In the previous part, we discussed the top percentage gainers in the current week. Now, we’ll discuss the top percentage losses from the oilfield services sector in the US on March 19–21, 2018. To compile the list of the top oilfield services losses, we used oilfield services companies with a market capitalization of greater than $100 million and an average volume greater than 100,000 shares last week.
Basic Energy Services
In the current week starting on March 19, 2018, Basic Energy Services (BAS) was the top declining stock in the oilfield services sector. So far, Basic Energy Services has fallen from $16.29 to $15.53—a decrease of ~4.7%.
On March 7, 2018, Basic Energy Services announced the withdrawal of its previously announced $300 million senior secured notes offering. Even though Basic Energy Services wanted to refinance its existing indebtedness, it concluded that the current interest rate and structure available in the market lacked flexibility.
On the list of the biggest losses from the oilfield services sector, following Basic Energy Services are Weatherford International (WFT), Archrock (AROC), ION Geophysical (IO), and Tetra Technologies (TTI). They have fallen ~4.7%, ~3.2%, ~3.0%, and ~0.5% this week.
In general, there’s positive sentiment about oilfield services stocks this week. The SPDR S&P Oil & Gas Equipment & Services ETF (XES), which represents an index of stocks from the oilfield services industry, has gained ~2.4% this week.