Nabors Industries (NYSE:NBR) Trading Down 4.8% – Time to Sell?

Nabors Industries Ltd. (NYSE:NBR) shares traded down 4.8% during mid-day trading on Thursday . The stock traded as low as $64.82 and last traded at $64.86. 65,555 shares traded hands during mid-day trading, a decline of 76% from the average session volume of 272,760 shares. The stock had previously closed at $68.10.

Analyst Upgrades and Downgrades

NBR has been the topic of a number of research analyst reports. Evercore ISI cut their target price on Nabors Industries from $94.00 to $85.00 and set an “in-line” rating on the stock in a research report on Thursday, October 24th. Citigroup increased their target price on Nabors Industries from $75.00 to $80.00 and gave the stock a “neutral” rating in a research note on Thursday, October 31st. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $102.00 target price on shares of Nabors Industries in a research report on Wednesday, October 16th. Barclays reduced their price target on shares of 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, Susquehanna dropped their price objective 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. Six research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $97.00.

Nabors Industries Stock Performance

The company has a quick ratio of 1.63, a current ratio of 1.88 and a debt-to-equity ratio of 5.43. The firm has a market capitalization of $725.50 million, a price-to-earnings ratio of -3.67 and a beta of 2.05. The stock has a 50-day moving average price of $66.50 and a 200 day moving average price of $73.02.

Institutional Trading of Nabors Industries

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. nVerses Capital LLC purchased a new position in shares of Nabors Industries in the 3rd quarter valued at about $45,000. Signaturefd LLC increased its stake in Nabors Industries by 52.9% in the third quarter. Signaturefd LLC now owns 1,364 shares of the oil and gas company’s stock valued at $88,000 after purchasing an additional 472 shares during the last quarter. Wellington Management Group LLP acquired a new stake in Nabors Industries during the third quarter worth approximately $220,000. The Manufacturers Life Insurance Company raised its holdings in Nabors Industries by 5.3% during the second quarter. The Manufacturers Life Insurance Company now owns 3,567 shares of the oil and gas company’s stock worth $254,000 after purchasing an additional 181 shares in the last quarter. Finally, SG Americas Securities LLC lifted its position in shares of 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 worth $259,000 after buying an additional 1,780 shares during the last quarter. 81.92% of the stock is currently owned by institutional investors and hedge funds.

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.