Nabors Industries (NYSE:NBR) Trading Down 2.9% – Here’s What Happened

Nabors Industries Ltd. (NYSE:NBR)’s stock price dropped 2.9% during mid-day trading on Thursday . The stock traded as low as $51.06 and last traded at $51.42. Approximately 101,373 shares traded hands during mid-day trading, a decline of 65% from the average daily volume of 288,797 shares. The stock had previously closed at $52.96.

Wall Street Analyst Weigh In

A number of research firms recently commented on NBR. Barclays decreased their price objective on 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 price target on shares of Nabors Industries from $75.00 to $80.00 and gave the stock a “neutral” rating in a research note on Thursday, October 31st. Susquehanna cut their price objective on shares of Nabors Industries from $79.00 to $77.00 and set a “neutral” rating for the company in a research report on Thursday, October 24th. Royal Bank of Canada restated a “sector perform” rating and set a $102.00 target price on shares of Nabors Industries in a research report on Wednesday, October 16th. Finally, Evercore ISI lowered 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 research note on Thursday, October 24th. Six research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $97.00.

Nabors Industries Price Performance

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 company’s 50-day moving average is $69.91 and its 200-day moving average is $73.46. The firm has a market capitalization of $548.19 million, a price-to-earnings ratio of -2.78 and a beta of 2.05.

Institutional Trading of Nabors Industries

Institutional investors have recently made changes to their positions in the stock. Barclays PLC raised its position in shares of Nabors Industries by 60.8% in the 3rd quarter. Barclays PLC now owns 112,318 shares of the oil and gas company’s stock worth $7,241,000 after buying an additional 42,483 shares during the period. Bank of New York Mellon Corp raised its holdings in shares of Nabors Industries by 42.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 115,084 shares of the oil and gas company’s stock worth $8,189,000 after purchasing an additional 34,473 shares during the period. American Century Companies Inc. lifted its stake in shares of Nabors Industries by 20.2% in the 2nd quarter. American Century Companies Inc. now owns 200,250 shares of the oil and gas company’s stock valued at $14,250,000 after purchasing an additional 33,616 shares in the last quarter. Hsbc Holdings PLC purchased a new stake in shares of Nabors Industries during the 2nd quarter worth about $1,242,000. Finally, Dimensional Fund Advisors LP increased its position in Nabors Industries by 6.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 289,967 shares of the oil and gas company’s stock worth $20,634,000 after purchasing an additional 16,890 shares in the last quarter. 81.92% of the stock is owned by hedge funds and other institutional investors.

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.