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

Shares of Nabors Industries Ltd. (NYSE:NBR) 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.

Analyst Ratings Changes

Several analysts recently weighed in on the company. Royal Bank of Canada restated a “sector perform” rating and set a $102.00 price objective on shares of Nabors Industries in a research report on Wednesday, October 16th. Barclays decreased their target price on shares of Nabors Industries from $110.00 to $88.00 and set an “equal weight” rating on the stock in a research note on Wednesday, October 16th. Evercore ISI cut their price objective on 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 dropped their target price on Nabors Industries from $79.00 to $77.00 and set a “neutral” rating for the company in a research report on Thursday, October 24th. Finally, Citigroup raised their price objective on shares of Nabors Industries from $75.00 to $80.00 and gave the company a “neutral” rating in a report on Thursday, October 31st. Seven investment analysts have rated the stock with a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, Nabors Industries currently has a consensus rating of “Hold” and a consensus price target of $97.00.

Nabors Industries Stock Performance

The company has a market capitalization of $600.99 million, a price-to-earnings ratio of -3.05 and a beta of 2.05. The company has a 50 day moving average price of $73.17 and a 200 day moving average price of $74.21. The company has a debt-to-equity ratio of 5.43, a quick ratio of 1.63 and a current ratio of 1.88.

Institutional Investors Weigh In On Nabors Industries

A number of institutional investors and hedge funds have recently bought and sold shares of NBR. Nicola Wealth Management LTD. grew its position in Nabors Industries by 182.9% in the 2nd quarter. Nicola Wealth Management LTD. now owns 23,200 shares of the oil and gas company’s stock worth $1,651,000 after purchasing an additional 15,000 shares in the last quarter. Hsbc Holdings PLC bought a new position in shares of Nabors Industries in the second quarter valued at approximately $1,242,000. Centiva Capital LP bought a new position in shares of Nabors Industries in the third quarter valued at approximately $531,000. Dimensional Fund Advisors LP increased its position in shares of Nabors Industries by 6.2% during the second quarter. Dimensional Fund Advisors LP now owns 289,967 shares of the oil and gas company’s stock valued at $20,634,000 after acquiring an additional 16,890 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its position in Nabors Industries by 42.8% in the second quarter. Bank of New York Mellon Corp now owns 115,084 shares of the oil and gas company’s stock worth $8,189,000 after purchasing an additional 34,473 shares during the last quarter. 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.