Nabors Industries (NYSE:NBR) Shares Gap Up – What’s Next?

Nabors Industries Ltd. (NYSE:NBR)’s stock price gapped up before the market opened on Monday . The stock had previously closed at $72.01, but opened at $74.13. Nabors Industries shares last traded at $74.70, with a volume of 15,059 shares.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on NBR shares. Citigroup raised their target price on Nabors Industries from $75.00 to $80.00 and gave the stock a “neutral” rating in a research report on Thursday. Barclays reduced their target price on Nabors Industries from $110.00 to $88.00 and set an “equal weight” rating on the stock in a report on Wednesday, October 16th. Evercore ISI lowered their price target on shares of Nabors Industries from $94.00 to $85.00 and set an “in-line” rating for the company in a report on Thursday, October 24th. Susquehanna decreased their price objective on shares of Nabors Industries from $79.00 to $77.00 and set a “neutral” rating for the company in a research report on Thursday, October 24th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and set a $102.00 price target on shares of Nabors Industries in a report on Wednesday, October 16th. Eight analysts have rated the stock with a hold rating and one has given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $97.00.

Nabors Industries Stock Performance

The company’s 50 day simple moving average is $71.93 and its 200 day simple moving average is $74.81. The company has a debt-to-equity ratio of 5.43, a quick ratio of 1.57 and a current ratio of 1.88. The stock has a market cap of $730.00 million, a PE ratio of -4.18 and a beta of 2.09.

Institutional Investors Weigh In On Nabors Industries

Several large investors have recently added to or reduced their stakes in NBR. Vanguard Group Inc. boosted its holdings in shares of Nabors Industries by 5.1% in 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 period. Burney Co. purchased a new position in Nabors Industries during the 1st quarter valued at about $989,000. Nicola Wealth Management LTD. lifted its holdings in shares of Nabors Industries by 182.9% in the second quarter. Nicola Wealth Management LTD. now owns 23,200 shares of the oil and gas company’s stock worth $1,651,000 after buying an additional 15,000 shares in the last quarter. Swiss National Bank boosted its position in shares of Nabors Industries by 3.4% in the first quarter. Swiss National Bank now owns 18,500 shares of the oil and gas company’s stock valued at $1,593,000 after acquiring an additional 600 shares during the period. Finally, Hsbc Holdings PLC bought a new stake in Nabors Industries during the 2nd quarter worth approximately $1,242,000. Hedge funds and other institutional investors own 81.92% of the company’s stock.

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.