Brokerages Set Nabors Industries Ltd. (NYSE:NBR) Price Target at $97.00

Shares of Nabors Industries Ltd. (NYSE:NBR) have been given an average recommendation of “Hold” by the seven research firms that are currently covering the stock, MarketBeat reports. Six equities research analysts have rated the stock with a hold recommendation and one has issued a buy recommendation on the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $97.00.

Several equities analysts have commented on NBR shares. Susquehanna lowered their price objective on Nabors Industries from $79.00 to $77.00 and set a “neutral” rating for the company in a research report on Thursday, October 24th. Citigroup lifted their price target on Nabors Industries from $75.00 to $80.00 and gave the stock a “neutral” rating in a research report on Thursday, October 31st. Barclays reduced their price objective on Nabors Industries from $110.00 to $88.00 and set an “equal weight” rating for the company in a report on Wednesday, October 16th. Evercore ISI cut their price target on Nabors Industries from $94.00 to $85.00 and set an “in-line” rating for the company in a research note on Thursday, October 24th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and set a $102.00 price objective on shares of Nabors Industries in a research note on Wednesday, October 16th.

Institutional Trading of Nabors Industries

Several 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% 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 purchasing an additional 16,890 shares during the last quarter. Hsbc Holdings PLC bought a new position in shares of Nabors Industries during the 2nd quarter worth $1,242,000. Intech Investment Management LLC bought a new position in shares of Nabors Industries during the 2nd quarter worth $359,000. Ensign Peak Advisors Inc grew its position in shares of Nabors Industries by 8.8% during the 2nd quarter. Ensign Peak Advisors Inc now owns 8,649 shares of the oil and gas company’s stock worth $615,000 after buying an additional 700 shares in the last quarter. Finally, AQR Capital Management LLC grew its position in shares of Nabors Industries by 14.5% during the 2nd quarter. AQR Capital Management LLC now owns 4,753 shares of the oil and gas company’s stock worth $338,000 after buying an additional 601 shares in the last quarter. 81.92% of the stock is owned by hedge funds and other institutional investors.

Nabors Industries Stock Performance

Shares of NBR stock opened at $59.21 on Friday. The stock has a fifty day moving average of $63.96 and a 200 day moving average of $72.49. Nabors Industries has a 52 week low of $50.15 and a 52 week high of $105.96. The firm has a market capitalization of $634.17 million, a price-to-earnings ratio of -3.22 and a beta of 2.05. The company has a quick ratio of 1.63, a current ratio of 1.88 and a debt-to-equity ratio of 5.43.

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.