Nabors Industries (NYSE:NBR) Price Target Raised to $80.00 at Citigroup

Nabors Industries (NYSE:NBR) had its price target increased by investment analysts at Citigroup from $75.00 to $80.00 in a note issued to investors on Thursday, Benzinga reports. The firm currently has a “neutral” rating on the oil and gas company’s stock. Citigroup’s target price would indicate a potential upside of 7.51% from the company’s current price.

A number of other equities research analysts also recently weighed in on the company. Barclays reduced their target price 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. 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. Evercore ISI reduced their target price on Nabors Industries from $94.00 to $85.00 and set an “in-line” rating on the stock in a report on Thursday, October 24th. Finally, Susquehanna cut their price objective on Nabors Industries from $79.00 to $77.00 and set a “neutral” rating on the stock in a report on Thursday, October 24th. Eight investment analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $97.00.

Nabors Industries Price Performance

Shares of NBR stock traded down $0.24 during trading hours on Thursday, reaching $74.41. The company’s stock had a trading volume of 210,441 shares, compared to its average volume of 280,775. The firm’s 50 day simple moving average is $72.12 and its 200-day simple moving average is $74.86. The company has a market capitalization of $710.54 million, a price-to-earnings ratio of -4.05 and a beta of 2.11. Nabors Industries has a fifty-two week low of $59.67 and a fifty-two week high of $105.96. The company has a quick ratio of 1.57, a current ratio of 1.82 and a debt-to-equity ratio of 5.01.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Signaturefd LLC lifted its holdings in Nabors Industries by 52.9% during the 3rd quarter. Signaturefd LLC now owns 1,364 shares of the oil and gas company’s stock worth $88,000 after buying an additional 472 shares during the period. nVerses Capital LLC acquired a new position in Nabors Industries during the 3rd quarter worth about $45,000. Inspire Investing LLC acquired a new position in Nabors Industries during the 3rd quarter worth about $411,000. SG Americas Securities LLC lifted its holdings in 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 buying an additional 1,780 shares during the period. Finally, Creative Planning lifted its holdings in Nabors Industries by 62.3% during the 2nd quarter. Creative Planning now owns 8,756 shares of the oil and gas company’s stock worth $623,000 after buying an additional 3,360 shares during the period. 81.92% of the stock is owned by institutional investors and hedge funds.

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.