Zacks Investment Research lowered shares of Nabors Industries (NYSE:NBR) from a hold rating to a sell rating in a research note issued to investors on Tuesday morning.

According to Zacks, “Taking into account a host of bearish issues, we are recalibrating our investment thesis on NBR to 'Sell' ahead of the Q4 numbers. Our pessimistic outlook on the drilling contractor stems from last several quarters disappointing results. Nabors' shares have lost nearly 63% over the past year, underperforming the Zacks Oil & Gas Drilling industry which has declined 26.4% over the same period. In particular, the company is witnessing much delays/cancellations in its CanRig equipment. Nabors’ escalating labor and reactivation costs are big concerns too, which are adversely affecting the already weak financials of the company. Over the last few years, NBR has kept adding debt to its balance sheet for fleet recapitalization program. Considering these headwinds, we expect Nabors to perform below the industry, which gives investors little reason to hold the stock.”

NBR has been the topic of a number of other reports. Seaport Global Securities reiterated a buy rating and set a $13.00 price target on shares of Nabors Industries in a report on Thursday, January 18th. Cowen set a $9.00 price target on Nabors Industries and gave the stock a buy rating in a report on Thursday, January 11th. UBS Group dropped their price target on Nabors Industries from $11.00 to $10.00 and set a buy rating on the stock in a report on Friday, October 27th. Deutsche Bank began coverage on Nabors Industries in a report on Tuesday, October 10th. They set a hold rating and a $9.00 price target on the stock. Finally, Royal Bank of Canada set a $8.00 price target on Nabors Industries and gave the stock a buy rating in a report on Thursday, December 21st. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating and sixteen have given a buy rating to the company’s stock. Nabors Industries currently has an average rating of Hold and an average price target of $10.89.

Shares of Nabors Industries (NYSE NBR) opened at $7.58 on Tuesday. The company has a market capitalization of $2,410.00, a price-to-earnings ratio of -2.83 and a beta of 1.58. Nabors Industries has a fifty-two week low of $5.32 and a fifty-two week high of $16.11. The company has a current ratio of 1.41, a quick ratio of 1.27 and a debt-to-equity ratio of 1.35.

Large investors have recently added to or reduced their stakes in the business. Brave Asset Management Inc. purchased a new stake in Nabors Industries in the third quarter worth $101,000. Cetera Advisors LLC purchased a new stake in Nabors Industries in the third quarter worth $115,000. Clear Harbor Asset Management LLC purchased a new stake in Nabors Industries in the third quarter worth $121,000. Oakbrook Investments LLC purchased a new stake in Nabors Industries in the fourth quarter worth $103,000. Finally, State of Alaska Department of Revenue purchased a new stake in Nabors Industries in the fourth quarter worth $109,000. 87.40% of the stock is owned by institutional investors and hedge funds.

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About Nabors Industries

Nabors Industries Ltd. owns and operates a land-based drilling rig fleet. The Company is a provider of offshore platform drilling rigs in the United States and multiple international markets. The Company conducts its Drilling & Rig Services business through four segments: U.S. Drilling, Canada Drilling, International Drilling and Rig Services.

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