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

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.

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%.

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%.