Nabors 1Q Profit Shrinks On Bad Hedges

"Our first quarter results were better than expected, led by a strong international showing and solid performance from Alaska, U.S. offshore and our other operating segments," said Gene Isenberg, Nabors' chairman and chef executive.

Nabors reported first-quarter earnings after its shares rose $1.18, or 8.8 percent, to close at $14.59.

Before the market closed, Goldman Sachs analyst Daniel Boyd upgraded the oil services sector on an expected rebound in commodity prices, and a belief that uncertainty in oilfield services stocks will decline. Boyd upgraded his rating on shares of Nabors to "Buy" from "Neutral."