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The Top Declining Stock in Oilfield Services so Far This Week

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Oilfield services losers

The biggest losers from the US OFS (oilfield services and equipment) sector this week (starting November 13, 2017) come from our list of top OFS companies with market capitalizations of more than $100 million and an average volume higher than 100,000 shares last week.

Superior Energy Services: the top losing stock

So far this week (as of November 14), Superior Energy Services (SPN) is the top declining stock in the OFS sector. SPN has fallen from $9.45 to $8.31, which represents a ~12% decline. The shares of FTK sank on Monday and Tuesday and experienced selling pressure in both sessions.

The majority of the fall in SPN stock came in Tuesday’s session, when it fell ~10%. While there’s no specific new on the stock this week, Superior Energy Services’ stock has been in a strong downtrend in 2017. YTD (year-to-date), SPN has fallen nearly 51%, and so this week’s fall looks to be an extension of the stock’s ongoing downward direction.

On our list of OFS losers, Tesco (TESO), Weatherford International (WFT), Basic Energy Services (BAS), and Newpark Resources (NR) have fallen ~11.6%, ~10.8%, ~9.6%, and ~9.3% so far this week.

Notably, last week, TESO and WFT announced their 3Q17 financial results. TESO reported adjusted EPS of -$0.20, beating the Wall Street analyst estimate by $0.01, while WFT reported adjusted EPS of -$0.22, beating the estimate by $0.02.

TESO and WFT have given back their respective post-earnings gains due to the very negative sentiment toward OFS stocks so far this week. This negative sentiment is evident in the ~6.7% fall seen by the SPDR S&P Oil & Gas Equipment & Services ETF (XES), which represents an index of stocks from the OFS industry. By comparison, the SPDR S&P 500 ETF (SPY) has fallen 0.14% so far this week.

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