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U.S. Energy Services Industry Analysis

UpdatedApr 20, 2026
DataAggregated Company Financials
Companies84
  • 7D-2.5%
  • 3M20.2%
  • 1Y77.1%
  • YTD32.3%

Over the last 7 days, the Energy Services industry has dropped 2.5%, driven by Baker Hughes declining 4.4%. This takes the industry's 12 month performance to a gain of 77%. Looking forward, earnings are forecast to grow by 19% annually.

Industry Valuation and Performance

Has the U.S. Energy Services Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 20 Apr 2026US$307.6bUS$167.9bUS$8.3b28.8x37.3x1.8x
Wed, 18 Mar 2026US$281.3bUS$167.1bUS$8.2b27.1x34.1x1.7x
Fri, 13 Feb 2026US$296.0bUS$167.2bUS$7.5b24.6x39.2x1.8x
Sun, 11 Jan 2026US$249.3bUS$166.4bUS$8.5b20.9x29.2x1.5x
Tue, 09 Dec 2025US$230.1bUS$166.4bUS$8.6b18x26.8x1.4x
Thu, 06 Nov 2025US$212.6bUS$165.6bUS$8.7b16.1x24.4x1.3x
Sat, 04 Oct 2025US$203.7bUS$166.1bUS$10.0b15.2x20.3x1.2x
Mon, 01 Sep 2025US$201.1bUS$166.1bUS$10.0b14.9x20x1.2x
Wed, 30 Jul 2025US$199.2bUS$164.6bUS$11.4b11.7x17.5x1.2x
Fri, 27 Jun 2025US$179.3bUS$171.1bUS$12.2b11x14.7x1x
Sun, 25 May 2025US$174.4bUS$171.3bUS$12.2b10.8x14.2x1x
Tue, 22 Apr 2025US$177.9bUS$170.6bUS$13.4b10.6x13.3x1x
Thu, 20 Mar 2025US$206.6bUS$170.9bUS$13.4b13.6x15.5x1.2x
Sat, 15 Feb 2025US$225.4bUS$170.6bUS$13.7b15.4x16.4x1.3x
Mon, 13 Jan 2025US$216.5bUS$169.9bUS$13.6b15.7x15.9x1.3x
Wed, 11 Dec 2024US$218.2bUS$168.9bUS$13.5b16.1x16.1x1.3x
Fri, 08 Nov 2024US$228.9bUS$168.9bUS$13.6b18.7x16.8x1.4x
Sun, 06 Oct 2024US$227.3bUS$165.8bUS$14.8b19x15.4x1.4x
Tue, 03 Sep 2024US$224.6bUS$166.7bUS$14.4b18.5x15.6x1.3x
Thu, 01 Aug 2024US$252.4bUS$167.6bUS$14.4b17.6x17.5x1.5x
Sat, 29 Jun 2024US$236.1bUS$164.6bUS$13.9b14x17x1.4x
Mon, 27 May 2024US$236.9bUS$164.6bUS$13.9b14.5x17.1x1.4x
Wed, 24 Apr 2024US$245.2bUS$163.1bUS$13.5b14.9x18.2x1.5x
Fri, 22 Mar 2024US$246.9bUS$160.7bUS$13.1b17.4x18.8x1.5x
Sun, 18 Feb 2024US$221.0bUS$160.1bUS$12.3b15.9x18x1.4x
Tue, 16 Jan 2024US$224.3bUS$161.6bUS$12.1b15.5x18.6x1.4x
Thu, 14 Dec 2023US$221.2bUS$160.7bUS$12.1b16.5x18.3x1.4x
Sat, 11 Nov 2023US$236.9bUS$160.5bUS$12.1b18.3x19.6x1.5x
Mon, 09 Oct 2023US$247.5bUS$156.1bUS$11.3b14.1x22x1.6x
Wed, 06 Sep 2023US$263.5bUS$155.2bUS$11.2b16.7x23.6x1.7x
Fri, 04 Aug 2023US$569.7bUS$153.8bUS$10.8b21.1x52.6x3.7x
Sun, 02 Jul 2023US$532.9bUS$147.7bUS$8.5b18.2x62.6x3.6x
Tue, 30 May 2023US$512.0bUS$148.1bUS$8.5b17.5x60.2x3.5x
Thu, 27 Apr 2023US$203.1bUS$141.9bUS$6.8b23.6x29.7x1.4x
Price to Earnings Ratio

29.7x


Total Market Cap: US$203.1bTotal Earnings: US$6.8bTotal Revenue: US$141.9bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Energy Services Industry Price to Earnings3Y Average 23.5x202420252026
Current Industry PE
  • Investors are optimistic on the American Energy Services industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 37.3x which is higher than its 3-year average PE of 23.5x.
  • The 3-year average PS ratio of 1.6x is lower than the industry's current PS ratio of 1.8x.
Past Earnings Growth
  • The earnings for companies in the Energy Services industry have grown 6.5% per year over the last three years.
  • Revenues for these companies have grown 5.8% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Industry Trends

Which industries have driven the changes within the U.S. Energy industry?

