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

Nabors Industries Ltd. (NYSE:NBR) saw a significant increase in short interest in October. As of October 13th, there was short interest totalling 33,799,648 shares, an increase of 17.9% from the September 29th total of 28,659,036 shares. Based on an average daily volume of 6,869,434 shares, the days-to-cover ratio is presently 4.9 days. Currently, 12.3% of the shares of the company are sold short.

Several institutional investors have recently modified their holdings of NBR. Wright Investors Service Inc. grew its position in shares of Nabors Industries by 2.2% during the second quarter. Wright Investors Service Inc. now owns 12,560 shares of the oil and gas company’s stock valued at $102,000 after purchasing an additional 265 shares in the last quarter. Frontier Wealth Management LLC grew its position in Nabors Industries by 11.4% in 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. Carlton Hofferkamp & Jenks Wealth Management LLC grew its position in Nabors Industries by 3.3% in the second quarter. Carlton Hofferkamp & Jenks Wealth Management LLC now owns 13,550 shares of the oil and gas company’s stock worth $110,000 after acquiring an additional 435 shares in the last quarter. Clear Harbor Asset Management LLC purchased a new position in Nabors Industries in the third quarter worth about $121,000. Finally, M&T Bank Corp grew its position in Nabors Industries by 6.0% in 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. Hedge funds and other institutional investors own 95.77% of the company’s stock.

Several brokerages have recently weighed in on NBR. UBS AG reduced their price target on Nabors Industries from $11.00 to $10.00 and set a “buy” rating for the company in a research report on Friday, October 27th. Cowen and Company set a $9.00 price target on Nabors Industries and gave the company a “buy” rating in a research report on Thursday, October 26th. Credit Suisse Group set a $9.00 price target on Nabors Industries and gave the company a “buy” rating in a research report on Thursday, August 10th. They noted that the move was a valuation call. Seaport Global Securities reiterated a “neutral” rating on shares of Nabors Industries in a research report on Friday, August 4th. Finally, Piper Jaffray Companies reiterated a “hold” rating and issued a $9.50 price target on shares of Nabors Industries in a research report on Friday, October 27th. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and seventeen have given a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $11.64.

Nabors Industries (NYSE:NBR) last issued its quarterly earnings data on Tuesday, October 24th. The oil and gas company reported ($0.42) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.33) by ($0.09). The firm had revenue of $662.50 million for the quarter, compared to analysts’ expectations 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 quarter in the previous year, the business earned ($0.55) EPS.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 3rd. Stockholders of record on Wednesday, December 13th will be given a dividend of $0.06 per share. The ex-dividend date is Tuesday, December 12th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 4.27%. Nabors Industries’s payout ratio is -8.96%.

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Nabors Industries Company Profile

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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