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

Nabors Industries (NYSE:NBR) had its target price lifted by Citigroup from $75.00 to $80.00 in a report issued on Thursday morning, Benzinga reports. The firm currently has a neutral rating on the oil and gas company’s stock.

Other equities research analysts have also recently issued research reports about the company. Royal Bank of Canada reissued a “sector perform” rating and issued a $102.00 price target on shares of Nabors Industries in a research note on Wednesday, October 16th. Susquehanna decreased their target price 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. Evercore ISI lowered their price target on shares of Nabors Industries from $94.00 to $85.00 and set an “in-line” rating for the company in a report on Thursday, October 24th. Finally, Barclays reduced their price objective on shares of Nabors Industries from $110.00 to $88.00 and set an “equal weight” rating on the stock in a research note on Wednesday, October 16th. Eight equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $97.00.

Nabors Industries Stock Performance

Shares of Nabors Industries stock opened at $72.01 on Thursday. The stock has a market cap of $687.62 million, a price-to-earnings ratio of -3.92 and a beta of 2.09. Nabors Industries has a twelve month low of $59.67 and a twelve month high of $105.96. The company’s fifty day moving average is $71.93 and its 200 day moving average is $74.81. The company has a quick ratio of 1.57, a current ratio of 1.88 and a debt-to-equity ratio of 5.43.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. increased its stake in Nabors Industries by 5.1% in the first quarter. Vanguard Group Inc. now owns 819,113 shares of the oil and gas company’s stock valued at $70,550,000 after purchasing an additional 40,078 shares in the last quarter. Burney Co. bought a new stake in Nabors Industries in the 1st quarter valued at about $989,000. Nicola Wealth Management LTD. raised its stake in Nabors Industries by 182.9% during the 2nd quarter. Nicola Wealth Management LTD. now owns 23,200 shares of the oil and gas company’s stock worth $1,651,000 after buying an additional 15,000 shares during the period. Swiss National Bank boosted its holdings in Nabors Industries by 3.4% in the first quarter. Swiss National Bank now owns 18,500 shares of the oil and gas company’s stock worth $1,593,000 after acquiring an additional 600 shares in the last quarter. Finally, Hsbc Holdings PLC acquired a new stake in Nabors Industries in the second quarter valued at approximately $1,242,000. Institutional investors and hedge funds 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.