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

Nabors Industries Ltd. (NYSE:NBR) was the target of a large decrease in short interest in the month of December. As of December 29th, there was short interest totalling 46,536,266 shares, a decrease of 10.5% from the December 15th total of 52,018,175 shares. Approximately 16.2% of the company’s shares are short sold. Based on an average daily trading volume, of 9,965,643 shares, the short-interest ratio is currently 4.7 days.

Shares of Nabors Industries (NYSE NBR) traded down $0.24 during trading hours on Friday, hitting $6.53. 16,251,219 shares of the stock traded hands, compared to its average volume of 9,140,978. The stock has a market capitalization of $2,074.31, a P/E ratio of -2.44 and a beta of 1.59. The company has a current ratio of 1.41, a quick ratio of 1.27 and a debt-to-equity ratio of 1.35. Nabors Industries has a 1-year low of $5.32 and a 1-year high of $16.11.

A number of hedge funds have recently added to or reduced their stakes in the stock. M&T Bank Corp boosted its holdings in Nabors Industries by 6.0% during the second quarter. M&T Bank Corp now owns 16,320 shares of the oil and gas company’s stock worth $133,000 after buying an additional 925 shares in the last quarter. Frontier Wealth Management LLC boosted its holdings in Nabors Industries by 11.4% during the second quarter. Frontier Wealth Management LLC now owns 12,561 shares of the oil and gas company’s stock worth $102,000 after buying an additional 1,284 shares in the last quarter. PNC Financial Services Group Inc. boosted its holdings in Nabors Industries by 3.7% during the second quarter. PNC Financial Services Group Inc. now owns 99,514 shares of the oil and gas company’s stock worth $809,000 after buying an additional 3,516 shares in the last quarter. Energy Opportunities Capital Management LLC raised its position in Nabors Industries by 1.1% during the second quarter. Energy Opportunities Capital Management LLC now owns 365,755 shares of the oil and gas company’s stock worth $2,977,000 after acquiring an additional 4,075 shares during the last quarter. Finally, Oppenheimer & Co. Inc. raised its position in Nabors Industries by 59.9% during the fourth quarter. Oppenheimer & Co. Inc. now owns 17,905 shares of the oil and gas company’s stock worth $122,000 after acquiring an additional 6,708 shares during the last quarter. 87.40% of the stock is currently owned by hedge funds and other institutional investors.

A number of equities analysts recently weighed in on the stock. Zacks Investment Research raised shares of Nabors Industries from a “sell” rating to a “hold” rating in a research report on Wednesday, January 31st. ValuEngine lowered shares of Nabors Industries from a “sell” rating to a “strong sell” rating in a report on Friday, February 2nd. BMO Capital Markets set a $6.00 price objective on shares of Nabors Industries and gave the company a “hold” rating in a report on Friday, October 27th. Cowen set a $11.00 price objective on shares of Nabors Industries and gave the company a “buy” rating in a report on Wednesday, October 18th. Finally, JPMorgan Chase & Co. lowered shares of Nabors Industries from an “overweight” rating to a “neutral” rating and set a $9.00 price objective on the stock. in a report on Wednesday, January 17th. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating and sixteen have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $10.89.

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About Nabors Industries

Nabors Industries Ltd. owns and operates a land-based drilling rig fleet. The Company is a provider of offshore platform drilling rigs in the United States and multiple international markets. The Company conducts its Drilling & Rig Services business through four segments: U.S. Drilling, Canada Drilling, International Drilling and Rig Services.

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