Nabors Industries (NYSE:NBR) Hits New 1-Year Low – What’s Next?

Nabors Industries Ltd. (NYSE:NBR) shares hit a new 52-week low on Tuesday . The company traded as low as $58.16 and last traded at $58.90, with a volume of 45416 shares changing hands. The stock had previously closed at $61.72.

Wall Street Analyst Weigh In

A number of brokerages recently commented on NBR. Barclays dropped their price objective on shares of Nabors Industries from $110.00 to $88.00 and set an “equal weight” rating on the stock in a report on Wednesday, October 16th. Evercore ISI decreased their price objective on Nabors Industries from $94.00 to $85.00 and set an “in-line” rating for the company in a report on Thursday, October 24th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $102.00 price target on shares of Nabors Industries in a research note on Wednesday, October 16th. Susquehanna cut their price objective 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. Finally, Citigroup raised their target price on shares of Nabors Industries from $75.00 to $80.00 and gave the company a “neutral” rating in a research report on Thursday, October 31st. Seven investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $97.00.

Nabors Industries Trading Down 6.2 %

The company has a current ratio of 1.88, a quick ratio of 1.63 and a debt-to-equity ratio of 5.43. The business has a 50 day moving average of $73.17 and a two-hundred day moving average of $74.21. The firm has a market cap of $600.99 million, a P/E ratio of -3.05 and a beta of 2.05.

Institutional Investors Weigh In On Nabors Industries

A number of institutional investors have recently made changes to their positions in NBR. Geode Capital Management LLC boosted its stake in Nabors Industries by 1.5% in the 3rd quarter. Geode Capital Management LLC now owns 206,041 shares of the oil and gas company’s stock valued at $13,286,000 after purchasing an additional 3,054 shares during the period. Barclays PLC raised its stake in Nabors Industries by 60.8% in the 3rd quarter. Barclays PLC now owns 112,318 shares of the oil and gas company’s stock worth $7,241,000 after purchasing an additional 42,483 shares in the last quarter. Wellington Management Group LLP acquired a new position in shares of Nabors Industries during the 3rd quarter worth approximately $220,000. Centiva Capital LP bought a new position in shares of Nabors Industries during the third quarter worth approximately $531,000. Finally, Atom Investors LP acquired a new stake in shares of Nabors Industries in the third quarter valued at approximately $332,000. 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.