NEW YORK (TheStreet) -- Shares of Nabors Industries (NBR) fell 1.9% to $24.31 in morning trading Thursday after billionaire Alex Knaster's investment firm Pamplona Capital Management sold its 8.5% stake in the Bermuda-based company.
Pamplona bought its stake two years ago after longtime Nabors CEO Gene Isenberg left the company, which caused the stock to drop. But Nabors is up 46% year-to-date, and Pamplona sold its stake for an approximately $250 million gain, nearly twice its original investment.
The investment firm was Nabors' largest shareholder before the sale.
More than 6 million shares had changed hands as of 11:04 a.m., compared to the average volume of 3,693,440.
Separately, TheStreet Ratings team rates NABORS INDUSTRIES LTD as a "buy" with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate NABORS INDUSTRIES LTD (NBR) a BUY. This is driven by some important positives, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its increase in net income, revenue growth, solid stock price performance, growth in earnings per share and largely solid financial position with reasonable debt levels by most measures. We feel these strengths outweigh the fact that the company has had somewhat disappointing return on equity."
Highlights from the analysis by TheStreet Ratings Team goes as follows: