Nabors Industries (NYSE:NBR) Shares Up 3.5% – Here’s Why

Nabors Industries Ltd. (NYSE:NBR) shares traded up 3.5% during trading on Tuesday . The stock traded as high as $56.65 and last traded at $56.15. 21,111 shares were traded during mid-day trading, a decline of 93% from the average session volume of 289,132 shares. The stock had previously closed at $54.25.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. Susquehanna lowered their target price 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. Citigroup raised their price target on shares of Nabors Industries from $75.00 to $80.00 and gave the stock a “neutral” rating in a report on Thursday, October 31st. Evercore ISI reduced their price target on Nabors Industries from $94.00 to $85.00 and set an “in-line” rating on the stock in a report on Thursday, October 24th. Barclays cut 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. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $102.00 price target on shares of Nabors Industries in a research note on Wednesday, October 16th. Six investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $97.00.

Nabors Industries Stock Performance

The company has a debt-to-equity ratio of 5.43, a quick ratio of 1.63 and a current ratio of 1.88. The business’s 50-day moving average is $68.96 and its 200-day moving average is $73.32. The company has a market capitalization of $612.23 million, a PE ratio of -3.11 and a beta of 2.05.

Institutional Trading of Nabors Industries

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. nVerses Capital LLC bought a new stake in Nabors Industries in the third quarter worth $45,000. Signaturefd LLC raised its position in shares of Nabors Industries by 52.9% in the 3rd 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 last quarter. Wellington Management Group LLP bought a new position in Nabors Industries in the 3rd quarter worth about $220,000. The Manufacturers Life Insurance Company grew its position in Nabors Industries by 5.3% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 3,567 shares of the oil and gas company’s stock valued at $254,000 after purchasing an additional 181 shares during the last quarter. Finally, SG Americas Securities LLC increased its stake in Nabors Industries by 79.6% during the 3rd quarter. SG Americas Securities LLC now owns 4,017 shares of the oil and gas company’s stock valued at $259,000 after purchasing an additional 1,780 shares in the last quarter. 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.