Van ECK Associates Corp Cuts Holdings in Nabors Industries Ltd. (NYSE:NBR)

Van ECK Associates Corp reduced its position in Nabors Industries Ltd. (NYSE:NBR - Free Report) by 27.2% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 143,606 shares of the oil and gas company's stock after selling 53,571 shares during the quarter. Van ECK Associates Corp owned about 1.50% of Nabors Industries worth $10,077,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. nVerses Capital LLC purchased a new position in shares of Nabors Industries during the 3rd quarter worth approximately $45,000. Russell Investments Group Ltd. increased its position in Nabors Industries by 2,022.2% during the 1st quarter. Russell Investments Group Ltd. now owns 764 shares of the oil and gas company's stock valued at $67,000 after buying an additional 728 shares in the last quarter. Signaturefd LLC raised its stake in Nabors Industries by 52.9% during the third quarter. Signaturefd LLC now owns 1,364 shares of the oil and gas company's stock valued at $88,000 after buying an additional 472 shares during the last quarter. SG Americas Securities LLC bought a new stake in Nabors Industries in the second quarter worth $159,000. Finally, The Manufacturers Life Insurance Company grew its stake in shares of Nabors Industries by 5.3% in the second quarter. The Manufacturers Life Insurance Company now owns 3,567 shares of the oil and gas company's stock worth $254,000 after acquiring an additional 181 shares during the last quarter. Institutional investors own 81.92% of the company's stock.

Nabors Industries Stock Down 2.3 %

NBR traded down $1.95 during trading hours on Thursday, hitting $82.43. 169,568 shares of the company's stock were exchanged, compared to its average volume of 282,140. The firm has a 50 day moving average of $71.88 and a 200 day moving average of $74.87. The company has a current ratio of 1.88, a quick ratio of 1.57 and a debt-to-equity ratio of 5.43. Nabors Industries Ltd. has a 12-month low of $59.67 and a 12-month high of $105.96. The firm has a market cap of $787.04 million, a P/E ratio of -4.58 and a beta of 2.09.

Analyst Upgrades and Downgrades

NBR has been the topic of several recent analyst reports. Evercore ISI cut their price objective 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, 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. Citigroup boosted their price objective 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. Susquehanna reduced their price objective on Nabors Industries from $79.00 to $77.00 and set a "neutral" rating for the company in a research report on Thursday, October 24th. Finally, Royal Bank of Canada reaffirmed a "sector perform" rating and set a $102.00 price target on shares of Nabors Industries in a research report on Wednesday, October 16th. Eight equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company's stock. According to data from MarketBeat.com, Nabors Industries has an average rating of "Hold" and an average target price of $97.00.

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.