Nabors Industries (NYSE:NBR) Shares Down 6.7% – Should You Sell?

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

Analysts Set New Price Targets

Several research analysts have recently commented on NBR shares. Evercore ISI reduced their target price on Nabors Industries from $94.00 to $85.00 and set an “in-line” rating for the company in a research note on Thursday, October 24th. Barclays reduced their price objective 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. Citigroup increased their target price on Nabors Industries from $75.00 to $80.00 and gave the stock a “neutral” rating in a research note on Thursday, October 31st. Susquehanna reduced their price target on Nabors Industries from $79.00 to $77.00 and set a “neutral” rating for the company in a research note on Thursday, October 24th. Finally, 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. Six investment analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat, Nabors Industries currently has a consensus rating of “Hold” and a consensus target price of $97.00.

Nabors Industries Stock Performance

The firm has a market cap of $558.23 million, a price-to-earnings ratio of -2.83 and a beta of 2.02. 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 50 day moving average of $61.43 and a 200 day moving average of $71.24.

Institutional Trading of Nabors Industries

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Van ECK Associates Corp increased its stake in Nabors Industries by 41.0% in the fourth quarter. Van ECK Associates Corp now owns 202,552 shares of the oil and gas company’s stock valued at $11,580,000 after acquiring an additional 58,946 shares during the last quarter. Barclays PLC boosted its holdings in shares of Nabors Industries by 60.8% in the 3rd quarter. Barclays PLC now owns 112,318 shares of the oil and gas company’s stock valued at $7,241,000 after purchasing an additional 42,483 shares in the last quarter. HighTower Advisors LLC increased its stake in shares of Nabors Industries by 152.8% in the 4th quarter. HighTower Advisors LLC now owns 27,727 shares of the oil and gas company’s stock valued at $1,585,000 after purchasing an additional 16,761 shares during the last quarter. PDT Partners LLC raised its holdings in shares of Nabors Industries by 49.7% during the 3rd quarter. PDT Partners LLC now owns 46,659 shares of the oil and gas company’s stock worth $3,008,000 after buying an additional 15,494 shares in the last quarter. Finally, Proficio Capital Partners LLC bought a new stake in shares of Nabors Industries during the 4th quarter worth $664,000. 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.