Nabors Industries (NYSE:NBR) Shares Down 6.7% – What’s Next?

Shares of Nabors Industries Ltd. (NYSE:NBR) fell 6.7% on Thursday . The stock traded as low as $55.20 and last traded at $54.91. 66,907 shares changed hands during mid-day trading, a decline of 73% from the average session volume of 244,184 shares. The stock had previously closed at $58.87.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the company. Susquehanna decreased their price objective 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. Barclays decreased their price target 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 dropped their price objective on Nabors Industries from $94.00 to $85.00 and set an “in-line” rating for the company in a report on Thursday, October 24th. Royal Bank of Canada restated a “sector perform” rating and set a $102.00 target price on shares of Nabors Industries in a research report on Wednesday, October 16th. Finally, Citigroup lifted their price target on shares of Nabors Industries from $75.00 to $80.00 and gave the stock a “neutral” rating in a research report on Thursday, October 31st. Six research analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to data from MarketBeat.com, Nabors Industries presently has an average rating of “Hold” and a consensus target price of $97.00.

Nabors Industries Stock Performance

The company has a quick ratio of 1.63, a current ratio of 1.88 and a debt-to-equity ratio of 5.43. The stock has a market cap of $558.23 million, a P/E ratio of -2.83 and a beta of 2.02. The stock has a fifty day simple moving average of $61.43 and a 200-day simple moving average of $71.24.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of NBR. US Bancorp DE boosted its position in shares of Nabors Industries by 234.9% during the fourth quarter. US Bancorp DE now owns 720 shares of the oil and gas company’s stock worth $41,000 after purchasing an additional 505 shares in the last quarter. nVerses Capital LLC bought a new position in Nabors Industries during the third quarter worth about $45,000. R Squared Ltd acquired a new position in Nabors Industries in the fourth quarter valued at about $70,000. Signaturefd LLC raised its holdings in Nabors Industries by 52.9% during the 3rd quarter. Signaturefd LLC now owns 1,364 shares of the oil and gas company’s stock worth $88,000 after buying an additional 472 shares during the period. Finally, Wellington Management Group LLP bought a new position in shares of Nabors Industries during the third quarter worth about $220,000. Institutional investors and hedge funds 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.