Oilfield services losers
Having looked at the gainers in the current week, we’ll now move on to the losers from the oilfield services (or OFS) sector in the US from March 5, 2018, to March 6, 2018. To compile the list of top oilfield services losers, we are considering the oilfield services companies with market capitalizations of greater than $100 million and average volumes over 100,000 shares last week.
ION Geophysical: The top losing stock
In the current week starting March 5, 2018, ION Geophysical (IO) is the top declining stock from the oilfield services sector. So far, in the current week, IO suffered a decline from $28.00 to $27.55, a moderate decrease of ~2%.
On February 21, 2018, ION Geophysical successfully completed its public equity offering for net proceeds of ~47.5 million excluding transaction costs. IO sold 1,820,000 shares of common stock at a price of $27.50 per share. IO also sold warrants to purchase an additional 1,820,000 shares of common stock. These warrants will expire on March 21, 2019, and have an exercise price of $33.60 per share.
IO stock has been in a strong uptrend since July 2017 and is up more than ~734% since then. The other top losers in the oilfield services sector include Archrock (AROC), RPC (RES), and Halliburton (HAL). These stocks are down by ~1.1%, ~0.5%, and ~0.2% so far in the current week.
In general, there is positive sentiment about the oilfield services stocks this week also, which is evident in the gain of ~2.8% by the SPDR S&P Oil & Gas Equipment & Services ETF (XES). The ETF represents an index of stocks from the oilfield services industry.