Spotting Winners: Nabors Industries (NYSE:NBR) And Oilfield Services Stocks In Q1

As the Q1 earnings season wraps, let’s dig into this quarter’s best and worst performers in the oilfield services industry, including Nabors Industries (NYSE:NBR) and its peers.

Oilfield services companies provide equipment, technology, and services enabling exploration and production activities, including drilling, completion, well intervention, and reservoir evaluation. Their fortunes closely track upstream capital spending cycles. Tailwinds include increased drilling activity during favorable commodity environments, demand for efficiency-enhancing technologies, and growing offshore and unconventional resource development. Headwinds include significant revenue volatility tied to oil and gas price swings and producer spending discipline. Intense competition pressures pricing and margins, while the energy transition may structurally reduce long-term demand. Workforce availability and technological disruption require continuous adaptation.

The 26 oilfield services stocks we track reported a strong Q1. As a group, revenues beat analysts’ consensus estimates by 3.8%.

Amidst this news, share prices of the companies have had a rough stretch. On average, they are down 11.8% since the latest earnings results.

Nabors Industries (NYSE:NBR)

Operating one of the largest land-based drilling rig fleets in the world with over 285 rigs across more than 15 countries, Nabors Industries (NYSE:NBR) operates drilling rigs and provides related services to help oil and gas companies drill wells on land and offshore platforms.

Nabors Industries reported revenues of $783.5 million, up 6.4% year on year. This print exceeded analysts’ expectations by 1.7%. Overall, it was a very strong quarter for the company with a beat of analysts’ EPS and EBITDA estimates.

Anthony G. Petrello, Nabors Chairman, CEO and President, commented, "The conflict in the Middle East and its broader implications across global energy markets continue to reinforce the value of Nabors' portfolio and geographic diversification. While our business in that region was only modestly impacted in the first quarter, we are well positioned to respond to changes in activity levels across our markets, supported by our global fleet and operational flexibility.

Investor expectations, however, were likely higher than Wall Street’s published projections, leaving some wishing for even better results (analysts’ consensus estimates are those published by big banks and advisory firms, not the investors who make buy and sell decisions). The stock is down 14.2% since reporting and currently trades at $80.28.

Is now the time to buy Nabors Industries? Access our full analysis of the earnings results here, it’s free.

Best Q1: Select Water Solutions (NYSE:WTTR)

Managing over 24 billion barrels of produced water annually across major U.S. shale plays, Select Water Solutions (NYSE:WTTR) provides water sourcing, recycling, disposal, and treatment services for oil and gas producers.

Select Water Solutions reported revenues of $366 million, down 2.3% year on year, outperforming analysts’ expectations by 6.8%. The business had an incredible quarter with a beat of analysts’ EPS and EBITDA estimates.

The market seems happy with the results as the stock is up 12.2% since reporting. It currently trades at $19.36.

Is now the time to buy Select Water Solutions? Access our full analysis of the earnings results here, it’s free.

Weakest Q1: Borr Drilling (NYSE:BORR)

Operating one of the world's youngest jack-up fleets with an average age under eight years, Borr Drilling (NYSE:BORR) operates jack-up rigs that drill oil and gas wells in shallow waters up to 400 feet deep for exploration and production companies.

Borr Drilling reported revenues of $247 million, up 14% year on year, falling short of analysts’ expectations by 2.1%. It was a disappointing quarter as it posted a significant miss of analysts’ EBITDA and EPS estimates.

Borr Drilling delivered the weakest performance against analyst estimates in the group. As expected, the stock is down 28.3% since the results and currently trades at $4.43.

Read our full analysis of Borr Drilling’s results here.

RPC (NYSE:RES)

Operating primarily in the Permian Basin with 10 hydraulic fracturing fleets, RPC (NYSE:RES) provides specialized services and equipment like hydraulic fracturing, coiled tubing, and cementing to help oil and gas companies complete and maintain wells.

RPC reported revenues of $454.8 million, up 36.6% year on year. This print topped analysts’ expectations by 13.6%. More broadly, it was a satisfactory quarter as it also logged an impressive beat of analysts’ EBITDA estimates but EPS in line with analysts’ estimates.

RPC pulled off the biggest analyst estimate beat and fastest revenue growth among its peers. The stock is down 24% since reporting and currently trades at $5.61.

Read our full, actionable report on RPC here, it’s free.

Liberty Energy (NYSE:LBRT)

Operating approximately 40 active fleets across North America's most productive shale basins, Liberty Energy (NYSE:LBRT) provides hydraulic fracturing services that help oil and gas companies extract resources from shale formations.

Liberty Energy reported revenues of $1.02 billion, up 4.5% year on year. This number beat analysts’ expectations by 6.7%. Overall, it was an incredible quarter as it also put up a beat of analysts’ EPS estimates and an impressive beat of analysts’ EBITDA estimates.

The stock is down 17.9% since reporting and currently trades at $24.15.

Read our full, actionable report on Liberty Energy here, it’s free.

Market Update

Late in 2025 into early 2026, there was hand-wringing around artificial intelligence. For software companies, the fear was that AI would erode pricing power and compress margins as new tools made it easier to replicate what once required expensive enterprise platforms. Crypto investors had their own version of the same anxiety: if AI agents could trade, allocate capital, and manage wallets autonomously, what exactly was the long-term value of today’s crypto infrastructure?

These concerns triggered a noticeable rotation away from these sectors and into safer havens. But markets rarely dwell on one narrative for long. Spring 2026 came, and the focus shifted abruptly from technological disruption to geopolitical risk. The US’ conflict with Iran became the dominant driver of market psychology, and when geopolitics takes center stage, the script changes quickly. Investors stop debating growth rates and start worrying about oil supply, inflation, and global stability.

Want to invest in winners with rock-solid fundamentals? Check out our Top 6 Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate.