Nabors Industries (NYSE:NBR) Trading Down 4.5% – Should You Sell?

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

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on NBR shares. Evercore ISI dropped their target price on shares of 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 lowered their price target 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 reiterated a “sector perform” rating and issued a $102.00 price target on shares of Nabors Industries in a research report on Wednesday, October 16th. Citigroup increased their price target on shares of Nabors Industries from $75.00 to $80.00 and gave the company a “neutral” rating in a research report on Thursday, October 31st. Finally, Barclays lowered their price target on shares of Nabors Industries from $110.00 to $88.00 and set an “equal weight” rating on the stock in a research report on Wednesday, October 16th. Seven investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $97.00.

Nabors Industries Stock Performance

The stock’s 50-day moving average is $74.25 and its 200-day moving average is $74.51. The stock has a market cap of $660.96 million, a price-to-earnings ratio of -3.56 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.

Institutional Trading of Nabors Industries

A number of hedge funds have recently bought and sold shares of the company. The Manufacturers Life Insurance Company boosted its position in Nabors Industries by 5.3% during the second quarter. The Manufacturers Life Insurance Company now owns 3,567 shares of the oil and gas company’s stock worth $254,000 after acquiring an additional 181 shares during the last quarter. Intech Investment Management LLC raised its stake in Nabors Industries by 6.4% during the third quarter. Intech Investment Management LLC now owns 5,372 shares of the oil and gas company’s stock worth $346,000 after purchasing an additional 322 shares during the period. Signaturefd LLC raised its stake in Nabors Industries by 52.9% during the third quarter. Signaturefd LLC now owns 1,364 shares of the oil and gas company’s stock worth $88,000 after purchasing an additional 472 shares during the period. AQR Capital Management LLC raised its stake in Nabors Industries by 14.5% during the second quarter. AQR Capital Management LLC now owns 4,753 shares of the oil and gas company’s stock worth $338,000 after purchasing an additional 601 shares during the period. Finally, Ensign Peak Advisors Inc raised its stake in Nabors Industries by 8.8% during 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 and hedge funds 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.