Why Nabors Industries Stock Is Soaring Today
Shares of Nabors Industries (NYSE: NBR) had surged more than 20% by 10:30 a.m. ET on Wednesday. The primary catalyst fueling the oil stock's rally was its third-quarter report.
"We had an outstanding third quarter," CEO Anthony Petrello said in the earnings release. Revenue rose 10% sequentially to $694 million. Meanwhile, its adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) jumped 21% to $158 million, putting it back at pre-pandemic levels.
Petrello said that "all our operating segments grew sequentially...and that the U.S. drilling segment once again delivered strong growth, largely driven by continued dayrate increases in the lower 48 [states]." The company also delivered improving daily margins and EBITDA in its international segment. Meanwhile, its drilling solutions segment's annual EBITDA run rate exceeded $100 million, while its gross margin achieved another all-time high.
Source Fool.com
