Nabors Industries (NYSE:NBR) Trading 3.5% Higher – Time to Buy?

Nabors Industries Ltd. (NYSE:NBR) shares shot up 3.5% during mid-day trading on Tuesday . The stock traded as high as $56.65 and last traded at $56.15. 21,111 shares traded hands during trading, a decline of 93% from the average session volume of 289,132 shares. The stock had previously closed at $54.25.

Wall Street Analyst Weigh In

Several brokerages have commented on NBR. Susquehanna lowered their price objective on shares of Nabors Industries from $79.00 to $77.00 and set a “neutral” rating for the company in a report on Thursday, October 24th. Evercore ISI lowered their target price 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. Citigroup upped their price target on Nabors Industries from $75.00 to $80.00 and gave the stock a “neutral” rating in a research note on Thursday, October 31st. 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. Finally, Barclays decreased 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 note on Wednesday, October 16th. Six research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat.com, Nabors Industries has an average rating of “Hold” and an average price target of $97.00.

Nabors Industries Trading Up 4.9 %

The firm has a market capitalization of $609.56 million, a PE ratio of -3.10 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. The company’s 50-day simple moving average is $69.51 and its 200 day simple moving average is $73.46.

Institutional Investors Weigh In On Nabors Industries

A number of hedge funds and other institutional investors have recently made changes to their positions in NBR. nVerses Capital LLC acquired a new stake in Nabors Industries in the 3rd quarter worth about $45,000. Signaturefd LLC raised its stake in Nabors Industries by 52.9% in the 3rd quarter. Signaturefd LLC now owns 1,364 shares of the oil and gas company’s stock valued at $88,000 after purchasing an additional 472 shares during the last quarter. Wellington Management Group LLP purchased a new position in Nabors Industries in the 3rd quarter valued at $220,000. The Manufacturers Life Insurance Company lifted its stake in shares of 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 buying an additional 181 shares in the last quarter. Finally, SG Americas Securities LLC boosted its position 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. Institutional investors and hedge funds 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.