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The Upstream and Oilfield Services Sectors This Week

PART:
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Part 5
The Upstream and Oilfield Services Sectors This Week PART 5 OF 5

Weatherford International: Top Falling Stock in Oilfield Services

Oilfield services losers

Having looked at the percentage gainers in the current week, let’s look now at the percentage losers in the oilfield services sector in the United States for the first two days of the week starting October 2, 2017. To compile the list of top oilfield services losers, we’ve used oilfield services companies with a market capitalization greater than $100.0 million and last week’s average volume greater than 100,000 shares.

Weatherford International: Top Falling Stock in Oilfield Services

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Weatherford International: The top losing stock

In the current week starting October 2, 2017, Weatherford International (WFT) is at the top of the falling stocks in the oilfield services sector. So far in the current week, WFT has fallen ~4.0%, from $4.58 to $4.38. Two weeks ago, on September 22, 2017, WFT announced the exchange of its previously issued 9.875% senior notes due in 2024 (private notes) by 9.875% senior notes due in 2024 that have been registered under the Securities Act of 1933 (registered notes). This offer will exchange up to $790.0 million of the aggregate principal amount of the private notes.

To judge the medium-term trend, we need to look at the weekly metrics. When judged by the weekly metrics, the overall trend in WFT is extremely bearish. WFT stock has been making a pattern of lower highs and lower lows since May 2015. On October 3, 2017, WFT’s 50-week and 200-week moving averages stood at $4.99 and $10.58, respectively. Thus, WFT stock is trading well below its 50-week and 200-week moving averages. Also, WFT’s 50-week moving average is below its 200-week moving average, a particularly bearish technical indicator.

The downtrend in WFT is also evident because WFT hit a multi-decade low of $3.39 in July 2017 and is currently trading not too far from it.

On the list of losers in the oilfield services sector, following WFT are Oceaneering International (OII), Newpark Resources (NR), Superior Energy Services (SPN), and Halliburton (HAL). These stocks have fallen 3.2%, 3.0%, 2.8%, and 2.4%, respectively, so far in the current week. This week, Oceaneering International (OII) and Newpark Resources (NR) said they would announce their 3Q17 earnings after the market closes on October 25, 2017, and October 30, 2017, respectively.

In general, after six consecutive weekly gains, oilfield services stocks are taking a breather this week. That’s evident in the loss of 1.3% by the SPDR S&P Oil & Gas Equipment & Services ETF (XES), which represents an index of stocks from the oilfield services industry. In comparison, the SPDR S&P 500 ETF (SPY) has risen 0.65% in the current week.

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