NEW YORK ( TheStreet) -- Nabors Industries (NYSE: NBR) hit a new 52-week low Wednesday as it is currently trading at $16.19, below its previous 52-week low of $16.20 with 3.7 million shares traded as of 1:20 p.m. ET. Average volume has been 6.5 million shares over the past 30 days. Nabors has a market cap of $5 billion and is part of the basic materials sector and energy industry. Shares are down 28.4% year to date as of the close of trading on Tuesday. Nabors Industries Ltd. operates as a land drilling contractor worldwide. The company has a P/E ratio of 39, above the average energy industry P/E ratio of 18.1 and above the S&P 500 P/E ratio of 17.7.
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