Nabors Industries (NYSE:NBR) Shares Gap Up - Time to Buy?

Nabors Industries Ltd. (NYSE:NBR - Get Free Report) gapped up before the market opened on Monday . The stock had previously closed at $72.01, but opened at $74.13. Nabors Industries shares last traded at $74.70, with a volume of 15,059 shares trading hands.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on NBR. Barclays decreased their price target on Nabors Industries from $110.00 to $88.00 and set an "equal weight" rating for the company in a research note on Wednesday, October 16th. Evercore ISI decreased their target price 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. Susquehanna dropped 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 report on Thursday, October 24th. Citigroup lifted their price objective on shares of Nabors Industries from $75.00 to $80.00 and gave the stock a "neutral" rating in a research note on Thursday. Finally, Royal Bank of Canada restated a "sector perform" rating and set a $102.00 target price on shares of Nabors Industries in a report on Wednesday, October 16th. Eight research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $97.00.

Nabors Industries Stock Performance

The company has a current ratio of 1.88, a quick ratio of 1.57 and a debt-to-equity ratio of 5.43. The firm's fifty day moving average price is $71.93 and its 200 day moving average price is $74.81. The firm has a market capitalization of $715.68 million, a PE ratio of -4.08 and a beta of 2.09.

Institutional Investors Weigh In On Nabors Industries

Several large investors have recently made changes to their positions in NBR. nVerses Capital LLC acquired a new stake in Nabors Industries in the third quarter valued at approximately $45,000. Russell Investments Group Ltd. lifted its stake in shares of Nabors Industries by 2,022.2% in the 1st quarter. Russell Investments Group Ltd. now owns 764 shares of the oil and gas company's stock valued at $67,000 after purchasing an additional 728 shares during the last quarter. Signaturefd LLC boosted its holdings in Nabors Industries by 52.9% in 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 in the last quarter. SG Americas Securities LLC acquired a new position in Nabors Industries during the second quarter worth $159,000. Finally, The Manufacturers Life Insurance Company raised its holdings in Nabors Industries by 5.3% during 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 buying an additional 181 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.