Nabors Industries Ltd. (NYSE:NBR)’s share price was down 7.9% on Tuesday . The company traded as low as $79.66 and last traded at $79.66. Approximately 4,490 shares traded hands during trading, a decline of 98% from the average daily volume of 218,590 shares. The stock had previously closed at $86.50.
Separately, Morgan Stanley boosted their price objective on Nabors Industries from $60.00 to $80.00 and gave the company an “underweight” rating in a research report on Wednesday, March 31st. Four equities research analysts have rated the stock with a sell rating and four have assigned a hold rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $35.64.
The company has a debt-to-equity ratio of 2.42, a quick ratio of 2.06 and a current ratio of 2.39. The firm has a market capitalization of $676.66 million, a P/E ratio of -0.57 and a beta of 3.77. The business has a fifty day moving average of $94.75 and a 200-day moving average of $72.64.
Several hedge funds have recently added to or reduced their stakes in the business. KBC Group NV lifted its stake in shares of Nabors Industries by 31.4% in the 1st quarter. KBC Group NV now owns 1,490 shares of the oil and gas company’s stock worth $139,000 after acquiring an additional 356 shares during the period. New York State Teachers Retirement System lifted its position in Nabors Industries by 7.6% in the fourth quarter. New York State Teachers Retirement System now owns 11,385 shares of the oil and gas company’s stock worth $663,000 after purchasing an additional 800 shares during the period. Graves Light Private Wealth Management Inc. boosted its stake in Nabors Industries by 20,000.0% during the 1st quarter. Graves Light Private Wealth Management Inc. now owns 1,005 shares of the oil and gas company’s stock valued at $94,000 after purchasing an additional 1,000 shares in the last quarter. Rhumbline Advisers boosted its stake in Nabors Industries by 6.6% during the 4th quarter. Rhumbline Advisers now owns 29,813 shares of the oil and gas company’s stock valued at $1,736,000 after purchasing an additional 1,853 shares in the last quarter. Finally, CWM Advisors LLC acquired a new position in shares of Nabors Industries during the 1st quarter valued at $227,000. Institutional investors own 63.54% of the company’s stock.
Nabors Industries Company Profile (NYSE:NBR)
Nabors Industries Ltd. provides drilling and drilling-related services for land-based and offshore oil and natural gas wells. The company operates through five segments: U.S. Drilling, Canada Drilling, International Drilling, Drilling Solutions, and Rig Technologies. It provides tubular running, wellbore placement, directional drilling, measurement-while-drilling (MWD), equipment manufacturing, and rig instrumentation services; and logging-while-drilling systems and services, as well as drilling optimization software.
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