NEW YORK (TheStreet) -- Shares of Nabors Industries (NBR) are surging, up 5.13% to $12.50 in late morning trading Friday, as U.S. crude oil futures rally, ahead the expiry of the front-month January contract and pre-holiday short-covering, Reuters reports.
Brent crude plunged to a five-year low of $58.50 per barrel earlier this week, but Brent futures for January delivery rallied, higher by 1.74% to $60.30 a barrel as of 11:17 a.m. ET today, while WTI Crude traded higher by 2.85% to $55.65 per as of 11:15 a.m. ET.
Oil prices have plummeted nearly 50% since the summer due to a global oversupply.
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Separately, TheStreet Ratings team rates NABORS INDUSTRIES LTD as a Hold with a ratings score of C+. TheStreet Ratings 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 revenue growth, compelling growth in net income and reasonable valuation levels. However, as a counter to these strengths, we also find weaknesses including a generally disappointing performance in the stock itself and poor profit margins."