Nabors Industries Ltd. (NYSE:NBR) Receives Consensus Rating of “Hold” from Brokerages

Nabors Industries Ltd. (NYSE:NBR) has received a consensus recommendation of “Hold” from the seven brokerages that are presently covering the stock, MarketBeat Ratings reports. Six analysts have rated the stock with a hold rating and one has issued a buy rating on the company. The average twelve-month target price among brokerages that have covered the stock in the last year is $97.00.

A number of research firms recently weighed in on NBR. 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 note on Thursday, October 24th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $102.00 price objective on shares of Nabors Industries in a research note on Wednesday, October 16th. Citigroup lifted their price objective on shares of Nabors Industries from $75.00 to $80.00 and gave the company a “neutral” rating in a research note on Thursday, October 31st. Barclays reduced their price target on shares of Nabors Industries from $110.00 to $88.00 and set an “equal weight” rating for the company in a research report on Wednesday, October 16th. Finally, Evercore ISI reduced their price target on shares of Nabors Industries from $94.00 to $85.00 and set an “in-line” rating for the company in a research report on Thursday, October 24th.

Hedge Funds Weigh In On Nabors Industries

A number of hedge funds have recently modified their holdings of the company. Dimensional Fund Advisors LP increased its position in shares of Nabors Industries by 6.2% in the second 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 period. Geode Capital Management LLC increased its position in shares of Nabors Industries by 1.5% during the third quarter. Geode Capital Management LLC now owns 206,041 shares of the oil and gas company’s stock valued at $13,286,000 after buying an additional 3,054 shares during the period. American Century Companies Inc. increased its position in shares of 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 buying an additional 33,616 shares during the period. Van ECK Associates Corp increased its position in shares of Nabors Industries by 6.8% during the second quarter. Van ECK Associates Corp now owns 197,177 shares of the oil and gas company’s stock valued at $14,031,000 after buying an additional 12,622 shares during the period. Finally, Bank of New York Mellon Corp increased its position in shares of Nabors Industries by 42.8% during the second quarter. Bank of New York Mellon Corp now owns 115,084 shares of the oil and gas company’s stock valued at $8,189,000 after buying an additional 34,473 shares during the period. Hedge funds and other institutional investors own 81.92% of the company’s stock.

Nabors Industries Trading Up 6.0 %

Shares of NBR stock opened at $54.25 on Tuesday. The company has a 50 day moving average of $69.91 and a 200-day moving average of $73.54. The company has a quick ratio of 1.63, a current ratio of 1.88 and a debt-to-equity ratio of 5.43. Nabors Industries has a 12-month low of $50.15 and a 12-month high of $105.96. The firm has a market cap of $580.96 million, a P/E ratio of -2.95 and a beta of 2.05.

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.