Nabors Industries Ltd. (NYSE:NBR) Sees Significant Decline in Short Interest

Nabors Industries Ltd. (NYSE:NBR) saw a large decrease in short interest in the month of November. As of November 30th, there was short interest totalling 1,400,000 shares, a decrease of 22.2% from the November 15th total of 1,800,000 shares. Approximately 16.4% of the company’s stock are sold short. Based on an average daily volume of 366,100 shares, the days-to-cover ratio is currently 3.8 days.

Hedge Funds Weigh In On Nabors Industries

A number of large investors have recently modified their holdings of the business. Geode Capital Management LLC raised its stake in shares of Nabors Industries by 1.5% during the 3rd quarter. Geode Capital Management LLC now owns 206,041 shares of the oil and gas company’s stock worth $13,286,000 after buying an additional 3,054 shares in the last quarter. Barclays PLC raised its stake in shares of Nabors Industries by 60.8% during the 3rd quarter. Barclays PLC now owns 112,318 shares of the oil and gas company’s stock worth $7,241,000 after buying an additional 42,483 shares in the last quarter. Wellington Management Group LLP purchased a new position in shares of Nabors Industries during the 3rd quarter worth approximately $220,000. Centiva Capital LP purchased a new position in shares of Nabors Industries during the 3rd quarter worth approximately $531,000. Finally, Atom Investors LP purchased a new position in shares of Nabors Industries during the 3rd quarter worth approximately $332,000. 81.92% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

NBR has been the topic of a number of recent analyst reports. Susquehanna dropped their price objective on Nabors Industries from $79.00 to $77.00 and set a “neutral” rating on the stock in a report on Thursday, October 24th. Evercore ISI dropped their price objective on Nabors Industries from $94.00 to $85.00 and set an “in-line” rating on the stock in a report on Thursday, October 24th. Barclays dropped their price objective on Nabors Industries from $110.00 to $88.00 and set an “equal weight” rating on the stock in a report on Wednesday, October 16th. Citigroup upped their target price on Nabors Industries from $75.00 to $80.00 and gave the company a “neutral” rating in a research report on Thursday, October 31st. Finally, Royal Bank of Canada reissued a “sector perform” rating and issued a $102.00 target price on shares of Nabors Industries in a research report on Wednesday, October 16th. Seven research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $97.00.

Nabors Industries Stock Performance

Nabors Industries stock traded down $3.76 during mid-day trading on Monday, reaching $61.62. 435,847 shares of the company were exchanged, compared to its average volume of 286,215. Nabors Industries has a twelve month low of $59.67 and a twelve month high of $105.96. The firm’s 50-day simple moving average is $73.86 and its two-hundred day simple moving average is $74.44. The company has a debt-to-equity ratio of 5.43, a quick ratio of 1.63 and a current ratio of 1.88. The firm has a market cap of $659.89 million, a PE ratio of -3.35 and a beta of 2.05.

Nabors Industries Company Profile

Nabors Industries Ltd. provides drilling and drilling-related services for land-based and offshore oil and natural gas wells in the United States and internationally. The company operates through four segments: U.S. Drilling, International Drilling, Drilling Solutions, and Rig Technologies. It provides tubular running services, including casing and tubing running, and torque monitoring; managed pressure drilling services; and drilling-bit steering systems and rig instrumentation software.