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

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.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on NBR. Evercore ISI dropped 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 research note on Thursday, October 24th. Citigroup raised their price target on Nabors Industries from $75.00 to $80.00 and gave the stock a “neutral” rating in a research note on Thursday, October 31st. Susquehanna lowered their price target on Nabors Industries from $79.00 to $77.00 and set a “neutral” rating for the company in a research note on Thursday, October 24th. Barclays cut 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 research report on Wednesday, October 16th. Finally, Royal Bank of Canada restated a “sector perform” rating and set a $102.00 price target on shares of Nabors Industries in a research note on Wednesday, October 16th. Six research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $97.00.

Nabors Industries Trading Up 4.5 %

The stock has a market capitalization of $640.08 million, a price-to-earnings ratio of -3.25 and a beta of 2.05. 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 company has a fifty day moving average of $68.96 and a two-hundred day moving average of $73.32.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. nVerses Capital LLC bought a new stake in Nabors Industries during the third quarter valued at about $45,000. Signaturefd LLC lifted its position in shares of Nabors Industries by 52.9% during the 3rd quarter. Signaturefd LLC now owns 1,364 shares of the oil and gas company’s stock worth $88,000 after purchasing an additional 472 shares during the last quarter. Wellington Management Group LLP bought a new stake in Nabors Industries during the 3rd quarter valued at approximately $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 holdings 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 valued at $259,000 after buying 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.