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Nabors Industries slides after Pamplona fund sells stake

Caroline Valetkevitch | Reuters

NEW YORK – Nabors Industries was the biggest percentage decliner on the S&P 500 Thursday after Pamplona Capital Management LLP said its private equity fund had sold a stake of about 8.5 percent in the oilfield services provider.

Pamplona Capital is Nabors’ largest shareholder, according to Thomson Reuters data. Nabors Industries shares were down 2.7 percent at $24.10.

The stock has rallied about 41.7 percent for the year, however, and is still not considered overvalued according to StarMine data, which puts its intrinsic value at $36.16.

Other energy-related names also were among the day’s biggest percentage decliners, including Chesapeake, down 1.5 percent, and Cabot Oil, down 1.5 percent.

The S&P 500 energy index was down 0.3 percent and has had a weak September so far, as oil prices have fallen more than 4 percent. The energy index is down 4.3 percent since the end of August.

 

Related: Company buys Nabors fracking unit

 

(Editing by Bernadette Baum)

This article was written by Caroline Valetkevitch from Reuters and was legally licensed through the NewsCred publisher network.

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