Credit Suisse Group downgraded shares of Nabors Industries (NYSE:NBR) from an outperform rating to a neutral rating in a research note published on Tuesday, BenzingaRatingsTable reports. The brokerage currently has $2.00 target price on the oil and gas company’s stock, down from their prior target price of $3.25.
NBR has been the subject of several other reports. Bank of America downgraded Nabors Industries from a buy rating to a neutral rating in a research report on Wednesday, August 28th. Wells Fargo & Co cut Nabors Industries from an outperform rating to an underperform rating and set a $2.00 target price on the stock. in a report on Thursday, September 12th. Citigroup dropped their price target on Nabors Industries from $2.50 to $2.25 and set a neutral rating for the company in a research report on Tuesday, October 1st. Morgan Stanley cut their price target on Nabors Industries from $5.00 to $3.00 and set an overweight rating for the company in a report on Monday, October 7th. Finally, Royal Bank of Canada downgraded Nabors Industries from an outperform rating to a sector perform rating and reduced their price objective for the company from $9.00 to $3.50 in a research report on Wednesday, September 25th. Three research analysts have rated the stock with a sell rating, eleven have given a hold rating and three have issued a buy rating to the company’s stock. The company has an average rating of Hold and a consensus target price of $2.93.
Shares of NBR opened at $1.97 on Tuesday. The company has a current ratio of 2.02, a quick ratio of 1.75 and a debt-to-equity ratio of 1.50. The stock has a market cap of $748.64 million, a P/E ratio of -1.56 and a beta of 2.79. The company has a 50-day moving average of $1.93 and a two-hundred day moving average of $2.20. Nabors Industries has a 12-month low of $1.50 and a 12-month high of $4.08.
Several hedge funds have recently bought and sold shares of NBR. Cresset Asset Management LLC grew its position in shares of Nabors Industries by 527.8% in the second quarter. Cresset Asset Management LLC now owns 11,521 shares of the oil and gas company’s stock valued at $33,000 after purchasing an additional 9,686 shares during the period. Cerebellum GP LLC purchased a new position in Nabors Industries during the third quarter worth about $87,000. Man Group plc acquired a new stake in Nabors Industries in the 2nd quarter worth about $38,000. Envestnet Asset Management Inc. acquired a new stake in Nabors Industries in the 3rd quarter worth about $28,000. Finally, SG Americas Securities LLC purchased a new stake in Nabors Industries in the 3rd quarter valued at about $30,000. Institutional investors and hedge funds own 78.35% of the company’s stock.
Nabors Industries Company Profile
Nabors Industries Ltd. provides drilling and drilling-related services and technologies for land-based and offshore oil and natural gas wells. It operates through five segments: U.S. Drilling, Canada Drilling, International Drilling, Drilling Solutions, and Rig Technologies. The company offers equipment manufacturing, rig instrumentation, optimization software, and directional drilling services.
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