Nabors Industries (NYSE:NBR) Shares Gap Up – Here’s What Happened

Nabors Industries Ltd. (NYSE:NBR) 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 traded.

Analysts Set New Price Targets

NBR has been the subject of a number of recent analyst reports. Barclays cut 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. Evercore ISI reduced their price objective on shares of 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. Citigroup raised their price objective on shares of Nabors Industries from $75.00 to $80.00 and gave the stock a “neutral” rating in a research report on Thursday, October 31st. Royal Bank of Canada reiterated a “sector perform” rating and set a $102.00 price objective on shares of Nabors Industries in a research report on Wednesday, October 16th. Finally, Susquehanna decreased 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 note on Thursday, October 24th. Eight analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $97.00.

Nabors Industries Trading Up 5.4 %

The firm has a 50 day moving average price of $71.77 and a two-hundred day moving average price of $74.81. The company has a quick ratio of 1.57, a current ratio of 1.88 and a debt-to-equity ratio of 5.43. The company has a market cap of $754.45 million, a price-to-earnings ratio of -4.30 and a beta of 2.09.

Institutional Investors Weigh In On Nabors Industries

Large investors have recently bought and sold shares of the stock. nVerses Capital LLC bought a new stake in shares of Nabors Industries during the third quarter worth about $45,000. Russell Investments Group Ltd. raised its stake in shares of Nabors Industries by 2,022.2% in the first quarter. Russell Investments Group Ltd. now owns 764 shares of the oil and gas company’s stock worth $67,000 after purchasing an additional 728 shares during the last quarter. Signaturefd LLC lifted its holdings in shares of Nabors Industries by 52.9% in the third quarter. Signaturefd LLC now owns 1,364 shares of the oil and gas company’s stock valued at $88,000 after purchasing an additional 472 shares in the last quarter. SG Americas Securities LLC purchased a new position in shares of Nabors Industries during the second quarter valued at approximately $159,000. Finally, The Manufacturers Life Insurance Company grew 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 worth $254,000 after buying an additional 181 shares in the last quarter. 81.92% of the stock is currently owned by institutional investors and hedge funds.

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.