had previously closed at $77.30.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on NBR. Citigroup raised their price target on Nabors Industries from $75.00 to $80.00 and gave the company a “neutral” rating in a research report on Thursday, October 31st. Susquehanna dropped their target price on shares of Nabors Industries from $79.00 to $77.00 and set a “neutral” rating on the stock in a research report on Thursday, October 24th. Royal Bank of Canada reissued a “sector perform” rating and issued a $102.00 price target on shares of Nabors Industries in a report on Wednesday, October 16th. Evercore ISI decreased their price target on shares of 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, Barclays cut their price objective on shares of 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. Eight equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $97.00.

Nabors Industries Price Performance

The stock has a market cap of $701.07 million, a price-to-earnings ratio of -4.00 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 1.63. The stock’s 50 day simple moving average is $74.01 and its two-hundred day simple moving average is $74.98.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its stake in shares of Nabors Industries by 5.1% in the 1st quarter. Vanguard Group Inc. now owns 819,113 shares of the oil and gas company’s stock valued at $70,550,000 after purchasing an additional 40,078 shares during the period. Dimensional Fund Advisors LP grew its position in Nabors Industries by 6.2% in the second quarter. Dimensional Fund Advisors LP now owns 289,967 shares of the oil and gas company’s stock valued at $20,634,000 after acquiring an additional 16,890 shares during the period. Geode Capital Management LLC raised its stake in Nabors Industries by 1.5% during the third quarter. Geode Capital Management LLC now owns 206,041 shares of the oil and gas company’s stock worth $13,286,000 after acquiring an additional 3,054 shares in the last quarter. American Century Companies Inc. lifted its holdings in shares of Nabors Industries by 20.2% during the second quarter. American Century Companies Inc. now owns 200,250 shares of the oil and gas company’s stock valued at $14,250,000 after acquiring an additional 33,616 shares during the period. Finally, Van ECK Associates Corp lifted its holdings in shares of Nabors Industries by 6.8% during the second quarter. Van ECK Associates Corp now owns 197,177 shares of the oil and gas company’s stock valued at $14,031,000 after acquiring an additional 12,622 shares during the period. Institutional investors own 81.92% of the company’s stock.

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.