Nabors Industries (NYSE:NBR) Stock Price Up 5.5%
Nabors Industries Ltd. (NYSE:NBR) rose 5.5% on Thursday . The company traded as high as $1.92 and last traded at $1.91, approximately 6,760,339 shares traded hands during mid-day trading. A decline of 45% from the average daily volume of 12,217,149 shares. The stock had previously closed at $1.81.
NBR has been the topic of a number of analyst reports. Barclays reissued a “buy” rating and issued a $3.00 target price on shares of Nabors Industries in a research note on Sunday, November 3rd. Bank of America cut shares of Nabors Industries from a “buy” rating to a “neutral” rating in a research note on Wednesday, August 28th. Wells Fargo & Co cut shares of Nabors Industries from an “outperform” rating to an “underperform” rating and set a $2.00 target price on the stock. in a research note on Thursday, September 12th. Citigroup lowered their target price on shares of Nabors Industries from $2.50 to $2.25 and set a “neutral” rating on the stock in a research note on Tuesday, October 1st. Finally, Royal Bank of Canada cut shares of Nabors Industries from an “outperform” rating to a “sector perform” rating and lowered their target price for the company from $9.00 to $3.50 in a research note on Wednesday, September 25th. Three research analysts have rated the stock with a sell rating, ten have assigned a hold rating and three have given a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $3.03.
The company has a debt-to-equity ratio of 1.50, a current ratio of 2.02 and a quick ratio of 1.75. The stock has a market capitalization of $670.50 million, a P/E ratio of -1.52 and a beta of 2.69. The company’s 50 day simple moving average is $1.83 and its two-hundred day simple moving average is $2.31.
A number of institutional investors have recently modified their holdings of NBR. Envestnet Asset Management Inc. bought a new stake in Nabors Industries during the third quarter worth about $28,000. SG Americas Securities LLC bought a new stake in shares of Nabors Industries during the third quarter valued at approximately $30,000. Cresset Asset Management LLC grew its stake in shares of Nabors Industries by 527.8% during the second quarter. Cresset Asset Management LLC now owns 11,521 shares of the oil and gas company’s stock valued at $33,000 after purchasing an additional 9,686 shares during the last quarter. Cetera Advisor Networks LLC bought a new stake in shares of Nabors Industries during the third quarter valued at approximately $35,000. Finally, WINTON GROUP Ltd bought a new stake in shares of Nabors Industries during the second quarter valued at approximately $36,000. 77.26% of the stock is currently owned by hedge funds and other institutional investors.
About Nabors Industries (NYSE:NBR)
Nabors Industries Ltd. provides drilling and drilling-related services and technologies for land-based and offshore oil and natural gas wells. It operates through five segments: U.S. Drilling, Canada Drilling, International Drilling, Drilling Solutions, and Rig Technologies. The company offers equipment manufacturing, rig instrumentation, optimization software, and directional drilling services.
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