NEW YORK (TheStreet) -- Nabors Industries (NBR - Get Report) has added double-digit percentage value after posting a better-than-expected fourth quarter after the bell on Tuesday.

By midmorning, shares had gained 10.5% to $20.61. Trading volume of 3.8 million had nearly exceeded its three-month daily average of 4.2 million.

The Bermuda-based drilling contractor recorded net income of 42 cents a share and revenue of $1.61 billion.

Analysts surveyed by Thomson Reuters had anticipated net income of 20 cents a share and revenue of $1.54 billion.

Must Read: Nabors Industries (NBR) Reports Fourth Quarter

TheStreet Ratings team rates NABORS INDUSTRIES LTD as a Hold with a ratings score of C+. The team has this to say about their recommendation:

"We rate NABORS INDUSTRIES LTD (NBR) a HOLD. The primary factors that have impacted our rating are mixed -- some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its expanding profit margins, largely solid financial position with reasonable debt levels by most measures and increase in stock price during the past year. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, disappointing return on equity and weak operating cash flow."