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The Top and Bottom of Oilfield Service Stocks in 3Q17

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Part 11
The Top and Bottom of Oilfield Service Stocks in 3Q17 PART 11 OF 12

A Look at the Top 5 Oilfield Stocks’ Correlation with Crude

Schlumberger’s correlation with crude oil

Previously, we identified the top five OFS (oilfield service) and equipment stocks according to Wall Street’s expected earnings growth in 3Q17. The correlation coefficient between Schlumberger (SLB) stock’s and crude oil’s prices from September 18, 2016, to September 18, 2017, was 0.60, which indicates a strong positive relationship. The VanEck Vectors Oil Services ETF’s (OIH) correlation with crude oil has been 0.71 since September 2016, and SLB’s correlation coefficient with the Dow Jones Industrial Average (DJIA-INDEX) has been 0.35. SLB’s correlation with crude oil weakened between September 2016 and September 2017.A Look at the Top 5 Oilfield Stocks&#8217; Correlation with Crude

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How correlated are the top oilfield stocks and crude oil?

National Oilwell Varco’s (NOV) correlation coefficient with crude oil from September 18, 2016, to September 18, 2017, was 0.57, Oceaneering International’s (OII) is 0.56, and Halliburton’s (HAL) was 0.65. NOV’s, OII’s, and HAL’s correlation with crude oil was higher between September 2016 and September 2017 than in the year prior. U.S. Silica Holdings’ (SLCA) correlation coefficient with crude oil from September 18, 2016, to September 18, 2017, was 0.53. Next, we’ll discuss the correlation between crude oil and the bottom five OFS stocks by expected earnings growth in 3Q17.

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