This 1 News Event Sent Oil Drilling Stocks Soaring in November

Shares of land rig owners Helmerich & Payne (NYSE: HP), Nabors Industries (NYSE: NBR), and Patterson-UTI Drilling (NASDAQ: PTEN) all jumped 10% or more in November. While it was a real up and down month, these companies ended on a high note thanks to the news that OPEC will maintain its subdued production levels through 2018.

The past 12 months have been an odd time for land drilling companies. On one hand, business has been great as producers found ways to break even at much lower oil and gas prices, which meant they were all more willing to hire more rigs. There was a several month period at the beginning of 2017 where Helmerich & Payne was reactivating a new rig for a customer every 54 hours.

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Source: Fool.com