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

Nabors Industries Ltd. (NYSE:NBR) dropped 4.8% during mid-day trading on Monday . The stock traded as low as $73.38 and last traded at $73.62. Approximately 177,944 shares were traded during trading, a decline of 38% from the average daily volume of 285,925 shares. The stock had previously closed at $77.30.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. Evercore ISI lowered their price objective on shares of Nabors Industries from $94.00 to $85.00 and set an “in-line” rating for the company in a research 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. Barclays dropped their price objective on Nabors Industries from $110.00 to $88.00 and set an “equal weight” rating for the company in a research report on Wednesday, October 16th. Susquehanna decreased their target price on 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, Citigroup increased their target price 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. Eight equities research 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, Nabors Industries currently has a consensus rating of “Hold” and an average price target of $97.00.

Nabors Industries Trading Down 2.9 %

The business’s fifty day moving average is $73.69 and its 200-day moving average is $74.99. 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 has a market cap of $716.92 million, a P/E ratio of -4.14 and a beta of 2.09.

Institutional Trading of Nabors Industries

Institutional investors have recently modified their holdings of the business. Barclays PLC raised its position in Nabors Industries by 60.8% during the 3rd quarter. Barclays PLC now owns 112,318 shares of the oil and gas company’s stock worth $7,241,000 after purchasing an additional 42,483 shares during the last quarter. Vanguard Group Inc. raised its position in shares of Nabors Industries by 5.1% during the first quarter. Vanguard Group Inc. now owns 819,113 shares of the oil and gas company’s stock worth $70,550,000 after acquiring an additional 40,078 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in shares of Nabors Industries by 42.8% in the second quarter. Bank of New York Mellon Corp now owns 115,084 shares of the oil and gas company’s stock worth $8,189,000 after acquiring an additional 34,473 shares during the period. American Century Companies Inc. lifted its stake in shares of 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 worth $14,250,000 after acquiring an additional 33,616 shares during the period. Finally, Hsbc Holdings PLC bought a new stake in Nabors Industries in the second quarter valued at approximately $1,242,000. 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.