Nabors Industries Ltd. (NYSE:NBR) Sees Large Drop in Short Interest
by Tristan Rich · The Markets DailyNabors Industries Ltd. (NYSE:NBR – Get Free Report) was the target of a significant decline in short interest in February. As of February 27th, there was short interest totaling 1,089,764 shares, a decline of 19.2% from the February 12th total of 1,348,731 shares. Based on an average trading volume of 489,638 shares, the days-to-cover ratio is presently 2.2 days. Currently, 8.0% of the company’s stock are short sold. Currently, 8.0% of the company’s stock are short sold. Based on an average trading volume of 489,638 shares, the days-to-cover ratio is presently 2.2 days.
Analyst Upgrades and Downgrades
Several research firms have recently weighed in on NBR. Wall Street Zen cut shares of Nabors Industries from a “buy” rating to a “hold” rating in a report on Saturday, February 21st. Royal Bank Of Canada reaffirmed a “sector perform” rating and set a $77.00 price objective (up from $70.00) on shares of Nabors Industries in a report on Friday, February 13th. UBS Group set a $70.00 price objective on shares of Nabors Industries in a research report on Friday, February 13th. Morgan Stanley reaffirmed an “overweight” rating and set a $80.00 price target on shares of Nabors Industries in a research note on Wednesday, January 21st. Finally, Piper Sandler reiterated an “overweight” rating and issued a $80.00 target price (up from $65.00) on shares of Nabors Industries in a research note on Tuesday, February 17th. Two equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, Nabors Industries has a consensus rating of “Hold” and an average price target of $69.00.
View Our Latest Research Report on Nabors Industries
Nabors Industries Trading Up 1.3%
NYSE:NBR opened at $76.56 on Friday. The stock has a market capitalization of $1.12 billion, a price-to-earnings ratio of 4.64 and a beta of 0.89. Nabors Industries has a 52 week low of $23.27 and a 52 week high of $83.01. The company has a quick ratio of 1.47, a current ratio of 1.56 and a debt-to-equity ratio of 2.22. The firm has a 50 day moving average of $69.85 and a 200 day moving average of $54.62.
Nabors Industries (NYSE:NBR – Get Free Report) last announced its quarterly earnings data on Wednesday, February 11th. The oil and gas company reported $0.17 EPS for the quarter, beating the consensus estimate of ($2.93) by $3.10. The firm had revenue of $805.13 million during the quarter, compared to analyst estimates of $795.82 million. Nabors Industries had a net margin of 8.92% and a negative return on equity of 17.63%. Nabors Industries’s revenue was up 9.0% on a year-over-year basis. During the same period last year, the firm posted ($6.67) EPS. As a group, sell-side analysts anticipate that Nabors Industries will post -6.22 earnings per share for the current fiscal year.
Institutional Inflows and Outflows
Institutional investors have recently made changes to their positions in the business. Adage Capital Partners GP L.L.C. boosted its holdings in Nabors Industries by 62.6% in the fourth quarter. Adage Capital Partners GP L.L.C. now owns 1,260,000 shares of the oil and gas company’s stock valued at $68,418,000 after purchasing an additional 485,000 shares during the last quarter. Apollo Management Holdings L.P. raised its stake in shares of Nabors Industries by 54.2% during the 2nd quarter. Apollo Management Holdings L.P. now owns 650,623 shares of the oil and gas company’s stock valued at $18,230,000 after buying an additional 228,787 shares during the last quarter. Two Sigma Investments LP raised its stake in shares of Nabors Industries by 232.2% during the 3rd quarter. Two Sigma Investments LP now owns 185,841 shares of the oil and gas company’s stock valued at $7,595,000 after buying an additional 129,904 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Nabors Industries by 59.5% in the 2nd quarter. Geode Capital Management LLC now owns 338,566 shares of the oil and gas company’s stock valued at $9,488,000 after buying an additional 126,243 shares during the period. Finally, Marshall Wace LLP lifted its holdings in shares of Nabors Industries by 446.9% in the 4th quarter. Marshall Wace LLP now owns 132,715 shares of the oil and gas company’s stock valued at $7,206,000 after buying an additional 108,447 shares during the period. Hedge funds and other institutional investors own 81.92% of the company’s stock.
About Nabors Industries
Nabors Industries Ltd. is a global oil and gas drilling contractor that provides land and offshore drilling rigs, drilling equipment and related services to energy companies around the world. The company’s operations span two core segments: drilling and evaluation, which includes land‐based and platform drilling rigs as well as wellbore survey services, and wellbore technologies, offering pressure control equipment, downhole tools and specialized maintenance services. Nabors’ integrated model combines rig operations with engineered products and field support, positioning it as a full‐service provider in the upstream sector.
The company maintains a diverse, modern fleet of automated and conventional drilling rigs and has pioneered advanced drilling technologies, including automated drilling controls and managed pressure drilling systems.