NEW YORK ( TheStreet) -- Nabors Industries (NYSE: NBR) hit a new 52-week high Wednesday as it traded at $31 compared with its previous 52-Week high of $30.96. Nabors is changing hands at $30.30 with 834,343 shares traded as of 10:37 a.m. ET. Average volume has been 5.2 million shares over the past 30 days.

Nabors has a market cap of $8.6 billion and is part of the basic materials sector and energy industry. Shares are up 30.3% year to date as of the close of trading on Tuesday.

Nabors Industries Ltd. operates as a land drilling contractor worldwide. It conducts oil, gas, and geothermal land drilling operations in the United States Lower 48 states, Alaska, Canada, South America, Mexico, the Caribbean, the Middle East, the Far East, Russia, and Africa. The company has a P/E ratio of 81.6, below the average energy industry P/E ratio of 91.5 and above the S&P 500 P/E ratio of 16.8.
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TheStreet Ratings rates Nabors as a hold. The company's strengths can be seen in multiple areas, such as its revenue growth, impressive record of earnings per share growth and compelling growth in net income. However, as a counter to these strengths, we find that the company has not been very careful in the management of its balance sheet. You can view the full Nabors Ratings Report.

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