Nabors Industries (NYSE:NBR) Shares Down 4.8% - Here's What Happened

Nabors Industries Ltd. (NYSE:NBR - Get Free Report) fell 4.8% during mid-day trading on Thursday . The company traded as low as $64.82 and last traded at $64.86. 65,555 shares were traded during trading, a decline of 76% from the average session volume of 272,760 shares. The stock had previously closed at $68.10.

Analyst Ratings Changes

NBR has been the topic of several analyst reports. Susquehanna cut 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, October 24th. Evercore ISI decreased 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 research report on Thursday, October 24th. Barclays dropped their target price on Nabors Industries from $110.00 to $88.00 and set an "equal weight" rating on the stock in a research report on Wednesday, October 16th. Citigroup upped their price target on Nabors Industries from $75.00 to $80.00 and gave the stock a "neutral" rating in a report on Thursday, October 31st. Finally, Royal Bank of Canada reissued a "sector perform" rating and issued a $102.00 price objective on shares of Nabors Industries in a report on Wednesday, October 16th. Six analysts have rated the stock with a hold rating and one has issued a buy rating to the company's stock. According to MarketBeat, Nabors Industries presently has a consensus rating of "Hold" and an average target price of $97.00.

Nabors Industries Trading Down 0.5 %

The company has a fifty day moving average of $66.50 and a 200-day moving average of $73.02. The company has a current ratio of 1.88, a quick ratio of 1.63 and a debt-to-equity ratio of 5.43. The company has a market capitalization of $725.50 million, a price-to-earnings ratio of -3.67 and a beta of 2.05.

Institutional Trading of Nabors Industries

A number of institutional investors have recently made changes to their positions in the company. Geode Capital Management LLC boosted its stake in Nabors Industries by 1.5% during the 3rd quarter. Geode Capital Management LLC now owns 206,041 shares of the oil and gas company's stock worth $13,286,000 after purchasing an additional 3,054 shares during the last quarter. Barclays PLC boosted its holdings in shares of Nabors Industries by 60.8% during the 3rd quarter. Barclays PLC now owns 112,318 shares of the oil and gas company's stock worth $7,241,000 after purchasing an additional 42,483 shares during the last quarter. Wellington Management Group LLP acquired a new stake in shares of Nabors Industries in the third quarter valued at approximately $220,000. Centiva Capital LP acquired a new position in Nabors Industries during the third quarter worth $531,000. Finally, Atom Investors LP acquired a new stake in shares of Nabors Industries in the 3rd quarter worth $332,000. 81.92% of the stock is owned by institutional investors and hedge funds.

Nabors Industries Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.