NEW YORK (TheStreet) -- Shares of Nabors Industries (NBR) were up 1.58% to $14.76 in afternoon trading Friday, as oil prices rally to trade in the green on lower drilling rig count, according to Reuters.
Data by Baker Hughes (BHI) showed that energy firms pulled 13 rigs from U.S. oil fields this past week, the biggest decline in four weeks, Reuters noted.
The weekly decline marked 25 straight weeks of declines, bringing the total rig count to its lowest level in nearly five years to 646 rigs.
Brent crude for July delivery is higher by 4.46% to $65.37 a barrel as of 3:29 p.m. ET, while WTI crude is also up, 4.35% to $60.19 a barrel as of 3:28 p.m. ET today.
Bermuda-based Nabors is a provider of services for land-based and offshore oil and natural gas wells.
The company's business line is made up of drilling rig operations and drilling-related services and directional drilling services.
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 increase in net income, expanding profit margins and growth in earnings per share. However, as a counter to these strengths, we also find weaknesses including disappointing return on equity, weak operating cash flow and a generally disappointing performance in the stock itself."