Institutional ticker directory tracking stock mentions, long/short ideas, and high-conviction pitches extracted from quarterly hedge fund letters.
| Ticker | Company | Sector | Industry | Pitches | Stance |
|---|---|---|---|---|---|
| Fund / Manager | Thesis Excerpt | Stance | Period / Date | Action |
|---|---|---|---|---|
Miller Value Partners Deep Value Strategies Dan Lysik, CFA | “The largest positive contributor was Nabors Industries (NBR), whose market share price was up 46%. Nabors Industries has undertaken a multi-year transformation focused on leveraging their industry's leading technology. The company has over 450 patents, and has developed industry leading drilling automation/robotics, Rig Cloud platform and smart apps, rolling out globally, not only on Nabors rigs but also on third party rigs. During the quarter, Nabors sold their Quail Tools business segment for $600M. Sale proceeds will be used to accelerate debt reduction, enhancing the company balance sheet and liquidity. Management achieving 2025 guidance and ongoing debt reduction would lead to Enterprise Value to EBITDA (forward 1-year) approaching 2.5x, an all-time low and a significant discount to Nabors 15-year average of 5.9x. Nabors share price looks extremely attractive, at less than one times forward cash flow – the only other period it has traded at a lower ratio was a brief time during the Covid 2020 outbreak. Current marketplace fears appear due to falling commodity prices, and expectations for additional rig cancellations. While oil prices falling towards $50/barrel is a potential risk, we believe this marketplace fear is well known and significantly discounted in Nabors current share price today. We believe Nabors long-term normalized EBITDA could be closer to $1.5B, and the company has debt reduction potential of $1B+ over the next five years. Nabors long-term upside potential is multiples of the current share price with the shares currently trading at greater than 50% normalized free cash flow yield. BSD Analysis: Nabors is a high-leverage drilling contractor built for torque — both up and down — in global oilfield cycles. International demand is improving, and Nabors' high-spec rigs give it pricing leverage. Debt remains the big swing factor, making execution critical in an industry with no soft landings. The market treats NBR like a perpetual restructuring risk, but operational performance has tightened. If day rates continue rising, the equity can move violently higher. Maximum volatility, maximum beta. Not a widows-and-orphans stock — but compelling for cycle bull believers.” | BULL | Q3 2025 Oct 15, 2025 | View Pitch |
Each excerpt above is the manager's commentary on this ticker specifically. The full letter has the rest of their portfolio thinking, risk discussion, and broader institutional context.
