Evercore ISI Lowers Nabors Industries (NYSE:NBR) Price Target to $85.00

Nabors Industries (NYSE:NBR) had its price objective lowered by Evercore ISI from $94.00 to $85.00 in a research report released on Thursday morning, Benzinga reports. The firm currently has an in-line rating on the oil and gas company’s stock.

NBR has been the subject of several other reports. Citigroup downgraded Nabors Industries from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $110.00 to $75.00 in a research note on Friday, September 13th. Barclays cut their price target on Nabors Industries from $110.00 to $88.00 and set an “equal weight” rating for the company in a research note on Wednesday, October 16th. Finally, Royal Bank of Canada reissued a “sector perform” rating and issued a $102.00 price objective on shares of Nabors Industries in a research note on Wednesday, October 16th. Eight research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $96.17.

Nabors Industries Stock Up 3.7 %

Shares of NYSE:NBR opened at $75.62 on Thursday. The company has a current ratio of 1.82, a quick ratio of 1.57 and a debt-to-equity ratio of 5.01. The firm has a 50 day simple moving average of $72.51 and a 200-day simple moving average of $75.02. The company has a market capitalization of $809.29 million, a PE ratio of -5.48 and a beta of 2.11. Nabors Industries has a twelve month low of $59.67 and a twelve month high of $109.29.

Institutional Investors Weigh In On Nabors Industries

A number of hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its holdings in Nabors Industries by 5.1% in the first quarter. Vanguard Group Inc. now owns 819,113 shares of the oil and gas company’s stock worth $70,550,000 after purchasing an additional 40,078 shares during the period. Burney Co. acquired a new position in shares of Nabors Industries during the first quarter valued at approximately $989,000. Nicola Wealth Management LTD. boosted its stake in Nabors Industries by 182.9% during the 2nd quarter. Nicola Wealth Management LTD. now owns 23,200 shares of the oil and gas company’s stock valued at $1,651,000 after purchasing an additional 15,000 shares in the last quarter. Swiss National Bank increased its position 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 during the period. Finally, Hsbc Holdings PLC acquired a new position in Nabors Industries during the second quarter worth about $1,242,000. 81.92% of the stock is currently owned by 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.