Nabors Industries Ltd. (NBR) Sees Large Growth in Short Interest

Nabors Industries Ltd. (NYSE:NBR) saw a significant increase in short interest during the month of October. As of October 31st, there was short interest totalling 37,998,869 shares, an increase of 12.4% from the October 13th total of 33,799,648 shares. Currently, 14.9% of the company’s stock are sold short. Based on an average daily trading volume, of 16,507,745 shares, the short-interest ratio is currently 2.3 days.

Several research firms have weighed in on NBR. Societe Generale began coverage on Nabors Industries in a research report on Thursday, August 31st. They issued a “hold” rating and a $7.00 price objective on the stock. Citigroup Inc. restated a “buy” rating and issued a $8.00 target price (down from $9.00) on shares of Nabors Industries in a research note on Wednesday, September 13th. BidaskClub lowered Nabors Industries from a “sell” rating to a “strong sell” rating in a research note on Friday, July 28th. Sanford C. Bernstein restated an “outperform” rating and issued a $12.50 target price on shares of Nabors Industries in a research note on Wednesday, September 6th. Finally, Guggenheim upgraded Nabors Industries from a “neutral” rating to a “buy” rating and set a $10.00 target price on the stock in a research note on Tuesday, August 15th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and seventeen have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $11.30.

Shares of Nabors Industries (NYSE NBR) traded up $0.11 during mid-day trading on Monday, reaching $5.79. The company had a trading volume of 6,200,800 shares, compared to its average volume of 8,607,034. Nabors Industries has a 52 week low of $5.32 and a 52 week high of $18.40. The company has a debt-to-equity ratio of 1.35, a current ratio of 1.41 and a quick ratio of 1.27.

Nabors Industries (NYSE:NBR) last released its quarterly earnings results on Tuesday, October 24th. The oil and gas company reported ($0.42) EPS for the quarter, missing analysts’ consensus estimates of ($0.33) by ($0.09). The business had revenue of $662.50 million for the quarter, compared to the consensus estimate of $674.03 million. Nabors Industries had a negative net margin of 31.99% and a negative return on equity of 14.74%. The company’s revenue for the quarter was up 27.4% on a year-over-year basis. During the same period in the previous year, the company earned ($0.55) EPS. equities research analysts expect that Nabors Industries will post -1.61 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 3rd. Stockholders of record on Wednesday, December 13th will be given a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 4.15%. The ex-dividend date is Tuesday, December 12th. Nabors Industries’s dividend payout ratio is currently -8.96%.

Several large investors have recently made changes to their positions in the company. Vanguard Group Inc. raised its position in shares of Nabors Industries by 0.7% in the 2nd quarter. Vanguard Group Inc. now owns 22,714,902 shares of the oil and gas company’s stock worth $184,900,000 after acquiring an additional 149,637 shares in the last quarter. Dimensional Fund Advisors LP increased its position in Nabors Industries by 11.7% during the 3rd quarter. Dimensional Fund Advisors LP now owns 21,376,769 shares of the oil and gas company’s stock valued at $172,511,000 after buying an additional 2,243,068 shares in the last quarter. Bank of New York Mellon Corp increased its position in Nabors Industries by 16.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 16,440,910 shares of the oil and gas company’s stock valued at $133,828,000 after buying an additional 2,315,688 shares in the last quarter. Van ECK Associates Corp increased its position in Nabors Industries by 1.7% during the 3rd quarter. Van ECK Associates Corp now owns 16,252,747 shares of the oil and gas company’s stock valued at $131,160,000 after buying an additional 274,089 shares in the last quarter. Finally, State Street Corp increased its position in Nabors Industries by 3.0% during the 2nd quarter. State Street Corp now owns 8,519,273 shares of the oil and gas company’s stock valued at $69,351,000 after buying an additional 248,054 shares in the last quarter. 98.76% of the stock is owned by hedge funds and other institutional investors.

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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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