Nabors Industries (NYSE:NBR) Shares Down 4.7% – Should You Sell?

Nabors Industries Ltd. (NYSE:NBR) shares were down 4.7% during mid-day trading on Wednesday . The stock traded as low as $75.88 and last traded at $75.88. Approximately 46,997 shares traded hands during mid-day trading, a decline of 83% from the average daily volume of 282,557 shares. The stock had previously closed at $79.59.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on NBR. Royal Bank of Canada reissued a “sector perform” rating and set a $102.00 price objective on shares of Nabors Industries in a report on Wednesday, October 16th. Susquehanna cut their target price on Nabors Industries from $79.00 to $77.00 and set a “neutral” rating on the stock in a report 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. Evercore ISI lowered their price objective on Nabors Industries from $94.00 to $85.00 and set an “in-line” rating for the company in a research report on Thursday, October 24th. Finally, Barclays lowered their price objective on 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. Eight equities research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $97.00.

Nabors Industries Price Performance

The business has a fifty day simple moving average of $72.39 and a 200 day simple moving average of $74.96. The company has a debt-to-equity ratio of 5.43, a quick ratio of 1.63 and a current ratio of 1.88.

Hedge Funds Weigh In On Nabors Industries

Hedge funds and other institutional investors have recently modified their holdings of the business. nVerses Capital LLC purchased a new position in shares of Nabors Industries in the 3rd quarter worth approximately $45,000. Russell Investments Group Ltd. boosted 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 worth $67,000 after buying an additional 728 shares during the last quarter. Signaturefd LLC boosted its stake in shares of 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 buying an additional 472 shares during the last quarter. SG Americas Securities LLC purchased a new position in shares of Nabors Industries in the 2nd quarter worth approximately $159,000. Finally, The Manufacturers Life Insurance Company lifted its stake in 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 valued at $254,000 after purchasing an additional 181 shares during the last quarter. Hedge funds and other institutional investors 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.