Nabors Industries (NYSE:NBR) Hits New 1-Year Low – Here’s What Happened

Nabors Industries Ltd. (NYSE:NBR)’s stock price reached a new 52-week low on Tuesday . The stock traded as low as $58.16 and last traded at $58.90, with a volume of 45416 shares trading hands. The stock had previously closed at $61.72.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the stock. Royal Bank of Canada reiterated a “sector perform” rating and issued a $102.00 target price on shares of Nabors Industries in a research note on Wednesday, October 16th. Susquehanna lowered their target price on shares of Nabors Industries from $79.00 to $77.00 and set a “neutral” rating on the stock in a research note on Thursday, October 24th. Evercore ISI cut their price target 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. Citigroup upped their price target on shares of Nabors Industries from $75.00 to $80.00 and gave the stock a “neutral” rating in a research report on Thursday, October 31st. Finally, Barclays lowered their price objective on 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. Seven 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, the stock currently has a consensus rating of “Hold” and a consensus target price of $97.00.

Nabors Industries Price Performance

The company has a fifty day moving average of $73.86 and a 200-day moving average of $74.44. The stock has a market cap of $629.90 million, a PE ratio of -3.35 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 Investors Weigh In On Nabors Industries

Several large investors have recently added to or reduced their stakes in the business. Nicola Wealth Management LTD. grew its stake in shares of Nabors Industries by 182.9% during the second quarter. Nicola Wealth Management LTD. now owns 23,200 shares of the oil and gas company’s stock worth $1,651,000 after purchasing an additional 15,000 shares in the last quarter. Hsbc Holdings PLC purchased a new position in shares of Nabors Industries during the second quarter worth about $1,242,000. Centiva Capital LP acquired a new stake in shares of Nabors Industries during the third quarter worth about $531,000. Dimensional Fund Advisors LP grew its stake in Nabors Industries by 6.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 289,967 shares of the oil and gas company’s stock worth $20,634,000 after buying an additional 16,890 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its holdings in shares of Nabors Industries by 42.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 115,084 shares of the oil and gas company’s stock valued at $8,189,000 after acquiring an additional 34,473 shares during the period. 81.92% of the stock is owned by hedge funds and other institutional investors.

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.