Nabors Industries (NYSE:NBR) Shares Gap Up - Here's Why

Nabors Industries Ltd. (NYSE:NBR - Get Free Report) shares gapped up before the market opened on Thursday . The stock had previously closed at $57.17, but opened at $59.17. Nabors Industries shares last traded at $59.38, with a volume of 34,760 shares.

Analysts Set New Price Targets

A number of research firms have recently weighed in on NBR. 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 report on Wednesday, October 16th. Evercore ISI cut their price objective on shares of Nabors Industries from $94.00 to $85.00 and set an "in-line" rating on the stock in a report on Thursday, October 24th. Susquehanna reduced their target price on shares of Nabors Industries from $79.00 to $77.00 and set a "neutral" rating for the company in a research note on Thursday, October 24th. Royal Bank of Canada reissued a "sector perform" rating and set a $102.00 price target on shares of Nabors Industries in a research report on Wednesday, October 16th. Finally, Citigroup upped their price objective 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's stock. According to data from MarketBeat, Nabors Industries presently has an average rating of "Hold" and an average price target of $97.00.

Nabors Industries Price Performance

The company has a debt-to-equity ratio of 5.43, a current ratio of 1.88 and a quick ratio of 1.63. The firm has a market cap of $648.97 million, a PE ratio of -3.30 and a beta of 2.05. The business's fifty day moving average is $68.96 and its 200-day moving average is $73.32.

Institutional Trading of Nabors Industries

A number of large investors have recently bought and sold shares of the company. nVerses Capital LLC purchased a new stake in shares of Nabors Industries during the 3rd quarter valued at approximately $45,000. Signaturefd LLC lifted its position 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 acquiring an additional 472 shares in the last quarter. Wellington Management Group LLP bought a new position in shares of Nabors Industries in the third quarter worth $220,000. The Manufacturers Life Insurance Company grew its position in shares of Nabors Industries by 5.3% in 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 purchasing an additional 181 shares in the last quarter. Finally, SG Americas Securities LLC raised its stake in shares of Nabors Industries by 79.6% during the 3rd quarter. SG Americas Securities LLC now owns 4,017 shares of the oil and gas company's stock valued at $259,000 after purchasing an additional 1,780 shares during the period. 81.92% of the stock is owned by hedge funds and other institutional investors.

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.