NEW YORK (TheStreet) -- Shares of Nabors Industries Ltd. (NBR) are falling by 4.43% to $16.84 after West Texas Intermediate crude slid 2.6% to $76.76 a barrel this afternoon in New York, after reaching as low as $75.84, Bloomberg reports.
Stock of the land drilling contractor is sliding along with other firms linked to the oil and gas industry.
Almost the entire sector is in a bear market, or has seen stock prices fall at least 20%, over the past couple of months, according to Business Insider.
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"Crude oil markets have moved rapidly into surplus, not because of the growth in new production from the U.S. and other, but equally importantly because of the rapid collapse of demand. As a result, there is an emerging surplus that should weigh heavily on prices through next year," Citigroup analyst Ed Morse explained in a note.
Separately, TheStreet Ratings team rates NABORS INDUSTRIES LTD as a Hold with a ratings score of C+. TheStreet Ratings Team has this to say about their recommendation:
"We rate NABORS INDUSTRIES LTD (NBR) a HOLD. The primary factors that have impacted our rating are mixed--some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth, compelling growth in net income and impressive record of earnings per share growth. However, as a counter to these strengths, we also find weaknesses including poor profit margins and relatively poor performance when compared with the S&P 500 during the past year."