Why Nabors Industries (NBR) Stock Climbed on Tuesday

NEW YORK (TheStreet) -- Nabors Industries (NBR) closed higher on Tuesday after RBC Capital upped its price target to $29 from $25.

By market close, shares had gained 3.4% to $24.86, a touch lower than its 52-week high of $24.97 which it hit earlier in the day.

The firm kept an "outperform" rating on the oil and gas contractor, noting positive growth in domestic land drilling as well as an improving international operations profile.

On Monday, Nabors said it expected first-quarter earnings to fall below previously-issued guidance. The company forecasts net income of 7 cents a share for the three months to March, 11 cents lower than analysts surveyed by Thomson Reuters had expected. 

"Approximately 60% of our pressure pumping horsepower operates in the Northern region, which includes basins in the Rocky Mountains and Appalachia. Severe winter weather in those areas continued to affect our pumping operations through February and into early March," said CEO Tony Petrello in a statement.

"We view the first quarter's operating performance in Completion Services as temporary. Weather notwithstanding, improving underlying demand for pressure pumping gives us a constructive, though tempered, outlook for this business through the remainder of 2014," he continued.

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TheStreet Ratings team rates NABORS INDUSTRIES LTD as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:

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