Nabors Industries Ltd. (NYSE:NBR) Short Interest Update

Nabors Industries Ltd. (NYSE:NBR) was the target of a significant 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 trading volume of 366,100 shares, the short-interest ratio is currently 3.8 days.

Institutional Investors Weigh In On Nabors Industries

Several institutional investors and hedge funds have recently made changes to their positions in NBR. nVerses Capital LLC bought a new stake in shares of Nabors Industries during the third quarter valued at approximately $45,000. Signaturefd LLC increased its holdings in shares of Nabors Industries by 52.9% in the third quarter. Signaturefd LLC now owns 1,364 shares of the oil and gas company’s stock worth $88,000 after acquiring an additional 472 shares in the last quarter. SG Americas Securities LLC bought a new position in Nabors Industries in the second quarter valued at approximately $159,000. Wellington Management Group LLP acquired a new position in Nabors Industries in the 3rd quarter worth $220,000. Finally, The Manufacturers Life Insurance Company boosted its position in shares of 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 during the period. Institutional investors and hedge funds own 81.92% of the company’s stock.

Nabors Industries Stock Performance

Shares of NBR stock traded down $1.74 during mid-day trading on Friday, reaching $65.38. The stock had a trading volume of 296,944 shares, compared to its average volume of 285,586. The firm’s 50 day simple moving average is $74.25 and its 200 day simple moving average is $74.49. The company has a quick ratio of 1.63, a current ratio of 1.88 and a debt-to-equity ratio of 5.43. The firm has a market cap of $700.15 million, a PE ratio of -3.56 and a beta of 2.05. Nabors Industries has a one year low of $59.67 and a one year high of $105.96.

Wall Street Analysts Forecast Growth

NBR has been the topic of several research reports. Royal Bank of Canada reiterated a “sector perform” rating and issued a $102.00 price target on shares of Nabors Industries in a research report on Wednesday, October 16th. Evercore ISI dropped their target price 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 cut their price target 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. Susquehanna decreased their price objective on shares of Nabors Industries from $79.00 to $77.00 and set a “neutral” rating for the company in a report on Thursday, October 24th. Finally, Citigroup lifted their price target on shares of Nabors Industries from $75.00 to $80.00 and gave the company a “neutral” rating in a research report on Thursday, October 31st. Seven analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $97.00.

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.