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Short Interest in Nabors Industries on September 1

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Dec. 4 2020, Updated 10:50 a.m. ET

Short interest in Nabors Industries

Short interest in Nabors Industries (NBR) as a percentage of its float was 7.4% on September 1, 2017, which was a significant fall compared to June 30, 2017. Short interest in NBR stock has fallen 39.0% since June 30, 2017. So short sellers have cut their negative bets in the stock. NBR’s stock price and short interest as a percentage of float have generally been inversely related since September 1, 2015, except since late July 2017.

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Implications of short interest

Since June 30, 2017, NBR stock has fallen 19.0%. Since March 2017, the price of crude oil has been volatile, falling 7.0% from March 31 through September 1, 2017. Investors’ interest in the energy market typically moves in line with crude oil price swings. That has also led to stock price volatility in many oilfield services companies in 2017. Nabors Industries makes up 2.2% of the iShares US Oil Equipment & Services (IEZ). Since June 30, 2017, IEZ has fallen 8.0%, while the S&P 500 Index (SPX-INDEX) has risen 2.0%.

Short interest in Nabors Industries’ peers

Since June 30, 2017, short interest in Core Laboratories (CLB) has fallen 26.0%, while CLB stock has fallen 12.0%. Short sellers may be seeing a further downside in CLB stock. Short interest in Baker Hughes, a GE Company (BHGE) has fallen 30.0% since June 30, 2017, while its stock has fallen 10.0%. Short interest in Flotek Industries (FTK) has fallen 3.0% since June 30, 2017, while its stock has fallen 42.0%. Short sellers have reduced their negative bets and perhaps don’t expect a further downside in these stocks.

Next, let’s take a look at NBR’s correlation with crude oil.

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