Correlations with crude oil
The correlation coefficient between crude oil’s price and Schlumberger’s (SLB) stock price from June 2016 to June 2017 is 0.64. This correlation indicates a strong positive relationship between crude oil and SLB stock.
Correlations with crude oil: PTEN, CLB, and NOV
Patterson-UTI Energy’s (PTEN) correlation coefficient with crude oil’s price from June 2016 to June 2017 is 0.67. Core Laboratories’ (CLB) correlation with crude oil’s price from June 2016 to the present is 0.57. National Oilwell Varco’s (NOV) correlation with crude oil’s price from June 2016 to the present is 0.61. The VanEck Vectors Oil Services ETF’s (OIH) correlation with crude oil from June 2016 to the present is 0.74.
Wall Street analysts expect the top oilfield equipment and services companies to garner positive returns in the next 12 months. We’ll discuss this expectation in the next article.