Short interest in Nabors Industries
Short interest in Nabors Industries (NBR) as a percentage of its float was 11.4% as of June 19, 2017, compared to 10.1% as of March 31, 2017. Since 1Q17, short interest in NBR stock has risen 14.0%. NBR’s stock price and short interest as a percentage of float have been inversely related since June 2015, as you can see in the graph below.
Implications of short interest
Since March 31, 2017, NBR stock has fallen ~37.0%, reflecting the rise in short interest in NBR stock. Since March 31, 2017, short interest in National Oilwell Varco (NOV) has fallen 11.0%. You can read more on NOV in Market Realist’s Could National Oilwell Varco’s Prospects Rise in 2017?
Nabors Industries versus ETF and index
Nabors Industries makes up 0.16% of the ProShares Ultra Oil & Gas (DIG). Since March 31, 2017, DIG has fallen 13.0%. The energy sector makes up 6.0% of the SPX-INDEX, which has risen 4.0% since March 31, 2017.
Next, we’ll take a look at Nabors Industries’ implied volatility.