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Nabors (NBR) Moves 8.7% Higher: Will This Strength Last?
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Nabors Industries (NBR - Free Report) shares rallied 8.7% in the last trading session to close at $85.45. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 27.2% gain over the past four weeks.
This upward trend could be attributed to a combination of factors, including overall market optimism and positive developments within the company. With the oil and gas drilling company's second-quarter earnings report scheduled for Jul 23, investor focus is heightened. Additionally, Susquehanna Fundamental Investments' announcement regarding the acquisition of a new stake in Nabors, purchasing 5,465 shares valued at approximately $471,000, signals upward investor confidence in the company. On the other hand, Nabors will benefit significantly from the current elevated oil price environment. This could translate into increased drilling activity, improved profit margins, and stronger cash flow. Moreover, the positive market sentiment surrounding the oil and gas industry could lead to increased capital investment opportunities for Nabors, further strengthening its financial position and growth trajectory.
This drilling contractor is expected to post quarterly loss of $1.82 per share in its upcoming report, which represents a year-over-year change of +19.5%. Revenues are expected to be $741.47 million, down 4.8% 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 3.4% 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 belongs to the Zacks Oil and Gas - Drilling industry. Another stock from the same industry, Valaris Limited (VAL - Free Report) , closed the last trading session 0.2% lower at $79.86. Over the past month, VAL has returned 10.6%.
Valaris' consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.96. Compared to the company's year-ago EPS, this represents a change of +431%. Valaris currently boasts a Zacks Rank of #3 (Hold).
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Nabors (NBR) Moves 8.7% Higher: Will This Strength Last?
Nabors Industries (NBR - Free Report) shares rallied 8.7% in the last trading session to close at $85.45. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 27.2% gain over the past four weeks.
This upward trend could be attributed to a combination of factors, including overall market optimism and positive developments within the company. With the oil and gas drilling company's second-quarter earnings report scheduled for Jul 23, investor focus is heightened. Additionally, Susquehanna Fundamental Investments' announcement regarding the acquisition of a new stake in Nabors, purchasing 5,465 shares valued at approximately $471,000, signals upward investor confidence in the company. On the other hand, Nabors will benefit significantly from the current elevated oil price environment. This could translate into increased drilling activity, improved profit margins, and stronger cash flow. Moreover, the positive market sentiment surrounding the oil and gas industry could lead to increased capital investment opportunities for Nabors, further strengthening its financial position and growth trajectory.
This drilling contractor is expected to post quarterly loss of $1.82 per share in its upcoming report, which represents a year-over-year change of +19.5%. Revenues are expected to be $741.47 million, down 4.8% 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 3.4% 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 belongs to the Zacks Oil and Gas - Drilling industry. Another stock from the same industry, Valaris Limited (VAL - Free Report) , closed the last trading session 0.2% lower at $79.86. Over the past month, VAL has returned 10.6%.
Valaris' consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.96. Compared to the company's year-ago EPS, this represents a change of +431%. Valaris currently boasts a Zacks Rank of #3 (Hold).