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A Pre-Earnings Analysis of Nabors Industries before Its 1Q17 Release

PART:
1 2 3 4 5 6 7
Part 5
A Pre-Earnings Analysis of Nabors Industries before Its 1Q17 Release PART 5 OF 7

Short Interest in Nabors Industries on April 19

Short interest in Nabors Industries

Short interest in Nabors Industries’s (NBR) stock as a percentage of its float was 10.0% on April 19, 2017, compared to ~6.5% on December 30, 2016. Since the end of 4Q16, short interest in NBR stock has increased 55%. As noted in the chart below, NBR’s stock price and short interest as a percentage of float have been inversely related since April 2015.

Nabors Industries comprises 0.01% of the iShares Russell 3000 ETF (IWV). The energy sector makes up 6.0% of IWV, which tracks the Russell 3000 Index (RUA-INDEX). The RUA-INDEX has risen 12% in the past year.Short Interest in Nabors Industries on April 19

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Short interest and stock price

Short interest equals the number of shares sold short, divided by the number of shares outstanding. A rise in short interest as a percentage of float, or a rise in short interest, indicates that more investors expect the stock’s price to fall. NBR’s stock price has fallen 27% since December 30, 2016, reflecting the increase in short interest.

However, investors should note that the market could go against investors’ sentiment. Also, a stock’s price could increase when investors start buying the stock to cover their short positions.

Energy stocks are typically correlated with crude oil prices. Has NBR’s correlation with crude oil prices increased? Let’s find out in the next part of this series.

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