Nabors Industries Ltd. (NYSE:NBR) Short Interest Down 22.2% in April

Nabors Industries Ltd. (NYSE:NBR) saw a large decrease in short interest in April. As of April 15th, there was short interest totalling 594,300 shares, a decrease of 22.2% from the March 31st total of 763,500 shares. Approximately 7.5% of the company’s shares are short sold. Based on an average daily volume of 199,000 shares, the short-interest ratio is currently 3.0 days.

Separately, Morgan Stanley upped their price objective on shares of Nabors Industries from $60.00 to $80.00 and gave the company an “underweight” rating in a research note on Wednesday, March 31st. Four analysts have rated the stock with a sell rating and four have issued a hold rating to the stock. Nabors Industries presently has an average rating of “Hold” and an average price target of $35.64.

Hedge funds and other institutional investors have recently modified their holdings of the business. Russell Investments Group Ltd. raised its holdings in Nabors Industries by 42.9% in the 4th quarter. Russell Investments Group Ltd. now owns 25,526 shares of the oil and gas company’s stock worth $1,484,000 after purchasing an additional 7,662 shares in the last quarter. Clifford Swan Investment Counsel LLC bought a new position in Nabors Industries in the 4th quarter worth $349,000. New York State Teachers Retirement System raised its holdings in Nabors Industries by 7.6% in the 4th quarter. New York State Teachers Retirement System now owns 11,385 shares of the oil and gas company’s stock worth $663,000 after purchasing an additional 800 shares in the last quarter. Texas Permanent School Fund bought a new position in shares of Nabors Industries in the 4th quarter worth about $300,000. Finally, Wells Fargo & Company MN increased its stake in shares of Nabors Industries by 81.0% in the 4th quarter. Wells Fargo & Company MN now owns 157,988 shares of the oil and gas company’s stock worth $9,200,000 after acquiring an additional 70,719 shares in the last quarter. Institutional investors and hedge funds own 63.54% of the company’s stock.

NYSE:NBR traded down $5.43 during midday trading on Tuesday, reaching $81.07. 398,252 shares of the stock traded hands, compared to its average volume of 220,758. The company has a fifty day moving average of $93.88 and a 200 day moving average of $72.93. Nabors Industries has a 12 month low of $11.80 and a 12 month high of $133.61. The company has a debt-to-equity ratio of 2.42, a quick ratio of 2.06 and a current ratio of 2.39. The stock has a market capitalization of $689.42 million, a P/E ratio of -0.58 and a beta of 3.77.

Nabors Industries (NYSE:NBR) last issued its quarterly earnings data on Wednesday, April 28th. The oil and gas company reported ($20.16) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($20.10) by ($0.06). Nabors Industries had a negative return on equity of 27.82% and a negative net margin of 39.93%. On average, analysts predict that Nabors Industries will post -79.09 EPS for the current fiscal year.

About Nabors Industries

Nabors Industries Ltd. provides drilling and drilling-related services for land-based and offshore oil and natural gas wells. The company operates through five segments: U.S. Drilling, Canada Drilling, International Drilling, Drilling Solutions, and Rig Technologies. It provides tubular running, wellbore placement, directional drilling, measurement-while-drilling (MWD), equipment manufacturing, and rig instrumentation services; and logging-while-drilling systems and services, as well as drilling optimization software.

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