|Bid||1.91 x 4000|
|Ask||3.44 x 3200|
|Day's range||3.22 - 3.42|
|52-week range||3.05 - 9.53|
|PE ratio (TTM)||N/A|
|Earnings date||30 Jul. 2018 - 3 Aug. 2018|
|Forward dividend & yield||N/A (N/A)|
|1y target est||5.13|
Short interest in Halliburton (HAL) as a percentage of float was 1.6% as of June 7. That compares to ~3% on June 7, 2017. Short interest in HAL stock has decreased 45% in the year, and its stock has risen ~9%. So investors’ negative bets on Halliburton have declined in the past year.
The correlation coefficient between Schlumberger’s (SLB) stock price and the West Texas Intermediate (or WTI) crude oil price from May 25, 2017, to May 25, 2018, was 0.52. This indicates a close positive relationship between crude oil prices and Schlumberger stock. SLB’s correlation with the VanEck Vectors Oil Services ETF (OIH) from May 25, 2017, to May 25, 2018, was 0.85.
From May 25, 2016, to May 24, 2018, Schlumberger’s (SLB) stock price declined nearly 9.0%. In the past two years, SLB’s smaller market cap peer Baker Hughes, a GE Company’s (BHGE) stock price has increased 12.0%, while Flotek Industries’ (FTK) stock price declined 75.0%. From May 25, 2016, to May 24, 2018, the VanEck Vectors Oil Services ETF (OIH) has remained nearly unchanged.
Flotek Industries (FTK) has witnessed a significant price decline in the past four weeks, and it has seen negative earnings estimate revisions as well.
In this part, we’ll discuss Wall Street analysts’ targets for the OFS stocks that have provided the weakest returns YTD. Sell-side analysts expect returns from four of the five OFS companies to be positive in the next 12 months. Only two sell-side analysts track Flotek Industries (FTK), as surveyed by Reuters. Both of the analysts recommended a “buy” or some equivalent as of May 15.
In this part, we’ll analyze the correlation between Weatherford International (WFT), Patterson-UTI Energy (PTEN), RPC (RES), Dril-Quip (DRQ), and Flotek Industries’ (FTK) stock prices with WTI crude oil prices.
The short interest in Paterson-UTI Energy (PTEN) as a percentage of its float was 5.3% as of May 15—compared to 5.5% as of January 1. Since January 1, the short interest in Patterson-UTI Energy has decreased 5%. So, investors’ negative bets on Patterson-UTI Energy have decreased YTD. Since January 1, Patterson-UTI Energy’s stock price has decreased ~0.1%.
To conclude our overview of the biggest movers in the upstream and oilfield services sector, we’ll discuss Wall Street analysts’ recommendations for the companies with the leading gains and losses this week.
In the first quarter, nine hedge funds were “buyers” of Legacy Reserves LP (LGCY) stock, while 12 hedge funds were “sellers.” In the first quarter, the total selling hedge funds outnumbered the total buying hedge funds by three. As of March 31, three hedge funds, which filed form 13F, held Legacy Reserves in their portfolio. None of the hedge funds have Legacy Reserves in their top ten holdings.
Now, we’ll discuss the top percentage losses from the oilfield services sector in the US on May 14–16. To compile the list of the top oilfield services losses, we used oilfield services companies with a market capitalization of greater than $100 million and an average volume greater than 100,000 shares last week. In the current week starting on May 14, Flotek Industries (FTK) is the top declining stock from the oilfield services sector.
Flotek Industries’ (FTK) YTD returns were -27.3% as of May 15. In comparison, the Energy Select Sector SPDR ETF (XLE) has increased ~7.0% YTD. XLE tracks an index of US energy companies in the S&P 500 Index. The VanEck Vectors Oil Services ETF (OIH) has witnessed 9.2% YTD returns. OIH tracks an index of 25 OFS companies. The SPDR S&P 500 ETF (SPY), which represents the broader market, has produced 1.6% returns during the same period. So, Flotek Industries underperformed the OFS industry ETF and the broader energy industry ETFs.
The Houston-based company said it had net income of less than 1 cent on a per-share basis. Earnings, adjusted for non-recurring costs, came to 1 cent per share. The oilfield services company posted revenue ...
Halliburton’s (HAL) stock price correlation coefficient with crude oil’s price was 0.81 on April 20–27. Halliburton and crude oil prices had a strong correlation in the past week.
Between April 16 and April 23, Halliburton (HAL) stock’s price correlation with crude oil was 0.99, showing that Halliburton and crude oil prices have been strongly correlated in the past week. Meanwhile, Halliburton’s correlation with the VanEck Vectors Oil Services ETF (OIH), which comprises 25 oilfield equipment and service stocks, was 0.95.
Meanwhile, Halliburton (HAL) affirmed increased activity in the U.S. shale, driven by strong oil and gas production in response to an improving crude environment.
Shares of Flotek Industries Inc. plunged 37.5% in active afternoon trade Monday to pace the NYSE's decliners, putting them on track to close at a 7 1/2-year low, after the chemical company provided a downbeat first-quarter outlook. "While we continued to focus on fixed cost reductions, our efforts did not keep pace with revenue declines." The stock is on track to close below the $4 mark for the first time since December 2010.
A surge in North American directional land drilling operations and IPS contracts support Schlumberger's (SLB) first-quarter results.
The Zacks Analyst Blog Highlights: Flotek Industries, Nine Energy Service, Baytex Energy, Mammoth Energy Services and CNOOC
Restriction of methane leakage will help BP to considerably lower carbon dioxide emission through 2025 by roughly 3.5 million tonnes.
Eni (E) projects natural gas reserves in offshore Algeria to be more profitable and intends to allocate capital toward its development.
The correlation coefficient between Baker Hughes, a GE Company’s (BHGE), stock price and crude oil prices from April 12, 2017, to April 12, 2018, was -0.06. This level indicates a negative relationship between Baker Hughes’s stock and crude oil prices. A negative correlation means the stock’s price moved inverse to the crude oil’s price movement.