Nabors Industries (NYSE:NBR) Trading Down 4.7% – Here’s Why

Nabors Industries Ltd. (NYSE:NBR)’s stock price traded down 4.7% during trading on Wednesday . The stock traded as low as $75.88 and last traded at $75.88. 46,997 shares changed hands during mid-day trading, a decline of 83% from the average session volume of 282,557 shares. The stock had previously closed at $79.59.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on NBR. Evercore ISI lowered their target price 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. 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 report on Wednesday, October 16th. Susquehanna cut their target price on shares of Nabors Industries from $79.00 to $77.00 and set a “neutral” rating for the company in a report on Thursday, October 24th. Royal Bank of Canada reissued a “sector perform” rating and set a $102.00 price target on shares of Nabors Industries in a report on Wednesday, October 16th. Finally, Citigroup upped 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. Eight analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat.com, Nabors Industries currently has an average rating of “Hold” and an average price target of $97.00.

Nabors Industries Stock Performance

The company has a current ratio of 1.88, a quick ratio of 1.63 and a debt-to-equity ratio of 5.43. The stock’s fifty day simple moving average is $72.69 and its 200 day simple moving average is $74.97. The company has a market cap of $707.60 million, a price-to-earnings ratio of -4.03 and a beta of 2.09.

Institutional Trading of Nabors Industries

Hedge funds and other institutional investors have recently made changes to their positions in the company. Apollo Management Holdings L.P. grew its position in Nabors Industries by 64.6% in the first quarter. Apollo Management Holdings L.P. now owns 335,091 shares of the oil and gas company’s stock worth $28,861,000 after acquiring an additional 131,490 shares during the period. Gendell Jeffrey L grew its holdings in shares of Nabors Industries by 10.1% during the 1st quarter. Gendell Jeffrey L now owns 436,442 shares of the oil and gas company’s stock worth $37,591,000 after purchasing an additional 40,141 shares during the period. Vanguard Group Inc. increased its position in shares of Nabors Industries by 5.1% during the 1st quarter. Vanguard Group Inc. now owns 819,113 shares of the oil and gas company’s stock worth $70,550,000 after purchasing an additional 40,078 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in 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 buying an additional 34,473 shares during the period. Finally, American Century Companies Inc. lifted its position in Nabors Industries by 20.2% in the second quarter. American Century Companies Inc. now owns 200,250 shares of the oil and gas company’s stock valued at $14,250,000 after buying an additional 33,616 shares during the last quarter. 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.