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Nabors Industries’ Short Interest on October 12

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Short interest in Nabors Industries

Short interest in Nabors Industries (NBR) as a percentage of its float was 10.4% on October 12, 2017, compared to 12.2% on June 30, 2017. Since June 30, short interest in NBR has decreased 14%. Since June 30, NBR’s stock price has decreased 11%.

Investors’ negative bets on NBR have decreased since June 30, and fewer investors expect the stock’s price to fall. For the most part, NBR’s stock price and short interest as a percentage of float have been inversely related since October 2015.

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Did crude oil prices affect investors’ sentiment?

Crude oil prices have turned bullish since June 2017, rising 11% from June 30 to October 12. Investors’ sentiment toward the energy market has strengthened over the past three months, which has positively affected many oilfield services companies’ stock prices since June.

Since June 30, 2017, NBR’s stock price has fallen ~11%. NBR comprises 2.1% of the iShares US Oil Equipment & Services ETF (IEZ). IEZ has risen 1% since June 30, 2017. The S&P 500 Index (SPX-INDEX) has risen 5% since June 30, 2017.

Short interest in Nabors Industries’ peers

Since June 30, 2017, short interest in Keane Group (FRAC) has decreased 6%, while FRAC’s stock price has remained unchanged. Since June 30, 2017, short interest in TETRA Technologies (TTI) has fallen 17%, while its stock price decreased 2%. So, investors’ negative bets on FRAC and TTI have decreased since June 30.

Short interest in Core Laboratories (CLB) has increased 21% since June 30, while its stock price has fallen 6% during this period. So, investors’ negative bets on CLB have increased since June 30.

Has Nabors Industries’ correlation with crude oil prices changed in the past few years? Let’s find out in the next part of this series.

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