Friday, April 8, 2011

Nabors (NBR) (HP) (PTEN) (COP) As Oil Prices Break $111

The soaring price of oil, which topped $111 a barrel today, is pushing up the share price of Nabors Industries (NYSE:NBR), Helmerich & Payne (NYSE:HP), Patterson-UTI Energy (NASDAQ:PTEN) and ConocoPhillips (NYSE:COP).

Crude futures for West Texas Intermediate crude (CLK11) jumped to break $111 a barrel, up about $5 over the past week.

“U.S. land drilling contractors should be a major beneficiary of the forecast increase in horizontal drilling,” Macquarie analysts said in a note to clients, which raised its outlook on Nabors Industries (NYSE:NBR), Helmerich & Payne (NYSE:HP) and Patterson-UTI Energy (NASDAQ:PTEN).

The NYSE Arca Oil Index (XOI) rose by 0.7% to 1,394. That’s the index’s highest level since the record run of oil prices fueled an all-time record of 1,570 almost three years ago.

Nabors Industries was trading at $31.82, gaining $1.32, or 4.33 percent, as of 2:00 PM EDT. Helmerich & Payne was trading at $69.54, gaining $2.04, or 3.02 percent. Patterson-UTI Energy was at $29.30, up $1.27, or 4.55 percent. ConocoPhillips was trading at $81.02, rising $0.62, or 0.77 percent.

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