Nabors Industries (NYSE:NBR) Trading Down 2.9% - Here's Why

Nabors Industries Ltd. (NYSE:NBR - Get Free Report) shares dropped 2.9% on Thursday . The stock traded as low as $51.06 and last traded at $51.42. Approximately 101,373 shares were traded during mid-day trading, a decline of 65% from the average daily volume of 288,797 shares. The stock had previously closed at $52.96.

Analyst Upgrades and Downgrades

NBR has been the subject of several research analyst reports. Citigroup lifted their target price on shares of Nabors Industries from $75.00 to $80.00 and gave the stock a "neutral" rating in a report on Thursday, October 31st. Royal Bank of Canada reaffirmed a "sector perform" rating and issued a $102.00 target price on shares of Nabors Industries in a research report on Wednesday, October 16th. Evercore ISI dropped their price target 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 lowered their price objective 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. Finally, 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 report on Thursday, October 24th. Six research analysts have rated the stock with a hold rating and one has given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $97.00.

Nabors Industries Stock Performance

The company has a market cap of $546.91 million, a P/E ratio of -2.78 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. The stock's fifty day moving average price is $70.35 and its two-hundred day moving average price is $73.58.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of NBR. The Manufacturers Life Insurance Company grew its holdings in shares of Nabors Industries by 5.3% during the 2nd 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 during the last quarter. Intech Investment Management LLC grew its position in Nabors Industries by 6.4% during the 3rd quarter. Intech Investment Management LLC now owns 5,372 shares of the oil and gas company's stock worth $346,000 after acquiring an additional 322 shares during the last quarter. Signaturefd LLC increased its holdings in Nabors Industries by 52.9% in the 3rd quarter. Signaturefd LLC now owns 1,364 shares of the oil and gas company's stock worth $88,000 after purchasing an additional 472 shares in the last quarter. AQR Capital Management LLC raised its position in Nabors Industries by 14.5% in the second quarter. AQR Capital Management LLC now owns 4,753 shares of the oil and gas company's stock valued at $338,000 after purchasing an additional 601 shares during the last quarter. Finally, Ensign Peak Advisors Inc boosted its stake in shares of Nabors Industries by 8.8% during the second quarter. Ensign Peak Advisors Inc now owns 8,649 shares of the oil and gas company's stock valued at $615,000 after purchasing an additional 700 shares in the last quarter. 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.