Nabors Industries Ltd. (NBR) Sees Large Decrease in Short Interest
Nabors Industries Ltd. (NYSE:NBR) saw a significant drop in short interest in the month of December. As of December 29th, there was short interest totalling 46,536,266 shares, a drop of 10.5% from the December 15th total of 52,018,175 shares. Currently, 16.2% of the shares of the stock are sold short. Based on an average trading volume of 9,965,643 shares, the days-to-cover ratio is presently 4.7 days.
Hedge funds have recently bought and sold shares of the business. Brave Asset Management Inc. purchased a new position in shares of Nabors Industries during the third quarter worth approximately $101,000. Frontier Wealth Management LLC raised its stake in shares of 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 acquiring an additional 1,284 shares in the last quarter. Cetera Advisors LLC purchased a new position in shares of Nabors Industries during the third quarter worth approximately $115,000. Clear Harbor Asset Management LLC purchased a new position in shares of Nabors Industries during the third quarter worth approximately $121,000. Finally, M&T Bank Corp raised its stake in shares of 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 acquiring an additional 925 shares in the last quarter. 87.79% of the stock is currently owned by hedge funds and other institutional investors.
A number of equities analysts have recently commented on NBR shares. Citigroup set a $10.00 price objective on shares of Nabors Industries and gave the company a “buy” rating in a research report on Thursday, October 5th. Zacks Investment Research lowered shares of Nabors Industries from a “hold” rating to a “sell” rating in a research report on Wednesday, November 1st. BMO Capital Markets set a $6.00 price objective on shares of Nabors Industries and gave the company a “hold” rating in a research 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 research report on Wednesday, October 18th. Finally, Credit Suisse Group set a $8.00 price objective on shares of Nabors Industries and gave the company a “buy” rating in a research report on Thursday, October 26th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and sixteen have issued a buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $10.75.
Nabors Industries (NYSE:NBR) last announced its earnings results on Tuesday, October 24th. The oil and gas company reported ($0.42) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.33) by ($0.09). Nabors Industries had a negative net margin of 31.99% and a negative return on equity of 14.74%. The company had revenue of $662.50 million for the quarter, compared to the consensus estimate of $674.03 million. During the same quarter in the previous year, the firm earned ($0.55) earnings per share. The company’s revenue for the quarter was up 27.4% compared to the same quarter last year. equities research analysts anticipate that Nabors Industries will post -1.63 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, January 3rd. Shareholders of record on Wednesday, December 13th were paid a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 2.92%. The ex-dividend date was Tuesday, December 12th. Nabors Industries’s dividend payout ratio (DPR) is presently -8.96%.
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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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