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

Nabors Industries Ltd. (NYSE:NBR - Get Free Report) gapped down before the market opened on Monday . The stock had previously closed at $75.62, but opened at $72.01. Nabors Industries shares last traded at $72.00, with a volume of 32,391 shares traded.

Wall Street Analysts Forecast Growth

NBR has been the topic of a number of recent analyst reports. Citigroup lowered Nabors Industries from a "buy" rating to a "neutral" rating and reduced their price objective for the stock from $110.00 to $75.00 in a research note on Friday, September 13th. Evercore ISI reduced their price target on shares of Nabors Industries from $94.00 to $85.00 and set an "in-line" rating on the stock in a research report on Thursday. 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 research report on Thursday. Barclays reduced their target price on shares of 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, Royal Bank of Canada reissued a "sector perform" rating and issued a $102.00 price target on shares of Nabors Industries in a report on Wednesday, October 16th. Eight equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $96.17.

Nabors Industries Stock Performance

The company has a quick ratio of 1.57, a current ratio of 1.82 and a debt-to-equity ratio of 5.01. The stock has a market cap of $780.18 million, a P/E ratio of -5.14 and a beta of 2.11. The stock has a fifty day simple moving average of $72.51 and a 200-day simple moving average of $74.96.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in NBR. Signaturefd LLC raised 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 purchasing an additional 472 shares during the period. nVerses Capital LLC acquired a new stake in Nabors Industries during the 3rd quarter worth approximately $45,000. Inspire Investing LLC bought a new position in Nabors Industries in the third quarter valued at approximately $411,000. SG Americas Securities LLC boosted its holdings in shares of Nabors Industries by 79.6% in the third quarter. SG Americas Securities LLC now owns 4,017 shares of the oil and gas company's stock valued at $259,000 after buying an additional 1,780 shares during the period. Finally, Creative Planning increased its position in shares of Nabors Industries by 62.3% during the second quarter. Creative Planning now owns 8,756 shares of the oil and gas company's stock worth $623,000 after acquiring an additional 3,360 shares in the last quarter. 81.92% of the stock is currently owned by 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.