Oilfield services losers
Having looked at the weekly percentage gainers in the previous part, we’ll now move on to the weekly percentage losers from the oilfield services sector in the US from September 4, 2017, to September 8, 2017. To compile the list of top upstream losers, we have used oil and gas producers with market capitalizations of over $100 million and average volumes greater than 100,000 shares last week.
Flotek Industries was top loser
In the week ending September 8, 2017, Flotek Industries (FTK) led the losing stocks from the oilfield services sector. On September 7, 2017, Flotek Industries provided an operational update related to Hurricane Harvey. FTK expected minimal damage to its facilities. However, it estimated that 10% of its labor force from Texas was affected by the hurricane. FTK expects to meet its client commitments, as it moved its manufacturing from its Texas facility to its Oklahoma facility ahead of Harvey’s landfall.
FTK suffered a decline from $5.21 to $4.80, a decrease of ~8%. In fact, last week, FTK made a new 52-week low of $4.56. When we look at the stock’s weekly metrics, the overall trend in FTK is extremely bearish. FTK stock has been making a pattern of lower highs and lower lows since February 2017. On September 8, 2017, FTK’s 50-week and 200-week moving averages stood at $16.07 and $10.48. Thus, FTK stock is trading way below its 50-week and 200-week moving averages. Also, FTK’s 50-week moving average stands below its 200-week moving average, a particularly bearish technical indicator.
Other big losers from the oilfield services sector were Key Energy Services (KEG), TechnipFMC (FTI), Tetra Technologies (TTI), and Tesco (TESO). Though there wasn’t specific news related to these stocks last week, they still suffered falls of ~7%, ~3%, ~2%, and ~1%, respectively. TechnipFMC (FTI) and Tetra Technologies (TTI) are trading close to their 52-weeks lows.
Another important thing to note is that KEG, FTI, TTI, and TESO fell despite a generally positive sentiment in the VanEck Vectors Oil Services ETF (OIH), which represents an index of stocks across the oilfield services industry. OIH fell ~2% in the week ending September 8, 2017. In comparison, the SPDR Dow Jones Industrial Average ETF (DIA) fell 0.74% last week.