Nabors Industries (NYSE:NBR) Shares Gap Up – What’s Next?

Nabors Industries Ltd. (NYSE:NBR) gapped up before the market opened on Thursday . The stock had previously closed at $57.17, but opened at $59.17. Nabors Industries shares last traded at $59.38, with a volume of 34,760 shares traded.

Analysts Set New Price Targets

NBR has been the subject of a number of analyst reports. Royal Bank of Canada reissued a “sector perform” rating and issued a $102.00 price target on shares of Nabors Industries in a report on Wednesday, October 16th. Barclays decreased their price target on shares of 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 cut their price target on shares of Nabors Industries from $94.00 to $85.00 and set an “in-line” rating on the stock in a report on Thursday, October 24th. Susquehanna cut their target price 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. Finally, Citigroup boosted their price objective on Nabors Industries from $75.00 to $80.00 and gave the company a “neutral” rating in a report on Thursday, October 31st. Six equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat.com, Nabors Industries currently has an average rating of “Hold” and a consensus price target of $97.00.

Nabors Industries Stock Up 4.5 %

The company has a debt-to-equity ratio of 5.43, a current ratio of 1.88 and a quick ratio of 1.63. The stock’s fifty day simple moving average is $68.96 and its 200-day simple moving average is $73.32. The stock has a market cap of $640.08 million, a P/E ratio of -3.25 and a beta of 2.05.

Institutional Trading of Nabors Industries

Hedge funds have recently made changes to their positions in the stock. nVerses Capital LLC bought a new stake in Nabors Industries in the third quarter valued at $45,000. Signaturefd LLC increased its holdings 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 acquiring an additional 472 shares during the period. Wellington Management Group LLP bought a new stake in Nabors Industries in the 3rd quarter valued at about $220,000. The Manufacturers Life Insurance Company boosted its stake in Nabors Industries by 5.3% during the 2nd 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 period. Finally, SG Americas Securities LLC grew its position in Nabors Industries by 79.6% in the 3rd quarter. SG Americas Securities LLC now owns 4,017 shares of the oil and gas company’s stock worth $259,000 after purchasing an additional 1,780 shares during the last quarter. 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.