Oilfield services gainers

In this part of the series, we’ll analyze the top percentage gainers from the oilfield services sector in the United States for the current week starting October 2, 2017. To compile the list of top oilfield services gainers, we used oilfield services companies with a market capitalization greater than $100.0 million and last week’s average volume greater than 100,000 shares.

Oilfield Services Gainers: FTK, KEG, BAS, DWSN, and AROC

 

Flotek Industries gaining the most in the current week

In the week starting October 2, 2017, Flotek Industries (FTK) is at the top of the list of gainers from the oilfield services group. FTK rose from its last week’s close of $4.65 to $5.31 on October 3, a sizable rise of ~14.0%. It’s interesting that there’s no company news release behind the big move in FTK this week.

However, gains in FTK this week are coming on the back of a steep fall of ~13.0% last week. On September 25, 2017, FTK announced that due to disruptions from Hurricane Harvey and Hurricane Irma, it expects $5.0 million lower revenues than previously announced. FTK also expects its costs to rise $1.0 million due to storm-related disruptions.

Flotek Industries has been in a strong declining trend since March 2017. It made a new 52-week low of $4.48 last week. Year-to-date, FTK has fallen ~43.0%. It will face immediate resistance at its 50-day moving average, which stands at $5.82. The previous rally in FTK in July 2017 was terminated at its 50-day moving average.

Moving up: KEG, BAS, DWSN, AROC

In the list of gainers for the current week. Flotek Industries (FTK) is followed by Key Energy Services (KEG), Basic Energy Services (BAS), Dawson Geophysical (DWSN), and Archrock (AROC). KEG, BAS, DWSN, and AROC rose 5.2%, 2.6%, 1.8%, and 1.2%, respectively, so far this week.

On Monday, October 2, Basic Energy Services (BAS) announced that it secured a new asset-based lending facility of $100.0 million. This facility has a term of four years and replaces the prior $75.0 million asset-based lending facility.

In general, after six consecutive weekly gains, oilfield services stocks are taking a breather this week. That’s evident by the 1.4% fall in the VanEck Vectors Oil Services ETF (OIH), which represents an index of stocks from the oilfield services industry.

In comparison, the SPDR Dow Jones Industrial Average ETF (DIA) has risen 1.1% in the current week.

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