There's an old saying on Wall Street about insider buying: there are many possible reasons to sell a stock, but only one reason to buy. Back on May 4, Nabors Industries Ltd.'s Chief Financial Officer, William J. Restrepo, invested $207,460.00 into 22,000 shares of NBR, for a cost per share of $9.43. Bargain hunters tend to pay particular attention to insider buys like this one, because presumably the only reason an insider would take their hard-earned cash and use it to buy stock of their company in the open market, is that they expect to make money. In trading on Thursday, bargain hunters could buy shares of Nabors Industries Ltd. (Symbol: NBR) and achieve a cost basis 1.6% cheaper than Restrepo, with shares changing hands as low as $9.28 per share. Nabors Industries Ltd. shares are currently trading down about 0.9% on the day. The chart below shows the one year performance of NBR shares, versus its 200 day moving average:
Looking at the chart above, NBR's low point in its 52 week range is $7.61 per share, with $18.40 as the 52 week high point - that compares with a last trade of $9.60. By comparison, below is a table showing the prices at which NBR insider buying was recorded over the last six months:
William J. Restrepo
Chief Financial Officer
NBR makes up 2.91% of the First Trust Nasdaq Oil & Gas ETF (Symbol: FTXN)
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