Nabors Industries (NYSE:NBR) Reaches New 12-Month Low - Here's Why

Shares of Nabors Industries Ltd. (NYSE:NBR - Get Free Report) reached a new 52-week low during trading on Tuesday . The stock traded as low as $58.16 and last traded at $58.90, with a volume of 45416 shares. The stock had previously closed at $61.72.

Analysts Set New Price Targets

A number of research firms have recently weighed in on NBR. Susquehanna cut their price target on shares of Nabors Industries from $79.00 to $77.00 and set a "neutral" rating on the stock in a report on Thursday, October 24th. Barclays cut 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. Citigroup boosted their price objective on shares of Nabors Industries from $75.00 to $80.00 and gave the stock a "neutral" rating in a research note on Thursday, October 31st. Evercore ISI cut their target price on shares of Nabors Industries from $94.00 to $85.00 and set an "in-line" rating for the company in a research report on Thursday, October 24th. Finally, Royal Bank of Canada restated a "sector perform" rating and set a $102.00 price target on shares of Nabors Industries in a report on Wednesday, October 16th. Seven analysts have rated the stock with a hold rating and one has issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $97.00.

Nabors Industries Stock Down 3.0 %

The firm's 50-day simple moving average is $73.86 and its 200-day simple moving average is $74.44. The company has a market capitalization of $640.93 million, a price-to-earnings ratio of -3.25 and a beta of 2.05. The company has a debt-to-equity ratio of 5.43, a quick ratio of 1.63 and a current ratio of 1.88.

Hedge Funds Weigh In On Nabors Industries

Several large investors have recently added to or reduced their stakes in the company. Barclays PLC raised its stake 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 buying an additional 42,483 shares in the last quarter. Bank of New York Mellon Corp raised its position in Nabors Industries by 42.8% in the second quarter. Bank of New York Mellon Corp now owns 115,084 shares of the oil and gas company's stock worth $8,189,000 after purchasing an additional 34,473 shares in the last quarter. American Century Companies Inc. lifted its stake in Nabors Industries by 20.2% during the second quarter. American Century Companies Inc. now owns 200,250 shares of the oil and gas company's stock worth $14,250,000 after purchasing an additional 33,616 shares during the period. Hsbc Holdings PLC acquired a new stake in Nabors Industries during the second quarter valued at approximately $1,242,000. Finally, Dimensional Fund Advisors LP boosted its holdings in Nabors Industries by 6.2% during the second quarter. Dimensional Fund Advisors LP now owns 289,967 shares of the oil and gas company's stock valued at $20,634,000 after purchasing an additional 16,890 shares in the last quarter. 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.