Nabors Industries Ltd. (NYSE:NBR) Short Interest Down 24.1% in March

Nabors Industries Ltd. (NYSE:NBR) saw a significant drop in short interest during the month of March. As of March 31st, there was short interest totaling 927,759 shares, a drop of 24.1% from the March 15th total of 1,222,472 shares. Approximately 6.7% of the shares of the company are short sold. Based on an average daily trading volume, of 329,368 shares, the days-to-cover ratio is presently 2.8 days.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the stock. Wall Street Zen lowered shares of Nabors Industries from a “buy” rating to a “hold” rating in a research report on Saturday, February 21st. Morgan Stanley reissued an “overweight” rating and set a $100.00 target price on shares of Nabors Industries in a research note on Wednesday. Barclays upped their target price on shares of Nabors Industries from $50.00 to $65.00 and gave the stock an “underweight” rating in a research report on Wednesday, February 25th. UBS Group set a $70.00 price target on shares of Nabors Industries in a research note on Friday, February 13th. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $84.00 price target on shares of Nabors Industries in a report on Wednesday. Two research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $74.38.

Nabors Industries Stock Down 6.5%

NBR stock opened at $79.15 on Wednesday. The firm’s 50-day moving average is $78.16 and its two-hundred day moving average is $61.45. The company has a market capitalization of $1.16 billion, a price-to-earnings ratio of 4.80 and a beta of 0.87. Nabors Industries has a 52 week low of $23.27 and a 52 week high of $92.38. The company has a current ratio of 1.56, a quick ratio of 1.47 and a debt-to-equity ratio of 2.22.

Nabors Industries (NYSE:NBR) last posted its quarterly earnings data on Wednesday, February 11th. The oil and gas company reported $0.17 earnings per share (EPS) for the quarter, beating the consensus estimate of ($2.93) by $3.10. Nabors Industries had a net margin of 8.92% and a negative return on equity of 17.63%. The business had revenue of $797.53 million during the quarter, compared to analysts’ expectations of $795.82 million. During the same period last year, the firm posted ($6.67) earnings per share. The business’s revenue was up 9.0% on a year-over-year basis. On average, analysts forecast that Nabors Industries will post -6.22 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Nabors Industries

Several hedge funds have recently modified their holdings of the company. Adage Capital Partners GP L.L.C. raised its stake in shares of Nabors Industries by 62.6% in the 4th quarter. Adage Capital Partners GP L.L.C. now owns 1,260,000 shares of the oil and gas company’s stock worth $68,418,000 after buying an additional 485,000 shares in the last quarter. Two Sigma Investments LP grew its holdings in Nabors Industries by 232.2% during the third quarter. Two Sigma Investments LP now owns 185,841 shares of the oil and gas company’s stock worth $7,595,000 after acquiring an additional 129,904 shares during the period. Marshall Wace LLP raised its position in Nabors Industries by 446.9% in the fourth quarter. Marshall Wace LLP now owns 132,715 shares of the oil and gas company’s stock worth $7,206,000 after acquiring an additional 108,447 shares in the last quarter. Highbridge Capital Management LLC lifted its holdings in Nabors Industries by 26.9% in the 3rd quarter. Highbridge Capital Management LLC now owns 491,795 shares of the oil and gas company’s stock valued at $20,100,000 after acquiring an additional 104,219 shares during the last quarter. Finally, Millennium Management LLC lifted its holdings in Nabors Industries by 846.5% in the 3rd quarter. Millennium Management LLC now owns 112,106 shares of the oil and gas company’s stock valued at $4,582,000 after acquiring an additional 100,262 shares during the last quarter. 81.92% of the stock is currently owned by institutional investors and hedge funds.

About Nabors Industries

Nabors Industries Ltd. is a global oil and gas drilling contractor that provides land and offshore drilling rigs, drilling equipment and related services to energy companies around the world. The company’s operations span two core segments: drilling and evaluation, which includes land?based and platform drilling rigs as well as wellbore survey services, and wellbore technologies, offering pressure control equipment, downhole tools and specialized maintenance services. Nabors’ integrated model combines rig operations with engineered products and field support, positioning it as a full?service provider in the upstream sector.

The company maintains a diverse, modern fleet of automated and conventional drilling rigs and has pioneered advanced drilling technologies, including automated drilling controls and managed pressure drilling systems.