Nabors Industries (NYSE:NBR) Stock Price Up 3.5% – Still a Buy?

Nabors Industries Ltd. (NYSE:NBR)’s stock price was up 3.5% on Tuesday . The stock traded as high as $56.65 and last traded at $56.15. Approximately 21,111 shares were traded during trading, a decline of 93% from the average daily volume of 289,132 shares. The stock had previously closed at $54.25.

Analysts Set New Price Targets

NBR has been the topic of a number of analyst reports. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $102.00 price objective on shares of Nabors Industries in a report on Wednesday, October 16th. Susquehanna reduced 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. Barclays dropped 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 report on Wednesday, October 16th. Evercore ISI reduced their target price on Nabors Industries from $94.00 to $85.00 and set an “in-line” rating for the company in a report on Thursday, October 24th. Finally, Citigroup lifted their price target on Nabors Industries from $75.00 to $80.00 and gave the stock a “neutral” rating in a report on Thursday, October 31st. Six research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $97.00.

Nabors Industries Stock Performance

The company has a 50 day simple moving average of $68.96 and a 200-day simple moving average of $73.32. The stock has a market capitalization of $612.23 million, a P/E ratio of -3.11 and a beta of 2.05. The company has a debt-to-equity ratio of 5.43, a current ratio of 1.88 and a quick ratio of 1.63.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the business. nVerses Capital LLC purchased a new stake in Nabors Industries during the 3rd quarter worth about $45,000. Signaturefd LLC grew 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 valued at $88,000 after purchasing an additional 472 shares in the last quarter. Wellington Management Group LLP bought a new position in Nabors Industries in the 3rd quarter worth about $220,000. The Manufacturers Life Insurance Company boosted its stake in Nabors Industries by 5.3% in the second quarter. The Manufacturers Life Insurance Company now owns 3,567 shares of the oil and gas company’s stock worth $254,000 after buying an additional 181 shares in the last quarter. Finally, SG Americas Securities LLC grew its position in Nabors Industries by 79.6% during the third quarter. SG Americas Securities LLC now owns 4,017 shares of the oil and gas company’s stock valued at $259,000 after acquiring an additional 1,780 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.