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

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

Analyst Ratings Changes

Several equities analysts recently weighed in on NBR shares. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $102.00 price objective on shares of Nabors Industries in a research note on Wednesday, October 16th. Barclays dropped their price objective on Nabors Industries from $110.00 to $88.00 and set an “equal weight” rating for the company in a research note on Wednesday, October 16th. Citigroup raised their price objective on Nabors Industries from $75.00 to $80.00 and gave the company a “neutral” rating in a research note on Thursday, October 31st. Susquehanna dropped their price objective on Nabors Industries from $79.00 to $77.00 and set a “neutral” rating for the company in a research note on Thursday, October 24th. Finally, Evercore ISI dropped their price objective on Nabors Industries from $94.00 to $85.00 and set an “in-line” rating for the company in a research note on Thursday, October 24th. Seven equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $97.00.

Nabors Industries Price Performance

Nabors Industries stock traded down $3.76 during mid-day trading on Monday, hitting $61.62. 435,847 shares of the company were exchanged, compared to its average volume of 286,215. The company has a debt-to-equity ratio of 5.43, a current ratio of 1.88 and a quick ratio of 1.63. The business’s 50 day simple moving average is $73.86 and its two-hundred day simple moving average is $74.44. The company has a market capitalization of $659.89 million, a P/E ratio of -3.35 and a beta of 2.05. Nabors Industries has a 12-month low of $59.67 and a 12-month high of $105.96.

Hedge Funds Weigh In On Nabors Industries

Several hedge funds have recently bought and sold shares of the stock. The Manufacturers Life Insurance Company increased its position in Nabors Industries by 5.3% during the second quarter. The Manufacturers Life Insurance Company now owns 3,567 shares of the oil and gas company’s stock worth $254,000 after buying an additional 181 shares in the last quarter. Intech Investment Management LLC boosted its holdings in shares of Nabors Industries by 6.4% during the third quarter. Intech Investment Management LLC now owns 5,372 shares of the oil and gas company’s stock worth $346,000 after purchasing an additional 322 shares during the last quarter. Signaturefd LLC boosted its holdings in shares of Nabors Industries by 52.9% during the third quarter. Signaturefd LLC now owns 1,364 shares of the oil and gas company’s stock worth $88,000 after purchasing an additional 472 shares during the last quarter. AQR Capital Management LLC boosted its holdings in shares of Nabors Industries by 14.5% during the second quarter. AQR Capital Management LLC now owns 4,753 shares of the oil and gas company’s stock worth $338,000 after purchasing an additional 601 shares during the last quarter. Finally, Ensign Peak Advisors Inc boosted its holdings in shares of Nabors Industries by 8.8% during the second quarter. Ensign Peak Advisors Inc now owns 8,649 shares of the oil and gas company’s stock worth $615,000 after purchasing an additional 700 shares during the last quarter. Hedge funds and other institutional investors own 81.92% of the company’s stock.

About Nabors Industries

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.