Nabors Industries (NYSE:NBR) Reaches New 52-Week Low – Should You Sell?

Nabors Industries Ltd. (NYSE:NBR) shares hit a new 52-week low during trading on Monday . The stock traded as low as $50.15 and last traded at $50.97, with a volume of 56732 shares changing hands. The stock had previously closed at $51.19.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on NBR. Susquehanna cut 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 boosted their price target on shares of Nabors Industries from $75.00 to $80.00 and gave the stock a “neutral” rating in a report on Thursday, October 31st. Evercore ISI decreased their price objective on shares of Nabors Industries from $94.00 to $85.00 and set an “in-line” rating on the stock in a report on Thursday, October 24th. Royal Bank of Canada reissued a “sector perform” rating and set a $102.00 target price on shares of Nabors Industries in a research note on Wednesday, October 16th. Finally, Barclays decreased their price target on shares of 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. Six analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat.com, Nabors Industries has an average rating of “Hold” and a consensus target price of $97.00.

Nabors Industries Price Performance

The firm has a market capitalization of $587.39 million, a PE ratio of -2.98 and a beta of 2.05. The stock’s 50 day simple moving average is $69.91 and its two-hundred day simple moving average is $73.54. The company has a debt-to-equity ratio of 5.43, a quick ratio of 1.63 and a current ratio of 1.88.

Institutional Investors Weigh In On Nabors Industries

Hedge funds have recently modified their holdings of the company. nVerses Capital LLC acquired a new position in Nabors Industries in the 3rd quarter valued at about $45,000. Signaturefd LLC raised its position in shares of Nabors Industries by 52.9% during the 3rd quarter. Signaturefd LLC now owns 1,364 shares of the oil and gas company’s stock valued at $88,000 after buying an additional 472 shares during the period. Wellington Management Group LLP acquired a new position in Nabors Industries in the third quarter valued at approximately $220,000. The Manufacturers Life Insurance Company grew its position in Nabors Industries by 5.3% in the second quarter. The Manufacturers Life Insurance Company now owns 3,567 shares of the oil and gas company’s stock worth $254,000 after acquiring an additional 181 shares during the period. Finally, SG Americas Securities LLC increased its stake in Nabors Industries by 79.6% during the third quarter. SG Americas Securities LLC now owns 4,017 shares of the oil and gas company’s stock worth $259,000 after acquiring an additional 1,780 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.