Nabors Industries (NYSE:NBR) Shares Down 6.7% - Time to Sell?

Nabors Industries Ltd. (NYSE:NBR - Get Free Report)'s stock price dropped 6.7% during trading on Thursday . The stock traded as low as $55.20 and last traded at $54.91. Approximately 66,907 shares changed 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.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the company. Royal Bank of Canada reissued a "sector perform" rating and set a $102.00 price objective on shares of Nabors Industries in a research note on Wednesday, October 16th. Evercore ISI cut their price objective on Nabors Industries from $94.00 to $85.00 and set an "in-line" rating for the company in a 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 for the company in a research report on Wednesday, October 16th. Susquehanna lowered their price objective on shares of Nabors Industries from $79.00 to $77.00 and set a "neutral" rating for the company in a report on Thursday, October 24th. Finally, Citigroup increased their target price on shares of Nabors Industries from $75.00 to $80.00 and gave the company a "neutral" rating in a report on Thursday, October 31st. Six equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of "Hold" and a consensus target price of $97.00.

Nabors Industries Trading Up 5.0 %

The company has a debt-to-equity ratio of 5.43, a quick ratio of 1.63 and a current ratio of 1.88. The stock has a market capitalization of $585.52 million, a P/E ratio of -2.97 and a beta of 2.02. The stock has a 50-day moving average price of $61.43 and a two-hundred day moving average price of $71.04.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in NBR. Van ECK Associates Corp lifted its position in Nabors Industries by 41.0% during the 4th 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 period. Barclays PLC boosted its holdings in Nabors Industries by 60.8% in the third quarter. Barclays PLC now owns 112,318 shares of the oil and gas company's stock worth $7,241,000 after acquiring an additional 42,483 shares in the last quarter. HighTower Advisors LLC raised its position 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 worth $1,585,000 after purchasing an additional 16,761 shares during the last quarter. PDT Partners LLC raised its position in shares of Nabors Industries by 49.7% in the 3rd quarter. PDT Partners LLC now owns 46,659 shares of the oil and gas company's stock worth $3,008,000 after purchasing an additional 15,494 shares during the last quarter. Finally, Proficio Capital Partners LLC bought a new position in Nabors Industries in the 4th quarter worth about $664,000. Hedge funds and other 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.