Nabors Industries (NYSE:NBR) Shares Down 4.2% – Should You Sell?

Nabors Industries Ltd. (NYSE:NBR) was down 4.2% during mid-day trading on Monday . The company traded as low as $76.63 and last traded at $76.63. Approximately 45,587 shares changed hands during mid-day trading, a decline of 83% from the average daily volume of 273,474 shares. The stock had previously closed at $79.96.

Wall Street Analysts Forecast Growth

Several research firms have commented on NBR. Citigroup downgraded shares of Nabors Industries from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $110.00 to $75.00 in a report on Friday, September 13th. Royal Bank of Canada reissued a “sector perform” rating and set a $102.00 price target on shares of Nabors Industries in a research note on Wednesday. Finally, Barclays reduced their price objective on Nabors Industries from $110.00 to $88.00 and set an “equal weight” rating on the stock in a research note on Wednesday. Seven analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $98.80.

Nabors Industries Stock Up 0.8 %

The company has a market capitalization of $806.82 million, a P/E ratio of -5.46 and a beta of 2.11. The company has a 50 day simple moving average of $74.02 and a two-hundred day simple moving average of $75.75. The company has a quick ratio of 1.57, a current ratio of 1.82 and a debt-to-equity ratio of 5.01.

Nabors Industries (NYSE:NBR) last posted its quarterly earnings data on Tuesday, July 23rd. The oil and gas company reported ($4.29) EPS for the quarter, missing the consensus estimate of ($1.77) by ($2.52). Nabors Industries had a negative return on equity of 28.10% and a negative net margin of 4.73%. The firm had revenue of $742.98 million for the quarter, compared to analysts’ expectations of $737.91 million. During the same period in the previous year, the firm earned ($2.26) earnings per share. The firm’s quarterly revenue was down 4.6% compared to the same quarter last year. As a group, equities analysts predict that Nabors Industries Ltd. will post -12.24 EPS for the current year.

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. The Manufacturers Life Insurance Company grew 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 valued at $254,000 after buying an additional 181 shares during the last quarter. GAMMA Investing LLC increased its stake in Nabors Industries by 29.1% in the first quarter. GAMMA Investing LLC now owns 1,474 shares of the oil and gas company’s stock worth $127,000 after purchasing an additional 332 shares during the period. Price T Rowe Associates Inc. MD lifted its position in shares of Nabors Industries by 6.6% during the first quarter. Price T Rowe Associates Inc. MD now owns 6,471 shares of the oil and gas company’s stock worth $558,000 after purchasing an additional 399 shares during the last quarter. Swiss National Bank lifted its position in shares of Nabors Industries by 3.4% during the first quarter. Swiss National Bank now owns 18,500 shares of the oil and gas company’s stock worth $1,593,000 after purchasing an additional 600 shares during the last quarter. Finally, AQR Capital Management LLC boosted its stake in shares of Nabors Industries by 14.5% during the second quarter. AQR Capital Management LLC now owns 4,753 shares of the oil and gas company’s stock valued at $338,000 after purchasing an additional 601 shares during the period. 81.92% of the stock is owned by hedge funds and other institutional investors.

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.