Nabors Industries (NYSE:NBR) Shares Gap Down to $127.39

Nabors Industries Ltd. (NYSE:NBRGet Rating) gapped down before the market opened on Wednesday . The stock had previously closed at $127.39, but opened at $122.20. Nabors Industries shares last traded at $120.03, with a volume of 486 shares trading hands.

Analyst Upgrades and Downgrades

A number of brokerages have commented on NBR. Susquehanna reduced their price target on shares of Nabors Industries from $170.00 to $21.00 in a research report on Wednesday, June 8th. Morgan Stanley dropped their price objective on Nabors Industries from $150.00 to $125.00 and set an “underweight” rating for the company in a research note on Wednesday, July 13th. Finally, Susquehanna Bancshares dropped their price objective on Nabors Industries from $170.00 to $21.00 and set a “neutral” rating for the company in a research note on Wednesday, June 8th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat.com, Nabors Industries currently has an average rating of “Hold” and an average price target of $93.67.

Nabors Industries Stock Performance

The stock has a market cap of $1.28 billion, a PE ratio of -1.95 and a beta of 2.68. The company has a debt-to-equity ratio of 4.33, a current ratio of 1.76 and a quick ratio of 1.53. The business has a 50 day moving average price of $125.22 and a two-hundred day moving average price of $143.40.

Institutional Trading of Nabors Industries

A number of institutional investors and hedge funds have recently added to or reduced their stakes in NBR. Charles Schwab Investment Management Inc. lifted its stake in Nabors Industries by 158.1% in the first quarter. Charles Schwab Investment Management Inc. now owns 234,826 shares of the oil and gas company’s stock worth $35,863,000 after acquiring an additional 143,840 shares during the period. Diameter Capital Partners LP purchased a new stake in Nabors Industries in the first quarter worth $18,871,000. Price T Rowe Associates Inc. MD lifted its stake in Nabors Industries by 1,355.5% in the second quarter. Price T Rowe Associates Inc. MD now owns 75,626 shares of the oil and gas company’s stock worth $10,126,000 after acquiring an additional 70,430 shares during the period. BlackRock Inc. lifted its stake in Nabors Industries by 4.1% in the first quarter. BlackRock Inc. now owns 1,276,778 shares of the oil and gas company’s stock worth $194,989,000 after acquiring an additional 50,829 shares during the period. Finally, Renaissance Technologies LLC lifted its stake in Nabors Industries by 238.2% in the first quarter. Renaissance Technologies LLC now owns 68,664 shares of the oil and gas company’s stock worth $10,486,000 after acquiring an additional 48,364 shares during the period. Hedge funds and other institutional investors own 65.99% of the company’s stock.

Nabors Industries Company Profile

(Get Rating)

Nabors Industries Ltd. provides drilling and drilling-related services for land-based and offshore oil and natural gas wells. The company operates through five segments: U.S. Drilling, Canada Drilling, International Drilling, Drilling Solutions, and Rig Technologies. It provides tubular running, wellbore placement, directional drilling, measurement-while-drilling (MWD), equipment manufacturing, and rig instrumentation services; and logging-while-drilling systems and services, as well as drilling optimization software.

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