Is Nabors Industries Ltd. (NBR) A Good Stock To Buy?

Since Nabors Industries Ltd. (NYSE:NBR) has witnessed a declination in interest from the smart money, it’s safe to say that there was a specific group of hedgies that slashed their entire stakes by the end of the third quarter. Intriguingly, Israel Englander’s Millennium Management said goodbye to the biggest investment of the 700 funds tracked by Insider Monkey, totaling about $66.3 million in stock. Anand Parekh’s fund, Alyeska Investment Group, also said goodbye to its stock, about $52 million worth. These transactions are interesting, as total hedge fund interest was cut by 4 funds by the end of the third quarter.

Let’s now review hedge fund activity in other stocks – not necessarily in the same industry as Nabors Industries Ltd. (NYSE:NBR) but similarly valued. We will take a look at Tallgrass Energy GP LP (NYSE:TEGP), Healthcare Trust Of America Inc (NYSE:HTA), bluebird bio Inc (NASDAQ:BLUE), and Pool Corporation (NASDAQ:POOL). This group of stocks’ market valuations resemble NBR’s market valuation.

As you can see these stocks had an average of 17 hedge funds with bullish positions and the average amount invested in these stocks was $164 million.That figure was $230 million in NBR’s case. bluebird bio Inc (NASDAQ:BLUE) is the most popular stock in this table. On the other hand, Tallgrass Energy GP LP (NYSE:EGP) is the least popular one with only 10 bullish hedge fund positions. Although not being the most popular stock among these, Nabors Industries Ltd. (NYSE:NBR) has attracted attention from investors. Even thought this may indicate a choice of investment worth considering, we we’d rather spend our time researching stocks that hedge funds are piling on. In this regard, BLUE might be a better to consider a long position.