Nabors Industries (NYSE:NBR) Shares Gap Up – Still a Buy?

Nabors Industries Ltd. (NYSE:NBR) shares gapped up prior to trading on Thursday . The stock had previously closed at $57.17, but opened at $59.17. Nabors Industries shares last traded at $59.38, with a volume of 34,760 shares traded.

Analysts Set New Price Targets

Several research firms have commented on NBR. Susquehanna decreased their price target on shares of Nabors Industries from $79.00 to $77.00 and set a “neutral” rating on the stock in a research note on Thursday, October 24th. Barclays decreased 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 cut 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. Citigroup raised their price objective on Nabors Industries from $75.00 to $80.00 and gave the company a “neutral” rating in a research note on Thursday, October 31st. Finally, Royal Bank of Canada restated a “sector perform” rating and set a $102.00 target price on shares of Nabors Industries in a report on Wednesday, October 16th. Six analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $97.00.

Nabors Industries Trading Up 1.8 %

The company has a debt-to-equity ratio of 5.43, a current ratio of 1.88 and a quick ratio of 1.63. The firm’s 50 day moving average price is $68.43 and its 200 day moving average price is $73.23. The stock has a market capitalization of $660.96 million, a P/E ratio of -3.36 and a beta of 2.05.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP raised its position in shares of Nabors Industries by 6.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 289,967 shares of the oil and gas company’s stock worth $20,634,000 after acquiring an additional 16,890 shares in the last quarter. Geode Capital Management LLC lifted its position in 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. boosted its holdings in shares of Nabors Industries by 20.2% during the 2nd 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 in the last quarter. Bank of New York Mellon Corp grew its position in shares of Nabors Industries by 42.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 115,084 shares of the oil and gas company’s stock worth $8,189,000 after buying an additional 34,473 shares during the period. Finally, Barclays PLC increased its stake in shares of Nabors Industries by 60.8% in the 3rd quarter. Barclays PLC now owns 112,318 shares of the oil and gas company’s stock worth $7,241,000 after acquiring an additional 42,483 shares in the last quarter. 81.92% of the stock is owned by hedge funds and other 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.