Citigroup Forecasts Strong Price Appreciation for Nabors Industries (NYSE:NBR) Stock

Nabors Industries (NYSE:NBR) had its target price boosted by research analysts at Citigroup from $75.00 to $80.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage currently has a “neutral” rating on the oil and gas company’s stock. Citigroup’s target price would indicate a potential upside of 11.10% from the stock’s current price.

Several other equities research analysts have also weighed in on the stock. Evercore ISI cut their target price 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. Barclays cut 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 report on Wednesday, October 16th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $102.00 target price on shares of Nabors Industries in a report on Wednesday, October 16th. Finally, Susquehanna lowered their price objective on shares of Nabors Industries from $79.00 to $77.00 and set a “neutral” rating for the company in a research report on Thursday, October 24th. Eight research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $97.00.

Nabors Industries Trading Down 3.2 %

Shares of NYSE NBR opened at $72.01 on Thursday. The company’s 50 day simple moving average is $71.93 and its 200 day simple moving average is $74.81. Nabors Industries has a fifty-two week low of $59.67 and a fifty-two week high of $105.96. The firm has a market capitalization of $687.70 million, a P/E ratio of -3.92 and a beta of 2.11. The company has a debt-to-equity ratio of 5.43, a current ratio of 1.88 and a quick ratio of 1.57.

Hedge Funds Weigh In On Nabors Industries

Hedge funds have recently bought and sold shares of the company. nVerses Capital LLC bought a new position in Nabors Industries in the 3rd quarter valued at about $45,000. Russell Investments Group Ltd. grew its holdings in shares of Nabors Industries by 2,022.2% during the 1st quarter. Russell Investments Group Ltd. now owns 764 shares of the oil and gas company’s stock valued at $67,000 after purchasing an additional 728 shares during the last quarter. Signaturefd LLC grew its holdings 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 valued at $88,000 after purchasing an additional 472 shares during the last quarter. SG Americas Securities LLC bought a new stake in shares of Nabors Industries during the 2nd quarter valued at approximately $159,000. Finally, The Manufacturers Life Insurance Company grew its holdings in shares of 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 last quarter. 81.92% of the stock is 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.