Oilfield services gainers
In this part, we will analyze the top weekly percentage gainers from the oilfield services sector in the US for the week starting September 11, 2017. To compile the list of top oilfield services gainers, we used the oilfield services companies with market capitalization levels greater than $100 million and this week’s average volume greater than 100,000 shares.
Tetra Technologies gained the most in the current week
In the week starting September 11, 2017, Tetra Technologies (TTI) is at the top of the list of gainers from the oilfield services group. TTI increased from its previous week’s close of $2.05 to $2.47 on September 14—a sizeable increase of ~20%. There has not been a news release from the company relating to its big move this week. This week, the entire energy sector has risen robustly on the back of strong crude oil (USO) and natural gas (UNG) prices.
On the technical front, the biggest positive for TTI stock this week is that it crossed above its 50-day moving average, which it has been trying to regain since the start of 2017. However, TTI is still trading below its 200-day moving average.
On September 14, TTI’s 200-day and 50-day moving averages stood at $3.65 and $2.38, respectively. This also means TTI’s 50-day moving average stands below its 200-day moving average, which is technically a bearish sign for the stock.
Riding the wave: IO, FTK, TESO, NR
In the list of gainers for the current week. Tetra Technologies (TTI) is followed by ION Geophysical (IO), Flotek Industries (FTK), Tesco Corporation (TESO), and Newpark Resources (NR). These stocks have also been moving up without any company-specific news in the current week.
ION Geophysical (IO) has been in a strong uptrend since July 2017 and increased from a low of $3.20 in July 2017 to $9.25 on September 14, 2017. In the current week, IO hit a 52-week high of $9.50.
In general, there has been positive sentiment surrounding the oilfield services stocks this week. This is evidenced by the gain of ~6.7% by the VanEck Vectors Oil Services ETF (OIH), which represents an index of stocks from the oilfield services industry.