Long Position on NBR @ $122.00 on 9/6/2023 (Momentum)

Nabors Industries Ltd. (NBR) provides drilling and drilling-related services for land-based and offshore oil and natural gas wells in the United States and internationally. 

The company operates through U.S. Drilling, International Drilling, Drilling Solutions, and Rig Technologies. It provides tubular running, wellbore placement, directional drilling, measurement-while-drilling (MWD), equipment manufacturing, and rig instrumentation services; and logging-while-drilling systems and services, as well as drilling optimization software.

The company also offers ROCKit, a directional steering control system; SmartNAV, a collaborative guidance and advisory platform; SmartSLIDE, an advanced directional steering control system; and RigCLOUD, which provides the tools and infrastructure to integrate applications to deliver real-time insight into operations across the rig fleet.

In addition, it manufactures and sells top drives, catwalks, wrenches, drawworks, and other drilling related equipment, such as robotic systems and downhole tools; and provides aftermarket sales and services for the installed base of its equipment.

The company marketed approximately 300 rigs for land-based drilling operations; and 29 rigs for offshore platform drilling operations.

As oil prices surge, shares are breaking out of their bullish "cup and handle" and higher share prices are expected. On July 25th, NBR reported a loss of $2.26 per share on revenue of $778.81 million for the second quarter ended June 2023. The consensus on revenue was $775.56 million. The next report is on October 25th. 

Entry Point: $122.00

Stop Loss: $116.00

Trading Range: $83.05 to $190.90

Target Price: $134.00

Position closed on 9/14/2023 at price of $136.00 with a 11.48% gain in 8 days.

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