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.
(Editing by Bernadette Baum)
This article was written by Caroline Valetkevitch from Reuters and was legally licensed through the NewsCred publisher network.