Oilfield services gainers
For the oilfield services sector in the US this week (starting November 13, 2017), we’ve compiled a list of top gainers, using only oilfield services companies with market capitalizations of more than $100 million and an average volume higher than 100,000 shares last week.
ION Geophysical continues positive momentum
So far this week (as of Tuesday, November 14), ION Geophysical (IO) is the only gainer in our oilfield services group, having risen from last week’s close of $13.70 to $15.00 on November 14—a sizeable ~9.5% rise. These gains can be attributed to IO’s earnings beat in 3Q17.
On November 1, ION Geophysical announced its 3Q17 results, reporting revenues of ~$61 million, which was much higher than the Wall Street analyst consensus of ~$55 million. Its EPS (earnings per share) beat the analyst estimate by $0.78 and reached an adjusted profit of $0.41 per share, compared with the analyst consensus estimate of a $0.37-per-share loss. Since IO’s 3Q17 results were announced, the stock has risen ~92% in nine trading sessions.
That said, in general, there’s still negative sentiment toward oilfield services stocks this week, as can be seen in the ~5.7% by the VanEck Vectors Oil Services ETF (OIH), which represents an index of stocks from the oilfield services industry. By comparison, the SPDR Dow Jones Industrial Average ETF (DIA) has fallen only 0.06% so far this week.