uploads///Correlation

Superior Energy Services Reacts to Crude Oil’s Price

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Nov. 20 2020, Updated 3:38 p.m. ET

Correlation between Superior Energy Services and crude oil

Superior Energy Services’ (SPN) correlation with crude oil’s price on March 28–June 28 was 0.62. The correlation represents a strong positive relationship between Superior Energy Services stock and crude oil prices. Check out all the data we have added to our quote pages. Now you can get a valuation snapshot, earnings and revenue estimates, and historical data as well as dividend info. Take a look!

The VanEck Vectors Oil Services ETF’s (OIH) correlation coefficient with crude oil since March 28 was 0.76. The VanEck Vectors Oil Services ETF’s correlation with crude oil was higher in the past three months compared to OIH’s correlation with crude oil from June 28, 2017, to June 28, 2018.

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Implications

The WTI crude oil price has risen significantly since the end of June 2017. A positive correlation could benefit Superior Energy Services’ stock price if crude oil rises. Superior Energy Services’ correlation with crude oil’s price has increased in the past three months compared to the past year until June 28.

Correlation between oilfield services companies and crude oil

Precision Drilling’s (PDS) correlation with crude oil since March 28 was 0.71—higher compared to its correlation with crude oil in the past year. Core Laboratories’ (CLB) correlation with oil since March 28 was 0.58—higher than the correlation from June 28, 2017, to June 28, 2018. Patterson-UTI Energy’s (PTEN) correlation coefficient on March 28–June 28 was 0.62—higher compared to the company’s correlation with crude oil in the past year.

What do the correlation numbers mean?

A high correlation with oil could mean that the stock was impacted more by crude oil’s movement. A negative correlation implies that the stock’s price has moved inversely to crude oil prices. Lower or falling correlations with oil mean that oil prices have less of an influence on stocks’ movement and vice versa.

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