Nabors Industries (NYSE:NBR) Trading Down 4.8% – Here’s What Happened

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

Analysts Set New Price Targets

Several research analysts have weighed in on NBR shares. Evercore ISI lowered their price target on Nabors Industries from $94.00 to $85.00 and set an “in-line” rating on the stock in a research report on Thursday, October 24th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $102.00 price target on shares of Nabors Industries in a research report on Wednesday, October 16th. 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 report on Thursday, October 24th. Barclays dropped their target price on shares of Nabors Industries from $110.00 to $88.00 and set an “equal weight” rating on the stock in a report on Wednesday, October 16th. Finally, Citigroup lifted their price target on Nabors Industries from $75.00 to $80.00 and gave the stock a “neutral” rating in a report on Thursday, October 31st. Eight investment analysts have rated the stock with a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $97.00.

Nabors Industries Stock Performance

The stock has a 50 day moving average price of $73.69 and a two-hundred day moving average price of $74.99. The company has a market cap of $716.92 million, a P/E ratio of -4.14 and a beta of 2.09. The company has a quick ratio of 1.63, a current ratio of 1.88 and a debt-to-equity ratio of 5.43.

Hedge Funds Weigh In On Nabors Industries

Institutional investors and hedge funds have recently modified their holdings of the business. nVerses Capital LLC acquired a new stake in Nabors Industries during the third quarter worth approximately $45,000. Russell Investments Group Ltd. grew its holdings in shares of Nabors Industries by 2,022.2% during the 1st 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 in the last quarter. Signaturefd LLC increased its position 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 worth $88,000 after purchasing an additional 472 shares during the period. SG Americas Securities LLC acquired a new position in Nabors Industries in the second quarter valued at about $159,000. Finally, Wellington Management Group LLP acquired a new position in Nabors Industries in the third quarter valued at about $220,000. 81.92% of the stock is currently 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.