uploads/2018/06/Energy-MWU_0614-OFS-Gainers-1.png

Oilfield Service Gainers: IO, RES, TTI, BAS, and AROC

By

Updated

Oilfield service gainers

In this part, we’ll analyze the top percentage gainers in the US oilfield service sector this week. We’ll focus on oilfield service companies with a market capitalization greater than $100 million and an average volume greater than 100,000 shares.

Article continues below advertisement

ION Geophysical

This week, ION Geophysical (IO) is leading the list of oilfield services gainers. As of June 13, IO had risen ~3% from last week’s close of $23.35 to $24.05. Most of its increase came on June 13 when IO rose ~3.4% on higher volumes. Last week, IO announced the 100th deployment of Marlin offshore operations optimization software.

ION Geophysical announced its first-quarter earnings on May 2. It reported revenue of ~$34 million and EPS of -$1.34, lower than analysts’ estimates of ~$38 million and -$0.63. It missed the EPS estimate by $0.71. In the last year, IO has risen ~440%.

Moving up: RES, TTI, BAS, AROC

In this week’s list of gainers, ION Geophysical is followed by RPC (RES), Tetra Technologies (TTI), Basic Energy Services (BAS), and Archrock (AROC), which have risen ~2.6%, ~2.3%, ~2.1%, and ~0.9%, respectively.

On June 4, Basic Energy Services hit its lifetime low of $11.94. In general, sentiment toward oilfield service stocks has been negative this week, as demonstrated by the VanEck Vectors Oil Services ETF (OIH) falling ~1.6%.

Advertisement

More From Market Realist