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

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

Analysts Set New Price Targets

Several research firms have issued reports on NBR. Evercore ISI dropped their target price on 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. Susquehanna dropped their target price on 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 increased their target price on Nabors Industries from $75.00 to $80.00 and gave the stock a “neutral” rating in a research report on Thursday, October 31st. Barclays dropped their target price 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. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $102.00 price target on shares of Nabors Industries in a report on Wednesday, October 16th. Eight analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $97.00.

Nabors Industries Stock Performance

The company has a debt-to-equity ratio of 5.43, a quick ratio of 1.63 and a current ratio of 1.88. The company has a 50 day moving average price of $72.39 and a 200-day moving average price of $74.96.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in NBR. Swiss National Bank boosted its stake in shares of Nabors Industries by 3.4% during the 1st quarter. Swiss National Bank now owns 18,500 shares of the oil and gas company’s stock valued at $1,593,000 after purchasing an additional 600 shares in the last quarter. Susquehanna Fundamental Investments LLC purchased a new position in shares of Nabors Industries during the 1st quarter worth approximately $471,000. Russell Investments Group Ltd. grew its holdings in shares of 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 worth $67,000 after acquiring an additional 728 shares during the period. Vanguard Group Inc. lifted its stake in shares of Nabors Industries by 5.1% in the 1st quarter. Vanguard Group Inc. now owns 819,113 shares of the oil and gas company’s stock valued at $70,550,000 after purchasing an additional 40,078 shares during the period. Finally, Price T Rowe Associates Inc. MD lifted its stake in shares of Nabors Industries by 6.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 6,471 shares of the oil and gas company’s stock valued at $558,000 after purchasing an additional 399 shares during the period. 81.92% of the stock is owned by hedge funds and other 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.