Traders Buy High Volume of Call Options on Nabors Industries (NYSE:NBR)
Nabors Industries Ltd. (NYSE:NBR) was the target of unusually large options trading on Thursday. Stock traders purchased 43,167 call options on the stock. This represents an increase of approximately 1,766% compared to the typical daily volume of 2,313 call options.
Several hedge funds have recently made changes to their positions in NBR. Prudential Financial Inc. raised its position in shares of Nabors Industries by 278.9% during the 3rd quarter. Prudential Financial Inc. now owns 3,960,689 shares of the oil and gas company’s stock valued at $31,963,000 after purchasing an additional 2,915,370 shares during the period. Victory Capital Management Inc. raised its position in shares of Nabors Industries by 101.4% during the 3rd quarter. Victory Capital Management Inc. now owns 4,677,954 shares of the oil and gas company’s stock valued at $37,751,000 after purchasing an additional 2,354,975 shares during the period. Dimensional Fund Advisors LP raised its position in shares of Nabors Industries by 11.7% during the 3rd quarter. Dimensional Fund Advisors LP now owns 21,376,769 shares of the oil and gas company’s stock valued at $172,511,000 after purchasing an additional 2,243,068 shares during the period. FMR LLC raised its position in shares of Nabors Industries by 33.3% during the 2nd quarter. FMR LLC now owns 8,485,080 shares of the oil and gas company’s stock valued at $69,068,000 after purchasing an additional 2,118,198 shares during the period. Finally, Point72 Asset Management L.P. raised its position in shares of Nabors Industries by 47.5% during the 3rd quarter. Point72 Asset Management L.P. now owns 4,044,184 shares of the oil and gas company’s stock valued at $32,637,000 after purchasing an additional 1,302,284 shares during the period. Hedge funds and other institutional investors own 87.99% of the company’s stock.
A number of equities analysts have weighed in on NBR shares. Citigroup set a $10.00 price target on Nabors Industries and gave the stock a “buy” rating in a research report on Thursday, October 5th. Zacks Investment Research downgraded 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 target price on Nabors Industries and gave the stock a “hold” rating in a research note on Friday, October 27th. Cowen set a $11.00 price target on Nabors Industries and gave the company a “buy” rating in a research note on Wednesday, October 18th. Finally, JPMorgan Chase & Co. lowered Nabors Industries from an “overweight” rating to a “neutral” rating and set a $9.00 target price for the company. in a research report on Wednesday, January 17th. Three analysts have rated the stock with a sell rating, eight have given a hold rating and sixteen have assigned a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $10.89.
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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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