In the week ending June 21, oilfield services stock Nabors Industries (NBR) rose the most among the stocks in the energy space. The stock is included in the following ETFs:
On June 18, RBC reduced its target price on Nabors Industries by $1 to $11.
Oilfield services stocks leads energy space
Other oilfield services stocks including U.S. Silica Holdings (SLCA), Ensco (ESV), and Transocean (RIG) had the second, fourth, and fifth-highest rise in the energy sector, while downstream stock PBF Energy (PBF) had the third-highest rise among energy stocks last week. On June 21, PBF Energy’s stock prices rose 11.3%. The fire accident at Philadelphia Energy Solutions could benefit PBF Energy’s operation in that region, which might have lifted PBF Energy’s stock prices.
On June 18, all four of these oilfield services stocks saw their stock prices increase. On the same day, US crude oil active futures rose 3.8%. The rise in oil prices might have boosted investors’ confidence in the oilfield services subsector. The oil rig count might bottom out this month. Any rise in the oil rig count could boost the oilfield services subsector. Last week, the oil rig count rose by one—near the lowest level since February 2, 2018.