Nabors Industries (NYSE:NBR) Stock Price Down 4.8% – Should You Sell?

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

Analyst Ratings Changes

A number of brokerages have recently commented on NBR. Barclays cut their price objective 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 dropped their price target on Nabors Industries from $94.00 to $85.00 and set an “in-line” rating on the stock in a research note on Thursday, October 24th. Royal Bank of Canada restated a “sector perform” rating and set a $102.00 price objective on shares of Nabors Industries in a report on Wednesday, October 16th. 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. Finally, Citigroup boosted their price target on shares of Nabors Industries from $75.00 to $80.00 and gave the company a “neutral” rating in a report on Thursday, October 31st. Eight investment analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $97.00.

Nabors Industries Stock Performance

The firm’s fifty day moving average is $74.01 and its 200 day moving average is $74.98. The firm has a market capitalization 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.

Hedge Funds Weigh In On Nabors Industries

Several hedge funds and other institutional investors have recently added to or reduced their stakes in NBR. nVerses Capital LLC acquired a new position in shares of Nabors Industries during the 3rd quarter worth $45,000. Russell Investments Group Ltd. boosted its position in Nabors Industries by 2,022.2% during the first quarter. Russell Investments Group Ltd. now owns 764 shares of the oil and gas company’s stock worth $67,000 after purchasing an additional 728 shares during the period. Signaturefd LLC grew its holdings 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 valued at $88,000 after purchasing an additional 472 shares during the last quarter. SG Americas Securities LLC bought a new position in shares of Nabors Industries in the second quarter valued at approximately $159,000. Finally, Wellington Management Group LLP bought a new position in shares of Nabors Industries in the third quarter valued at approximately $220,000. 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.