Who’s the Big Oilfield Services Loser This Week?
Oilfield services losers
So far this week (starting September 18, 2017), Weatherford International (WFT) is the top-declining stock in the oilfield services sector, having fallen from $4.42 to $4.06—an ~8% fall.
On Wednesday, September 20, WFT’s 50-day moving average fell below its 30-day average volume, and its 50-day moving average of $4.14 and stood below its 200-day moving average of $5.06.
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The worrying thing about WFT is that it has lost all the advantages from the strong positive sentiment surrounding oilfield services stocks since last week, which indicates a lower relative strength in the stock.
WFT is now trading closer to its 52-week low than its 52-week high. WFT made a new 52-week low of $3.39 in July 2017.
Other oilfield services losers
In our list of losers, the only other stock from the oilfield services sector is Flotek Industries (FTK), which has fallen 2.1% so far this week. (We’re using oilfield services companies with market capitalizations greater than $100 million and last week’s average volumes greater than 100,000 shares.)
In general, there’s been positive sentiment surrounding oilfield services stocks all week, as you can see in the ~4.2% gain by the SPDR S&P Oil & Gas Equipment & Services ETF (XES), which represents an index of stocks from the oilfield services industry. The SPDR S&P 500 ETF (SPY) has risen only 0.35% so far this week.