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

Nabors Industries Ltd. (NYSE:NBR) 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 were traded during trading, a decline of 64% from the average daily volume of 284,729 shares. The stock had previously closed at $65.38.

Analysts Set New Price Targets

A number of analysts have recently issued reports on NBR shares. Barclays cut their price target on shares of Nabors Industries from $110.00 to $88.00 and set an “equal weight” rating for the company in a report on Wednesday, October 16th. Citigroup boosted their target price 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. 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. Royal Bank of Canada restated a “sector perform” rating and issued a $102.00 price objective on shares of Nabors Industries in a research note on Wednesday, October 16th. Finally, Susquehanna decreased 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 note on Thursday, October 24th. Seven research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat, Nabors Industries presently has a consensus rating of “Hold” and an average target price of $97.00.

Nabors Industries Stock Down 5.6 %

The business’s fifty day moving average price is $74.25 and its 200 day moving average price is $74.51. The company has a quick ratio of 1.63, a current ratio of 1.88 and a debt-to-equity ratio of 5.43. The firm has a market capitalization of $660.96 million, a PE ratio of -3.56 and a beta of 2.05.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. Geode Capital Management LLC raised its holdings 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 purchasing an additional 3,054 shares in the last quarter. Barclays PLC raised its holdings in Nabors Industries by 60.8% during the third quarter. Barclays PLC now owns 112,318 shares of the oil and gas company’s stock worth $7,241,000 after purchasing an additional 42,483 shares in the last quarter. Wellington Management Group LLP purchased a new position in Nabors Industries during the third quarter worth about $220,000. Centiva Capital LP purchased a new position in Nabors Industries during the third quarter worth about $531,000. Finally, Atom Investors LP purchased a new position in Nabors Industries during the third quarter worth about $332,000. 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.