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Nabors (NBR) Soars 11.2%: Is Further Upside Left in the Stock?
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Nabors Industries (NBR - Free Report) shares ended the last trading session 11.2% higher at $159.33. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 24.6% gain over the past four weeks.
Nabors Industries extended its rally for the third straight day, driven by optimism over crude prices spurred by a supportive macro backdrop, geopolitical tensions and the OPEC+ supply curtailments. The steady increase in commodity prices to more than $100 a barrel has lifted the onshore contract drilling space and contributed to the strength in the company. Besides, an improving demand landscape prompted Susquehanna to raise the price target on Nabors.
This drilling contractor is expected to post quarterly loss of $10.65 per share in its upcoming report, which represents a year-over-year change of +47.2%. Revenues are expected to be $565.04 million, up 22.4% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Nabors, the consensus EPS estimate for the quarter has been revised 1.9% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on NBR going forward to see if this recent jump can turn into more strength down the road.
Nabors is part of the Zacks Oil and Gas - Drilling industry. Transocean (RIG - Free Report) , another stock in the same industry, closed the last trading session 1.4% higher at $5.02. RIG has returned 33.8% in the past month.
For Transocean, the consensus EPS estimate for the upcoming report has changed -14.8% over the past month to -$0.21. This represents a change of -10.5% from what the company reported a year ago. Transocean currently has a Zacks Rank of #3 (Hold).
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Nabors (NBR) Soars 11.2%: Is Further Upside Left in the Stock?
Nabors Industries (NBR - Free Report) shares ended the last trading session 11.2% higher at $159.33. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 24.6% gain over the past four weeks.
Nabors Industries extended its rally for the third straight day, driven by optimism over crude prices spurred by a supportive macro backdrop, geopolitical tensions and the OPEC+ supply curtailments. The steady increase in commodity prices to more than $100 a barrel has lifted the onshore contract drilling space and contributed to the strength in the company. Besides, an improving demand landscape prompted Susquehanna to raise the price target on Nabors.
This drilling contractor is expected to post quarterly loss of $10.65 per share in its upcoming report, which represents a year-over-year change of +47.2%. Revenues are expected to be $565.04 million, up 22.4% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Nabors, the consensus EPS estimate for the quarter has been revised 1.9% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on NBR going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Nabors is part of the Zacks Oil and Gas - Drilling industry. Transocean (RIG - Free Report) , another stock in the same industry, closed the last trading session 1.4% higher at $5.02. RIG has returned 33.8% in the past month.
For Transocean, the consensus EPS estimate for the upcoming report has changed -14.8% over the past month to -$0.21. This represents a change of -10.5% from what the company reported a year ago. Transocean currently has a Zacks Rank of #3 (Hold).