Nabors Industries Ltd. (NYSE: NBR) Price Target Raised at Citigroup Inc.

Nabors Industries Ltd. (NYSE: NBR) had its price target raised by equities researchers at Citigroup Inc. from $12.00 to $13.00. The company currently has a rating of Buy on the stock. A number of other analysts have spoken on the company recently, and Nabors Industries Ltd. has earned a consensus one-year price target of $12.02, higher than the opening price of $10.10, a difference of 11.77 percent. Nabors Industries Ltd. stock has a 52-week high of $12.33.

U.S. stocks finished higher on Monday as investor fears for an interest rate hike subsided after Federal Reserve Board Governor Lael Brainard urged caution about removing monetary stimulus too quickly.

The Dow Jones Industrial Average DJIA, +1.32% surged 239.62 points, or 1.3%, to close at 18,325.07, after jumping as high as 273 points.

The S&P 500 SPX, +1.47% rose 31.23 points, or 1.5%, to finish at 2,159.04, with all sectors closing in positive territory.

Meanwhile, the Nasdaq Composite Index COMP, +1.68% finished up 85.98 points, or 1.7%, at 5,211.89, propelled by a rally in biotechnology shares

Stock prices often move to the upside on recommendations and new price targets of professional brokerage firms.

Shares of Nabors Industries Ltd. (NYSE: NBR) opened at $10.10 yesterday and traded in a range between, $9.90 and $10.37, and last traded at $10.21, which represents a change of $ -0.04 over the previous closing price.

Nabors Industries Ltd. (NYSE: NBR) currently has a market cap of 2.89B

The stocks average daily volume is 6,912,240 shares out of a total float 272,808,000 of and some 7,623,094 shares traded hands yesterday, 37 percent higher than normal. Significant increases in trading volume and price appreciation together could signal heavy volume accumulation by institutional investors.

However, a single day of heavy buy side trading is not enough to assert a trend. As such, market traders will continue to watch for institutional sponsorship as a signal that financial institutions are moving forward.

Institutional sponsorship is defined by ownership of a stock by mutual funds, banks, pension funds and other large institutions.

These instituitional investors have teams of analysts researching thousands of stocks, so it is good confirmation to see them buying a stock you’re considering.

By identifying trends, moving averages allow investors to make those trends work in their favor and increase the number of winning trades.

With that in mind Nabors Industries Ltd. (NYSE: NBR) now has a 50-day MA is $9.77 and 200-day MA is $9.40, and it has traded in a 52-week range between $4.93 – 12.33 and today’s last price is -0.17 percent off the 52 week high of $12.33.

Earnings growth is an important factor to look at when investing in stocks and investors look for companies that have grown their earnings at least 25% or more for the past 3 years.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of BNB Daily News. Readers should not consider statements made by the author as formal recommendations and should consult their financial adviser before making any investment decisions. To read our full disclosure, please see our terms and conditions page.

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