Price Action Report: Can Nabors Industries Ltd.’s Tomorrow be Different? The Stock Just Broke Its High

Price Action Report: Can Nabors Industries Ltd.'s Tomorrow be Different? The Stock Just Broke Its High

The stock of Nabors Industries Ltd. (NYSE:NBR) hit a new 52-week high and has $19.69 target or 38.00% above today’s $14.27 share price. The 7 months bullish chart indicates low risk for the $4.06B company. The 1-year high was reported on Nov, 21 by Barchart.com. If the $19.69 price target is reached, the company will be worth $1.54B more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 3.12M shares traded hands. Nabors Industries Ltd. (NYSE:NBR) has risen 31.21% since April 19, 2016 and is uptrending. It has outperformed by 27.35% the S&P500.

Nabors Industries Ltd. (NYSE:NBR) Ratings Coverage

Out of 18 analysts covering Nabors Industries Ltd. (NYSE:NBR), 15 rate it a “Buy”, 0 “Sell”, while 3 “Hold”. This means 83% are positive. Nabors Industries Ltd. has been the topic of 54 analyst reports since August 6, 2015 according to StockzIntelligence Inc. The stock has “Neutral” rating given by Credit Suisse on Wednesday, June 1. Citigroup maintained Nabors Industries Ltd. (NYSE:NBR) on Friday, August 14 with “Neutral” rating. The stock of Nabors Industries Ltd. (NYSE:NBR) earned “Outperform” rating by Cowen & Co on Thursday, February 18. The stock of Nabors Industries Ltd. (NYSE:NBR) earned “Market Perform” rating by BMO Capital Markets on Monday, August 10. As per Wednesday, October 5, the company rating was maintained by Citigroup. Jefferies upgraded the shares of NBR in a report on Tuesday, January 12 to “Hold” rating. The stock has “Sector Outperform” rating given by Howard Weil on Tuesday, November 15. The rating was downgraded by Howard Weil to “Sector Perform” on Thursday, October 8. The rating was upgraded by CapitalOne on Monday, September 19 to “Overweight”. Citigroup maintained Nabors Industries Ltd. (NYSE:NBR) on Monday, October 5 with “Neutral” rating.

According to Zacks Investment Research, “Nabors Industries, Inc. is one of the largest land drilling contractors. Nabors conducts oil, gas and geothermal land drilling operations in the U.S. and internationally. Nabors also is one of the largest land well-servicing and workover contractors in the United States. To further supplement its primary business, it offers a number of ancillary well-site services, including oilfield management, engineering, transportation, construction, maintenance, well logging and other support services, in selected domestic and international markets.”

Insitutional Activity: The institutional sentiment increased to 1.26 in Q2 2016. Its up 0.37, from 0.89 in 2016Q1. The ratio improved, as 28 funds sold all Nabors Industries Ltd. shares owned while 106 reduced positions. 34 funds bought stakes while 85 increased positions. They now own 259.64 million shares or 0.48% more from 258.40 million shares in 2016Q1.
Aviva Public Limited holds 0% or 40,000 shares in its portfolio. Credit Agricole S A owns 26,623 shares or 0% of their US portfolio. Seven Eight holds 0.15% or 44,093 shares in its portfolio. Earnest Ltd holds 0% or 1,197 shares in its portfolio. State Of Tennessee Treasury Department, a Tennessee-based fund reported 260,000 shares. Swiss Bankshares has 472,155 shares for 0.01% of their US portfolio. Mraz Amerine And Assocs has 0.04% invested in the company for 10,400 shares. Blackrock Invest Management Ltd Liability accumulated 0.01% or 835,636 shares. Brandywine Investment Limited Liability Company has 0.04% invested in the company for 655,179 shares. Raymond James Fin Inc accumulated 23,006 shares or 0% of the stock. Hap Trading Ltd Limited Liability Company holds 0.04% of its portfolio in Nabors Industries Ltd. (NYSE:NBR) for 59,930 shares. Fifth Third Retail Bank holds 0% of its portfolio in Nabors Industries Ltd. (NYSE:NBR) for 2,785 shares. State Treasurer State Of Michigan has invested 0.01% of its portfolio in Nabors Industries Ltd. (NYSE:NBR). Creative Planning holds 0.02% or 334,211 shares in its portfolio. Great West Life Assurance Can has invested 0% of its portfolio in Nabors Industries Ltd. (NYSE:NBR).

More news for Nabors Industries Ltd. (NYSE:NBR) were recently published by: Fool.com, which released: “Better Buy: Helmerich & Payne, Inc. vs. Nabors Industries Ltd.” on July 18, 2016. Prnewswire.com‘s article titled: “Nabors Industries Ltd. Second Quarter 2016 Earnings Conference Call Invitation” and published on July 15, 2016 is yet another important article.

NBR Company Profile

Nabors Industries Ltd., incorporated on December 11, 2001, owns and operates a land drilling rig fleet in North America. The Firm is a well-known provider of offshore platform work over and drilling rigs in the United States and multiple international markets. The Firm conducts its Drilling & Rig Services business through four divisions: U.S. Drilling, Canada Drilling, International Drilling and Rig Services. The Company’s fleet of rigs and drilling-related equipment includes approximately 430 actively marketed rigs for land drilling activities in the United States, Canada and over 20 other countries throughout the world, and approximately 40 actively marketed rigs for offshore drilling activities in the United States and multiple international markets. The Firm provides drilling technology and equipment, and well-site services, including engineering, transportation and disposal, construction, maintenance, well logging, directional drilling, rig instrumentation, data collection and other support services. In addition, the Company makes and leases or sells top drives and other rig equipment.

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