The stock of Nabors Industries Ltd. (NYSE:NBR) is now priced at $34.6 and the shares are -0.66 points down or -1.87% lower compared to its previous closing price of $35.26. The stock had 664701 contracts set over the past session. NBR shares’ daily volume is compared to its average trading volume at 1.447 million shares. However, it has a float of 6.38 million and although its performance was -4.26% over the week, it’s one to watch. Analysts have given the NBR stock a yearly average price target of $19.62 per share. It means the stock’s downside potential is -43.29% with the NBR share price recently placing at $34.32 to $37.78. However, some brokerage firms have priced the stock below the average, including one that has called $10.
The shorts are running away from the Nabors Industries Ltd. stock, with the latest data on short interest released on June 15, 2020, showing that short interest numbers in the NBR shares have declined. Short interest in the stock represents just 29.65% of its float, but the volume has dropped by 0. The volume of shorted shares dropped to from shares over the last two weeks. The average intraday trading volume has been shares, which means that days to cover moved to roughly.
In the last trading session, Nabors Industries Ltd. (NYSE:NBR) dropped by -$1.54 over the week and lost -$8.83 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $167.5. The stock recorded its established 52-week high on 01/06/20.
Since 04/23/20, the stock has traded to a low of $9.79 at 253.42%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 3.22. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Nabors Industries Ltd.’s two-week RSI is 45.29. This suggests that the stock is neutral at the moment and that NBR shares’ price movement remains stable. The stochastic readings are equally revealing at 14.26% meaning the NBR share price is currently in overbought territory.
The technical chart shows that the NBR stock will likely settle at between $36.81 and $39.03 per share. However, if the stock dips below $33.35, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $32.11.
Currently, the stock is trading in the red of MACD, with a reading of -1.95. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Scotiabank cut their recommendation for NBR from Sector Perform to Sector Underperform in April 13 review. Wolfe Research analysts downgraded their recommendation of the stock from Outperform to Underperform in a flash note released to investors on March 19. Barclays seeing the stock struggling downgraded it from Overweight to Underweight on March 19.
The average rating for the NBR equity is 3.5 and is currently gathering a bearish momentum. Of 20 analysts tracking Nabors Industries Ltd. polled by Reuters, 12 rated NBR as a hold. The remaining 8 analysts were split evenly. However, the split wasn’t equal as a majority (0) rated it as a buy or strong buy. 8 analyst advised investors against buying the stock or to sell if they own any of the stock.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Nabors Industries Ltd. (NYSE:NBR) will decrease by about -99.92%, which will see them reach $550.35 million. The company’s full-year revenues are, however, expected to diminish by about -26.64%, down from $3040 million to $2230 million. NBR’s expected adjusted earnings should drop almost -21.48% to end up at -$23.95 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -21.62% to record -$82.69/share.