Nabors Industries (NYSE:NBR) Reaches New 52-Week Low – Time to Sell?

Nabors Industries Ltd. (NYSE:NBR)’s share price hit a new 52-week low on Monday . The stock traded as low as $52.75 and last traded at $53.53, with a volume of 32242 shares trading hands. The stock had previously closed at $53.77.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. Citigroup lifted their target price on Nabors Industries from $75.00 to $80.00 and gave the stock a “neutral” rating in a report on Thursday, October 31st. Barclays lowered 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 research note on Wednesday, October 16th. Evercore ISI dropped their target price on shares of Nabors Industries from $94.00 to $85.00 and set an “in-line” rating on the stock in a report on Thursday, October 24th. Susquehanna dropped their price target on shares of Nabors Industries from $79.00 to $77.00 and set a “neutral” rating on the stock in a research report on Thursday, October 24th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and set a $102.00 price objective on shares of Nabors Industries in a report on Wednesday, October 16th. Six analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $97.00.

Nabors Industries Stock Up 0.2 %

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 firm’s 50-day simple moving average is $72.20 and its two-hundred day simple moving average is $74.08. The stock has a market cap of $577.11 million, a price-to-earnings ratio of -2.93 and a beta of 2.05.

Institutional Trading of Nabors Industries

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. nVerses Capital LLC bought a new position in shares of Nabors Industries in the 3rd quarter valued at about $45,000. Signaturefd LLC boosted 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 acquiring an additional 472 shares during the last quarter. SG Americas Securities LLC acquired a new stake in Nabors Industries during the 2nd quarter worth $159,000. Wellington Management Group LLP bought a new stake in shares of Nabors Industries during the 3rd quarter valued at $220,000. Finally, The Manufacturers Life Insurance Company lifted its stake in shares of Nabors Industries by 5.3% in 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 period. 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.