Short Interest in Nabors Industries Ltd. (NYSE:NBR) Rises By 11.2%

Nabors Industries Ltd. (NYSE:NBR) was the target of a significant increase in short interest in the month of December. As of December 31st, there was short interest totalling 35,500,000 shares, an increase of 11.2% from the December 15th total of 31,930,000 shares. Approximately 10.6% of the shares of the company are short sold. Based on an average daily trading volume, of 8,150,000 shares, the short-interest ratio is currently 4.4 days.

Several equities analysts recently issued reports on NBR shares. Wells Fargo & Co boosted their price target on Nabors Industries from $1.50 to $2.00 and gave the company an “underweight” rating in a research note on Thursday, January 9th. Zacks Investment Research raised Nabors Industries from a “sell” rating to a “hold” rating and set a $3.00 price objective on the stock in a report on Tuesday, December 10th. Royal Bank of Canada cut Nabors Industries from an “outperform” rating to a “sector perform” rating and lowered their price objective for the company from $9.00 to $3.50 in a research report on Wednesday, September 25th. Citigroup cut their target price on Nabors Industries from $2.50 to $2.25 and set a “neutral” rating for the company in a research note on Tuesday, October 1st. Finally, Credit Suisse Group cut Nabors Industries from an “outperform” rating to a “neutral” rating and reduced their target price for the stock from $3.25 to $2.00 in a research report on Tuesday, December 3rd. Four equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and three have issued a buy rating to the company’s stock. Nabors Industries presently has a consensus rating of “Hold” and an average target price of $2.73.

A number of large investors have recently made changes to their positions in NBR. Cresset Asset Management LLC lifted its position in Nabors Industries by 527.8% during the 2nd quarter. Cresset Asset Management LLC now owns 11,521 shares of the oil and gas company’s stock valued at $33,000 after purchasing an additional 9,686 shares during the period. Cerebellum GP LLC bought a new stake in shares of Nabors Industries during the third quarter worth approximately $87,000. Man Group plc bought a new stake in shares of Nabors Industries during the second quarter worth approximately $38,000. Envestnet Asset Management Inc. acquired a new position in Nabors Industries in the third quarter valued at approximately $28,000. Finally, SG Americas Securities LLC acquired a new position in Nabors Industries in the third quarter valued at approximately $30,000. 78.36% of the stock is owned by hedge funds and other institutional investors.

Shares of Nabors Industries stock traded up $0.06 during midday trading on Thursday, hitting $2.98. 2,922,782 shares of the company were exchanged, compared to its average volume of 7,986,864. The company has a debt-to-equity ratio of 1.50, a current ratio of 2.02 and a quick ratio of 1.75. The firm has a market cap of $1.10 billion, a P/E ratio of -2.36 and a beta of 2.90. Nabors Industries has a 52 week low of $1.50 and a 52 week high of $4.08. The firm has a 50 day simple moving average of $2.72 and a 200-day simple moving average of $2.25.

Nabors Industries (NYSE:NBR) last announced its quarterly earnings results on Tuesday, October 29th. The oil and gas company reported ($0.31) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.09). The company had revenue of $758.08 million during the quarter, compared to the consensus estimate of $777.69 million. Nabors Industries had a negative net margin of 20.02% and a negative return on equity of 16.80%. The business’s revenue was down 2.7% on a year-over-year basis. During the same quarter last year, the company earned ($0.29) earnings per share. Equities research analysts expect that Nabors Industries will post -1.3 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, January 3rd. Investors of record on Friday, December 13th were given a $0.01 dividend. The ex-dividend date was Thursday, December 12th. This represents a $0.04 dividend on an annualized basis and a yield of 1.34%. Nabors Industries’s payout ratio is -3.17%.

About Nabors Industries

Nabors Industries Ltd. provides drilling and drilling-related services and technologies for land-based and offshore oil and natural gas wells. It operates through five segments: U.S. Drilling, Canada Drilling, International Drilling, Drilling Solutions, and Rig Technologies. The company offers equipment manufacturing, rig instrumentation, optimization software, and directional drilling services.

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