Nabors Industries (NYSE:NBR) Trading Down 4.9% - Here's What Happened

Nabors Industries Ltd. (NYSE:NBR - Get Free Report)'s share price fell 4.9% on Monday . The company traded as low as $32.41 and last traded at $32.45. 64,955 shares traded hands during trading, a decline of 84% from the average session volume of 404,246 shares. The stock had previously closed at $34.12.

Analyst Ratings Changes

A number of research firms recently weighed in on NBR. Barclays reaffirmed an "underweight" rating and set a $28.00 target price (down previously from $53.00) on shares of Nabors Industries in a report on Monday, May 19th. Morgan Stanley decreased their target price on shares of Nabors Industries from $75.00 to $50.00 and set an "overweight" rating on the stock in a report on Friday, May 16th. Susquehanna upped their target price on shares of Nabors Industries from $29.00 to $32.00 and gave the stock a "neutral" rating in a report on Tuesday, July 1st. JPMorgan Chase & Co. decreased their price target on shares of Nabors Industries from $38.00 to $25.00 and set an "underweight" rating on the stock in a report on Wednesday, May 28th. Finally, Citigroup decreased their price target on shares of Nabors Industries from $50.00 to $38.00 and set a "neutral" rating on the stock in a report on Tuesday, May 13th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $43.29.

Nabors Industries Stock Down 3.5%

The stock's fifty day moving average price is $29.98 and its 200 day moving average price is $40.13. The stock has a market cap of $516.67 million, a P/E ratio of -2.10 and a beta of 1.52. The company has a current ratio of 1.80, a quick ratio of 1.62 and a debt-to-equity ratio of 4.13.

Nabors Industries (NYSE:NBR - Get Free Report) last released its earnings results on Tuesday, April 29th. The oil and gas company reported ($7.50) EPS for the quarter, missing the consensus estimate of ($2.64) by ($4.86). Nabors Industries had a negative net margin of 3.66% and a negative return on equity of 38.71%. The business had revenue of $742.78 million for the quarter, compared to the consensus estimate of $706.49 million. During the same period in the prior year, the business posted ($4.54) EPS. Nabors Industries's revenue for the quarter was up .3% on a year-over-year basis. As a group, research analysts forecast that Nabors Industries Ltd. will post -6.22 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Nabors Industries

Institutional investors and hedge funds have recently made changes to their positions in the business. Public Employees Retirement System of Ohio bought a new position in shares of Nabors Industries during the 4th quarter valued at $36,000. US Bancorp DE boosted its position in Nabors Industries by 234.9% during the 4th quarter. US Bancorp DE now owns 720 shares of the oil and gas company's stock valued at $41,000 after buying an additional 505 shares during the period. GAMMA Investing LLC boosted its position in Nabors Industries by 520.2% during the 1st quarter. GAMMA Investing LLC now owns 1,073 shares of the oil and gas company's stock valued at $45,000 after buying an additional 900 shares during the period. Russell Investments Group Ltd. boosted its position in Nabors Industries by 3,866.7% during the 1st quarter. Russell Investments Group Ltd. now owns 1,309 shares of the oil and gas company's stock valued at $55,000 after buying an additional 1,276 shares during the period. Finally, KLP Kapitalforvaltning AS purchased a new stake in Nabors Industries during the 4th quarter valued at $97,000. Institutional investors own 81.92% of the company's stock.

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.