Nabors Industries (NYSE:NBR) Stock Price Down 5.5% - Here's Why

Nabors Industries Ltd. (NYSE:NBR - Get Free Report) shares were down 5.5% during trading on Friday . The company traded as low as $65.70 and last traded at $66.02. Approximately 39,874 shares traded hands during mid-day trading, a decline of 86% from the average daily volume of 283,775 shares. The stock had previously closed at $69.89.

Analysts Set New Price Targets

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

Nabors Industries Price Performance

The firm has a market capitalization of $636.70 million, a P/E ratio of -3.63 and a beta of 2.05. The company has a quick ratio of 1.63, a current ratio of 1.88 and a debt-to-equity ratio of 5.43. The business's 50 day moving average is $74.79 and its 200-day moving average is $74.73.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Price T Rowe Associates Inc. MD grew its holdings in shares of Nabors Industries by 6.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 6,471 shares of the oil and gas company's stock valued at $558,000 after purchasing an additional 399 shares during the last quarter. SG Americas Securities LLC acquired a new position in shares of Nabors Industries during the second quarter worth $159,000. Bank of New York Mellon Corp lifted its stake in shares of Nabors Industries by 42.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 115,084 shares of the oil and gas company's stock valued at $8,189,000 after acquiring an additional 34,473 shares during the last quarter. Van ECK Associates Corp lifted its stake in shares of Nabors Industries by 6.8% in the 2nd quarter. Van ECK Associates Corp now owns 197,177 shares of the oil and gas company's stock valued at $14,031,000 after acquiring an additional 12,622 shares during the last quarter. Finally, Nicola Wealth Management LTD. boosted its holdings in shares of Nabors Industries by 182.9% during the 2nd quarter. Nicola Wealth Management LTD. now owns 23,200 shares of the oil and gas company's stock valued at $1,651,000 after acquiring an additional 15,000 shares in the last quarter. Institutional investors and hedge funds own 81.92% of the company's stock.

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.