Why This Fund Sold Off $11 Million of a Stock That's Up 325% in a Year
Key Points
Miller Value Partners sold 158,307 shares of NBR in the first quarter; the estimated trade value was $11.49 million.
Meanwhile, the quarter-end position value decreased by $5.52 million, reflecting both share reduction and price changes.
The transaction represented 3% of the fund’s 13F AUM.
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Miller Value Partners reported a sale of 158,307 shares of Nabors Industries (NYSE:NBR) in its May 15, 2026, SEC filing, with the estimated transaction value at $11.49 million based on quarterly average pricing.
What happened
According to a Securities and Exchange Commission (SEC) filing dated May 15, 2026, Miller Value Partners reduced its stake in Nabors Industries by 158,307 shares. The estimated transaction value is $11.49 million based on the quarter’s average share price. The fund’s quarter-end position dropped by $5.52 million, which incorporates both the share sale and any movements in the stock price.
What else to know
- This was a sale, leaving the stake at about 10% of 13F reportable AUM.
- Top holdings after the filing:
- NYSE: NBR: $38.25 million (10.0% of AUM)
- NYSE:CRGY: $27.04 million (7.1% of AUM)
- NYSE:GTN: $23.31 million (6.1% of AUM)
- NYSE:LNC: $20.26 million (5.3% of AUM)
- NYSEMKT:SPY: $19.54 million (5.1% of AUM)
- As of Thursday, shares of Nabors Industries were priced at $104.56, up a staggering 325% over the past year and vastly outperforming the S&P 500’s roughly 27% gain in the same period.
Company Overview
| Metric | Value |
|---|---|
| Revenue (TTM) | $3.2 billion |
| Net Income (TTM) | $238.5 million |
| Price (as of Thursday) | $104.56 |
Company Snapshot
- Nabors Industries offers drilling services, equipment manufacturing, and digital solutions for land-based and offshore oil and gas operations worldwide.
- The firm generates revenue primarily through drilling contracts, equipment sales, and technology-driven services for the energy sector.
- It serves oil and gas exploration and production companies across North America and over 20 international markets.
Nabors Industries operates as a leading provider of drilling and drilling-related services, with a global fleet supporting both land and offshore energy projects. The company leverages advanced automation, proprietary software, and integrated equipment to drive operational efficiency for its clients. Its diversified technology offerings and international footprint position it as a key partner for major oil and gas producers seeking high-performance drilling solutions.
What this transaction means for investors
Even after trimming the position, Nabors remains Miller Value's largest disclosed holding, accounting for roughly 10% of reportable assets, which certainly suggests the fund still sees meaningful upside but likely chose to lock in some gains amid an extraordinary run.
Nabors shares have surged more than 300% over the past year, but under the hood, the company's underlying business continues to improve. In the first quarter, Nabors generated $784 million in revenue and $205 million in adjusted EBITDA while increasing its average rig count to nearly 168 rigs worldwide. The company also continued strengthening its balance sheet, reducing total debt to $2.1 billion. Since the end of 2024, the firm said it has cut debt by $386 million and pushed its next maturity to 2029.
What's particularly interesting is that activity trends appear to be improving rather than deteriorating. Nabors added four rigs in the Lower 48 market during the quarter and expects to exit the second quarter with roughly 69 rigs running. Management also highlighted growing international demand, especially in Saudi Arabia and Latin America. Going forward, if growth can continue to translate into strong free cash flow and further debt reduction, the stock may well have room to run in the long-term.
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Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
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