Nabors Industries Ltd. (NYSE:NBR – Get Free Report) gapped down prior to trading on Monday . The stock had previously closed at $75.62, but opened at $72.01. Nabors Industries shares last traded at $72.00, with a volume of 32,391 shares traded.
Wall Street Analyst Weigh In
Several analysts have commented on the company. Barclays cut their target price on Nabors Industries from $110.00 to $88.00 and set an “equal weight” rating on the stock in a research note on Wednesday, October 16th. Evercore ISI reduced their target price on shares of Nabors Industries from $94.00 to $85.00 and set an “in-line” rating for the company in a report on Thursday. Royal Bank of Canada reiterated a “sector perform” rating and set a $102.00 price target on shares of Nabors Industries in a research note on Wednesday, October 16th. Susquehanna reduced their price objective on Nabors Industries from $79.00 to $77.00 and set a “neutral” rating for the company in a research note on Thursday. Finally, Citigroup cut Nabors Industries from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $110.00 to $75.00 in a report on Friday, September 13th. Eight research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, Nabors Industries currently has an average rating of “Hold” and an average price target of $96.17.
Check Out Our Latest Stock Report on Nabors Industries
Nabors Industries Stock Down 6.1 %
Institutional Trading of Nabors Industries
Large investors have recently added to or reduced their stakes in the company. nVerses Capital LLC bought a new stake in Nabors Industries in the third quarter worth $45,000. Russell Investments Group Ltd. raised its position 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 buying an additional 728 shares in the last quarter. Signaturefd LLC lifted its holdings in shares of Nabors Industries by 52.9% in the 3rd quarter. Signaturefd LLC now owns 1,364 shares of the oil and gas company’s stock valued at $88,000 after acquiring an additional 472 shares during the last quarter. SG Americas Securities LLC bought a new stake in Nabors Industries during the second quarter worth approximately $159,000. Finally, The Manufacturers Life Insurance Company raised its position in Nabors Industries by 5.3% during the second 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. Institutional investors own 81.92% of the company’s stock.
About Nabors Industries
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.
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