Nabors Industries (NYSE:NBR) Trading Down 2.9% – Here’s What Happened

Nabors Industries Ltd. (NYSE:NBR)’s share price fell 2.9% during mid-day 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.

Analysts Set New Price Targets

NBR has been the subject of several recent analyst reports. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $102.00 price objective on shares of Nabors Industries in a research report on Wednesday, October 16th. Citigroup increased their price objective 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. Evercore ISI dropped their price target on Nabors Industries from $94.00 to $85.00 and set an “in-line” rating on the stock in a research note on Thursday, October 24th. Susquehanna reduced their price objective on Nabors Industries from $79.00 to $77.00 and set a “neutral” rating for the company in a research note on Thursday, October 24th. Finally, Barclays lowered their target price on Nabors Industries from $110.00 to $88.00 and set an “equal weight” rating on the stock in a research 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’s stock. Based on data from MarketBeat.com, Nabors Industries currently has an average rating of “Hold” and a consensus price target of $97.00.

Nabors Industries Price Performance

The business’s fifty day moving average is $70.82 and its 200 day moving average is $73.73. The company has a market cap of $549.91 million, a P/E ratio of -2.79 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 institutional investors have recently made changes to their positions in NBR. Geode Capital Management LLC boosted its position in Nabors Industries by 1.5% during the third quarter. Geode Capital Management LLC now owns 206,041 shares of the oil and gas company’s stock worth $13,286,000 after purchasing an additional 3,054 shares during the period. Barclays PLC grew its position in shares of Nabors Industries by 60.8% in the third quarter. Barclays PLC now owns 112,318 shares of the oil and gas company’s stock valued at $7,241,000 after purchasing an additional 42,483 shares in the last quarter. Wellington Management Group LLP bought a new stake in shares of Nabors Industries during the 3rd quarter valued at $220,000. Centiva Capital LP purchased a new stake in Nabors Industries during the 3rd quarter worth about $531,000. Finally, Atom Investors LP purchased a new position in Nabors Industries during the 3rd quarter valued at about $332,000. Hedge funds and other institutional investors 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.