Nabors Industries (NYSE:NBR) Shares Gap Up – Time to Buy?

Nabors Industries Ltd. (NYSE:NBR)’s share price gapped up prior to trading on Monday . The stock had previously closed at $72.01, but opened at $74.13. Nabors Industries shares last traded at $74.70, with a volume of 15,059 shares traded.

Wall Street Analyst Weigh In

NBR has been the topic of a number of recent research reports. Barclays reduced their price objective 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. Susquehanna cut their price target on shares of Nabors Industries from $79.00 to $77.00 and set a “neutral” rating on the stock in a report on Thursday, October 24th. Evercore ISI reduced their target price on Nabors Industries from $94.00 to $85.00 and set an “in-line” rating on the stock in a research note on Thursday, October 24th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $102.00 price target on shares of Nabors Industries in a research note on Wednesday, October 16th. Finally, Citigroup boosted their target price on shares of Nabors Industries from $75.00 to $80.00 and gave the company a “neutral” rating in a report on Thursday. Eight research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, Nabors Industries presently has an average rating of “Hold” and an average target price of $97.00.

Nabors Industries Stock Up 6.2 %

The company has a market capitalization of $730.00 million, a PE ratio of -4.18 and a beta of 2.09. The company has a debt-to-equity ratio of 5.43, a quick ratio of 1.57 and a current ratio of 1.88. The company’s 50-day moving average is $71.93 and its 200 day moving average is $74.81.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of NBR. Vanguard Group Inc. increased its position 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 buying an additional 40,078 shares in the last quarter. Gendell Jeffrey L grew its holdings in Nabors Industries by 10.1% during the 1st quarter. Gendell Jeffrey L now owns 436,442 shares of the oil and gas company’s stock valued at $37,591,000 after buying an additional 40,141 shares in the last quarter. Apollo Management Holdings L.P. lifted its position in shares of Nabors Industries by 64.6% in the first quarter. Apollo Management Holdings L.P. now owns 335,091 shares of the oil and gas company’s stock worth $28,861,000 after buying an additional 131,490 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Nabors Industries by 6.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 289,967 shares of the oil and gas company’s stock valued at $20,634,000 after acquiring an additional 16,890 shares during the last quarter. Finally, American Century Companies Inc. lifted its position in Nabors Industries by 20.2% during the second quarter. American Century Companies Inc. now owns 200,250 shares of the oil and gas company’s stock valued at $14,250,000 after purchasing an additional 33,616 shares during the last quarter. Hedge funds and other 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.