Short Interest in Nabors Industries Ltd. (NYSE:NBR) Declines By 16.7%

Nabors Industries Ltd. (NYSE:NBRGet Rating) was the target of a large decline in short interest in April. As of April 30th, there was short interest totalling 433,100 shares, a decline of 16.7% from the April 15th total of 519,700 shares. Currently, 5.4% of the company’s stock are short sold. Based on an average daily trading volume, of 214,700 shares, the days-to-cover ratio is presently 2.0 days.

Hedge funds have recently added to or reduced their stakes in the company. Guggenheim Capital LLC raised its holdings in shares of Nabors Industries by 32.3% in the 1st quarter. Guggenheim Capital LLC now owns 5,584 shares of the oil and gas company’s stock worth $852,000 after buying an additional 1,364 shares in the last quarter. Captrust Financial Advisors lifted its holdings in shares of Nabors Industries by 31.8% during the first quarter. Captrust Financial Advisors now owns 1,028 shares of the oil and gas company’s stock valued at $157,000 after acquiring an additional 248 shares during the period. Apollo Management Holdings L.P. acquired a new stake in shares of Nabors Industries in the 1st quarter valued at $3,564,000. State Street Corp grew its holdings in shares of Nabors Industries by 10.6% in the 1st quarter. State Street Corp now owns 377,790 shares of the oil and gas company’s stock worth $57,696,000 after purchasing an additional 36,203 shares during the last quarter. Finally, Prelude Capital Management LLC acquired a new stake in shares of Nabors Industries during the 1st quarter worth about $1,998,000. Institutional investors own 70.86% of the company’s stock.

NBR has been the topic of a number of research analyst reports. StockNews.com assumed coverage on Nabors Industries in a report on Thursday, March 31st. They issued a “hold” rating on the stock. Morgan Stanley boosted their target price on shares of Nabors Industries from $100.00 to $150.00 and gave the stock an “underweight” rating in a research report on Monday, April 11th. Citigroup downgraded shares of Nabors Industries from a “buy” rating to a “neutral” rating and reduced their price target for the company from $175.00 to $115.00 in a report on Monday, March 14th. Capital One Financial restated an “equal weight” rating on shares of Nabors Industries in a report on Thursday, March 17th. Finally, Barclays upped their price objective on shares of Nabors Industries from $132.00 to $180.00 in a research report on Monday, May 2nd. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and one has given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $136.25.

NBR opened at $139.03 on Tuesday. The company has a current ratio of 1.84, a quick ratio of 1.58 and a debt-to-equity ratio of 3.83. The firm’s fifty day moving average price is $157.28 and its two-hundred day moving average price is $122.34. Nabors Industries has a fifty-two week low of $65.58 and a fifty-two week high of $207.67.

Nabors Industries (NYSE:NBRGet Rating) last issued its earnings results on Wednesday, April 27th. The oil and gas company reported ($13.88) earnings per share for the quarter, missing the consensus estimate of ($8.95) by ($4.93). Nabors Industries had a negative net margin of 29.01% and a negative return on equity of 59.04%. The business had revenue of $568.70 million for the quarter, compared to analyst estimates of $561.32 million. On average, sell-side analysts anticipate that Nabors Industries will post -29.25 EPS for the current fiscal year.

Nabors Industries Company Profile (Get Rating)

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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