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Oilfield Services Gainers: BAS, SPN, BHGE, IO, and NOV

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Oilfield services gainers

In this part of our series, we’ll analyze the top percentage gainers from the oilfield services sector in the United States this week. To compile our list of the top oilfield services gainers, we used oilfield services companies with market capitalizations greater than $100 million and average volume last week greater than 100,000 shares.

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Basic Energy Services gaining the most in the current week

This week, Basic Energy Services (BAS) is at the top of the list of gainers from the oilfield services group. BAS increased from its close last week of $20.11 to $23.51 on November 7—a significant rise of 16.91%. These gains in BAS can be attributed to the beat on 3Q17 earnings.

BAS announced its 3Q17 earnings on November 2. In 3Q17, Basic Energy Services reported revenues of ~$233 million—higher than the Wall Street analyst consensus of ~$229 million. BAS beat EPS estimates by $0.19 in 3Q17. BAS reported an adjusted loss of $0.24 per share, whereas Wall Street analyst consensus was for a loss of $0.43 per share. Since its 3Q17 earnings, BAS is up ~27%.

Moving up: SPN, BHGE, IO, and NOV

In the list of gainers this week. Basic Energy Services (BAS) leads Superior Energy Services (SPN), Baker Hughes (BHGE), ION Geophysical (IO), and National Oilwell Varco (NOV). SPN, BHGE, IO, and NOV rose 7.97%, 7.12%, 5.43%, and 5.03% respectively so far, this week.

Of note, ION Geophysical (IO) is rising strongly since last week, and it’s now up almost 86% in the last four trading sessions. Last week, on November 1, ION Geophysical announced its 3Q17 earnings after the market closed. In 3Q17, ION Geophysical reported revenues of ~$61 million—much higher than the Wall Street analyst consensus of ~$55 million. The stock-moving beat came on the EPS side, with IO beating EPS estimates by $0.78 in 3Q17. IO reported an adjusted profit of $0.41 per share, whereas Wall Street analyst consensus was for a loss of $0.37 per share. After its 3Q17 earnings were announced, IO rose ~53% in one trading session.

In general, there’s very positive sentiment about oilfield services stocks this week. This enthusiasm is evident in the decent gain of 4.56% 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) is up 0.10% this week.

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