Nabors (NBR) Surges 140% as Middle East Tensions Boost Drilling

Nabors Industries shares have surged 140% over the past year and 48% year-to-date, driven by Middle East hostilities that disrupted oil supply and refocused attention on drilling companies. Crude oil prices have been volatile during the tensions. RBC Capital maintained a Hold rating on the stock in July with a $200 price target. Barclays upgraded Nabors to Equalweight from Underweight in May, raising its price target to $99 from $65. The energy services sector is in its best position in two decades, Barclays said.

The stock lost 13.9% between June 15 and June 24 after the United States and Iran ceased hostilities. Nabors operates drilling rigs globally and benefits when oil supply disruptions push producers to secure more capacity.