September 6, 2019 - 8:15 AM EDT
Print Email Article Font Down Font Up Charts

Why Oilfield Services Stocks Slumped in August

Shares of major oilfield services companies fell by double digits in August, according to data provided by S&P Global Market Intelligence. These included industry bigwigs Schlumberger (NYSE: SLB) (down 18.9%), Baker Hughes, a GE Company (NYSE: BHGE) (down 14.6%), and Halliburton (NYSE: HAL) (down 18.1%). 

Smaller companies operating in the space were also affected. National Oilwell Varco (NYSE: NOV), with its $7.9 billion market cap, saw its shares retreat 14.2%, while shares of Helmerich and Payne (NYSE: HP), which has a market cap of $4.1 billion, fell a jaw-dropping 24.3%.

The industry as a whole, as measured by the SPDR S&P Oil and Gas Equipment & Services ETF, was down 22.2% for the month. But that drop couldn't be explained away by oil prices alone, which were only down about 8.5% in August.

Continue reading

Source: Motley Fool (September 6, 2019 - 8:15 AM EDT)

News by QuoteMedia

Legal Notice