One company that should be on your radar is Nabors Industries Ltd. ( NBR ). The stock of this basic materials company has seen its Zacks Rank surge over the past four weeks, moving from Hold territory to its current position as a Buy.HELMERICH&PAYNE (HP): Free Stock Analysis ReportNABORS IND (NBR): Free Stock Analysis ReportNEW SOURCE EGY (NSLP): Free Stock Analysis ReportPATTERSON-UTI (PTEN): Free Stock Analysis ReportTo read this article on Zacks.com click here.
A key reason for this move has been the positive trend in the earnings estimate revisions picture. For NBR's full year estimate, we have seen 9 estimates go higher in the past 30 days, compared to 1 downward revision. This trend has helped the consensus estimate to trend higher, going from a $1.09 a share a month ago to its current level at $1.18.
This positive shift in estimates has made some investors take notice and buy the stock. In fact, NBR has seen some pretty solid trading lately, as the company has moved higher by 38.3 % in the past month.
If NBR can keep up this great momentum on the earnings estimate front and continue to impress analysts, we could see more gains ahead for this company, suggesting that you might want to put NBR on your watch list for the future.
Other top-ranked stocks worth considering in this space include Helmerich & Payne, Inc. ( HP ), New Source Energy Partners L.P. ( NSLP ) and Patterson-UTI Energy Inc. ( PTEN ). All these stocks carry a Zacks Rank #1 (Strong Buy).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days . Click to get this free report >>