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Oilfield Services Stocks Fell the Most among Energy Stocks

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Energy stocks

In the week ending May 17, oilfield sevices stock Superior Energy Services (SPN) fell the most among the stocks in the energy space. The stock is included in the following ETFs:

  • the Alerian MLP ETF (AMLP)
  • the Energy Select Sector SPDR ETF (XLE)
  • the VanEck Vectors Oil Services ETF (OIH)
  • the VanEck Vectors Oil Refiners ETF (CRAK)
  • the SPDR S&P Oil & Gas Exploration & Production ETF (XOP)

On April 23, Superior Energy Services reported a net loss of $0.31 per share for the first quarter—below analysts’ consensus estimate for a loss of $0.24 per share. Since April 23, Superior Energy Services’ stock prices have fallen ~50%.

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Other underperformers

Other oilfield services stocks Noble (NE) and Nabors Industries (NBR) had the second and third-largest decline among energy stocks, respectively, last week. On May 17, Nabors Industries’ stock prices fell more than 9%.

On April 30, Nabors Industries released its first-quarter earnings results. On a sequential basis, the loss contracted by 35.5%. However, the net loss from continuing operations was at $0.36 per share—compared to analysts’ consensus estimate for a loss of $0.26 per share. Apart from earnings sentiments, the oil rig count, which is at a new one-year low, is a concern for the oilfield services subsector. Upstream stock Range Resources (RRC) had the fifth-largest decline among energy stocks. On May 16, UBS reduced its target price on Range Resources by $0.5 to $16.

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