How Is Nabors Industries Reacting to Crude Oil Prices?
Correlation between Nabors Industries and crude oil
Nabors Industries’ (NBR) correlation with crude oil prices from February 12, 2017, to February 12, 2018, was -0.50. Nabors Industries’ correlation with the Dow Jones Industrial Average (DJIA-INDEX) from February 12, 2017, to February 12, 2018, was -0.60.
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NBR’s correlation with crude oil and its implication
The West Texas Intermediate (or WTI) crude oil price has gone up significantly since the end of June 2017. However, crude oil prices have shown weakness over the past week. A negative correlation can benefit NBR’s stock price if crude oil falls.
Nabors Industries’ correlation with the crude oil price has decreased significantly in the week ended February 12, 2018, compared to the previous year to the week ended February 12, 2017.
Correlation between oilfield services companies and crude oil
The correlation coefficient of the VanEck Vectors Oil Services ETF (OIH) with crude oil since February 12, 2017, was 0.41. Helmerich & Payne’s (HP) correlation with crude oil since February 12, 2017, was 0.69.