Nabors Industries (NYSE:NBR) Shares Down 2.9% – Here’s Why

Nabors Industries Ltd. (NYSE:NBR)’s share price traded down 2.9% during trading on Thursday . The company traded as low as $51.06 and last traded at $51.42. 101,373 shares were traded during trading, a decline of 65% from the average session volume of 288,797 shares. The stock had previously closed at $52.96.

Wall Street Analysts Forecast Growth

NBR has been the topic of several analyst reports. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $102.00 target price on shares of Nabors Industries in a report on Wednesday, October 16th. Citigroup lifted their price objective on Nabors Industries from $75.00 to $80.00 and gave the company a “neutral” rating in a report on Thursday, October 31st. Evercore ISI cut their target price on 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. Susquehanna reduced their price target on Nabors Industries from $79.00 to $77.00 and set a “neutral” rating for the company in a report on Thursday, October 24th. Finally, Barclays dropped their price objective on Nabors Industries from $110.00 to $88.00 and set an “equal weight” rating on the stock in a report on Wednesday, October 16th. Six analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat, Nabors Industries currently has an average rating of “Hold” and an average price target of $97.00.

Nabors Industries Stock Up 0.2 %

The firm has a 50 day moving average of $69.91 and a two-hundred day moving average of $73.46. The stock has a market capitalization of $548.19 million, a PE ratio of -2.78 and a beta of 2.05. The company has a current ratio of 1.88, a quick ratio of 1.63 and a debt-to-equity ratio of 5.43.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. nVerses Capital LLC acquired a new stake in Nabors Industries in the 3rd quarter valued at about $45,000. Signaturefd LLC lifted its holdings in shares of Nabors Industries by 52.9% in 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 in the last quarter. Wellington Management Group LLP acquired a new stake in shares of Nabors Industries in the third quarter valued at approximately $220,000. The Manufacturers Life Insurance Company increased its stake in shares of Nabors Industries by 5.3% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 3,567 shares of the oil and gas company’s stock worth $254,000 after purchasing an additional 181 shares in the last quarter. Finally, SG Americas Securities LLC raised its position in shares of Nabors Industries by 79.6% during the 3rd quarter. SG Americas Securities LLC now owns 4,017 shares of the oil and gas company’s stock worth $259,000 after purchasing an additional 1,780 shares during the last quarter. Hedge funds and other institutional investors 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.