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%.
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.