Evercore ISI Trims Nabors Industries (NYSE:NBR) Target Price to $85.00

Nabors Industries (NYSE:NBR) had its price objective reduced by Evercore ISI from $94.00 to $85.00 in a research report sent to investors on Thursday morning, Benzinga reports. They currently have an in-line rating on the oil and gas company’s stock.

A number of other equities research analysts have also weighed in on NBR. Citigroup lowered shares of Nabors Industries from a “buy” rating to a “neutral” rating and decreased their target price for the company from $110.00 to $75.00 in a research note on Friday, September 13th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $102.00 price target on shares of Nabors Industries in a research report on Wednesday, October 16th. Finally, Barclays dropped their price objective on shares of Nabors Industries from $110.00 to $88.00 and set an “equal weight” rating on the stock in a report on Wednesday, October 16th. Eight analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $96.17.

Nabors Industries Price Performance

NYSE NBR opened at $75.62 on Thursday. Nabors Industries has a one year low of $59.67 and a one year high of $109.29. The stock has a 50-day moving average of $72.51 and a 200 day moving average of $75.02. The company has a debt-to-equity ratio of 5.01, a quick ratio of 1.57 and a current ratio of 1.82. The company has a market capitalization of $809.29 million, a price-to-earnings ratio of -5.48 and a beta of 2.11.

Institutional Trading of Nabors Industries

Several large investors have recently added to or reduced their stakes in the company. The Manufacturers Life Insurance Company increased its stake in shares of 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. Price T Rowe Associates Inc. MD grew its position in Nabors Industries by 6.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 6,471 shares of the oil and gas company’s stock valued at $558,000 after acquiring an additional 399 shares in the last quarter. Signaturefd LLC increased its stake in Nabors Industries by 52.9% during the third 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 period. Swiss National Bank boosted its stake in shares of Nabors Industries by 3.4% in the first quarter. Swiss National Bank now owns 18,500 shares of the oil and gas company’s stock valued at $1,593,000 after purchasing an additional 600 shares during the period. Finally, AQR Capital Management LLC lifted its holdings in Nabors Industries by 14.5% during the 2nd quarter. AQR Capital Management LLC now owns 4,753 shares of the oil and gas company’s stock worth $338,000 after buying an additional 601 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.