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

by · The Cerbat Gem

Nabors Industries Ltd. (NYSE:NBR – Get Free Report) gapped down prior to trading on Monday . The stock had previously closed at $75.62, but opened at $72.01. Nabors Industries shares last traded at $72.00, with a volume of 32,391 shares.

Analyst Ratings Changes

Several research analysts recently weighed in on the stock. Citigroup cut shares of Nabors Industries from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $110.00 to $75.00 in a research report on Friday, September 13th. Evercore ISI dropped their price objective 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. Barclays cut their target price on shares of Nabors Industries from $110.00 to $88.00 and set an “equal weight” rating for the company in a research report on Wednesday, October 16th. Susquehanna lowered their price target on Nabors Industries from $79.00 to $77.00 and set a “neutral” rating on the stock in a research report on Thursday. Finally, Royal Bank of Canada reiterated a “sector perform” rating and issued a $102.00 price objective on shares of Nabors Industries in a report on Wednesday, October 16th. Eight research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $96.17.

Get Our Latest Report on NBR

Nabors Industries Stock Down 6.1 %

The stock has a market capitalization of $760.27 million, a P/E ratio of -5.14 and a beta of 2.11. The stock has a 50 day moving average price of $72.51 and a 200-day moving average price of $74.96. The company has a debt-to-equity ratio of 5.01, a current ratio of 1.82 and a quick ratio of 1.57.

Hedge Funds Weigh In On Nabors Industries

Large investors have recently bought and sold shares of the stock. nVerses Capital LLC purchased a new position in shares of Nabors Industries in the third quarter worth $45,000. Russell Investments Group Ltd. raised its stake in shares of Nabors Industries by 2,022.2% during the first quarter. Russell Investments Group Ltd. now owns 764 shares of the oil and gas company’s stock valued at $67,000 after acquiring an additional 728 shares during the last quarter. Signaturefd LLC boosted its holdings in shares of Nabors Industries by 52.9% during the third quarter. Signaturefd LLC now owns 1,364 shares of the oil and gas company’s stock worth $88,000 after purchasing an additional 472 shares during the period. SG Americas Securities LLC purchased a new stake in Nabors Industries in the second quarter worth $159,000. Finally, The Manufacturers Life Insurance Company lifted its position in 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 period. 81.92% of the stock is owned by hedge funds and other institutional investors.

About Nabors Industries

(Get Free Report)

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.

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