US Market4.02%
Energy-3.35%
Energy Services-2.54%
Oil and Gas Services-1.82%
Oil and Gas Drilling-8.08%
Industry PE
  • Investors are most optimistic about the Oil and Gas Services industry which is trading above its 3-year average PE ratio of 20.7x.
    • Analysts are expecting annual earnings growth of 15.0%, which is higher than its past year's earnings decline of 30.7% per year.
Forecasted Growth
  • Analysts are most optimistic on the Oil and Gas Drilling industry, expecting annual earnings growth of 48% over the next 5 years.
  • This is better than its past earnings decline of 0.08% per year.
  • In contrast, the Oil and Gas Services industry is expected to see its earnings grow by 15% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
SLB SLBUS$52.200.5%
+US$420.3m		50.8%PE23.2x
AESI Atlas Energy SolutionsUS$13.8117.9%
+US$262.3m		1.0%PS1.6x
SEI Solaris Energy InfrastructureUS$64.995.1%
+US$177.3m		266.8%PE127x
TTI TETRA TechnologiesUS$8.976.9%
+US$77.8m		283.3%PE285.7x
WTTR Select Water SolutionsUS$15.043.8%
+US$67.0m		81.6%PE86.3x

Latest News

WFRD
US$100.13
Weatherford International
7D
-3.4%
1Y
126.1%

WFRD: Geopolitical Risk Will Restrain Returns Despite Richer Market Expectations

Analysts have nudged their blended price target for Weatherford International higher by about $6 per share, reflecting modestly higher assumed profit margins and P/E multiples, while acknowledging mixed recent target changes across firms like Piper Sandler, Barclays, UBS, RBC Capital, Goldman Sachs and BMO Capital. Analyst Commentary Recent research on Weatherford International shows a mix of optimism on long term fundamentals alongside a pocket of caution on near term valuation and execution risk.
WTTR
US$15.04
Select Water Solutions
7D
3.8%
1Y
81.6%

WTTR: Water Infrastructure Expansion And Equity Raise Will Shape Balanced Future Outlook

Narrative Update on Select Water Solutions Analysts have lifted the consolidated price target on Select Water Solutions by $2, to $16 from $14, citing stronger Water Infrastructure margins, higher long term topline expectations for that segment, ongoing Chemical Technologies market share gains, and a refreshed outlook that still views the shares as attractively valued. Analyst Commentary Recent research updates on Select Water Solutions have centered on reactions to Q4 results, revisions to segment expectations, and the implications of the company’s capital plans.
SEI
US$64.99
Solaris Energy Infrastructure
7D
5.1%
1Y
266.8%

SEI: Data Center Power Contracts And New Turbine Capacity Will Shape Outlook

Narrative Update The analyst price target for Solaris Energy Infrastructure has been raised by $0.04 to $61.14, as analysts factor in updated assumptions related to revenue growth, profit margins, and capacity expansion contracts cited in recent research. Analyst Commentary Recent research on Solaris Energy Infrastructure has been active, with several firms updating price targets and views as new contract details, capacity plans, and data center activity come through.
SLB
US$52.20
SLB
7D
0.5%
1Y
50.8%

SLB: Oil Services Repositioning And AI Partnerships Will Shape Future Risk Profile

The analyst fair value estimate for SLB shifts to $56.36 from $55.43, as analysts factor in updated models that reflect slightly higher revenue growth assumptions, a modestly higher future P/E, and recent Street price target increases across several firms. Analyst Commentary Recent Street research on SLB shows a cluster of price target increases from a wide set of firms, with only one downgrade in the mix.
RIG
US$5.89
Transocean
7D
-11.3%
1Y
176.5%

RIG: Offshore Backlog Strength And Cash Generation Will Face Crude Price Risks

Analyst price targets for Transocean have moved higher, with firms such as Morgan Stanley, Susquehanna, Barclays and BTIG lifting their targets by amounts ranging from $0.50 to $2, as analysts point to updated estimates following recent free cash flow, contract wins and sector wide day rate assumptions. Analyst Commentary Recent research shows a split in how analysts view Transocean, with some focusing on improving cash generation and contract activity, while others highlight valuation constraints and rating downgrades even as targets move higher.
VAL
US$87.77
Valaris
7D
-11.4%
1Y
183.5%
NE
US$46.63
Noble
7D
-5.8%
1Y
136.1%

NE: Backlog Expansion And Buybacks Will Support Balanced Future Return Potential

Analysts have raised their price target on Noble from $42.20 to $44.30, citing updated assumptions around the discount rate, revenue growth, profit margin and future P/E that feed into their revised valuation analysis. What's in the News Noble issued full year 2026 earnings guidance, with total revenue expected in a range of US$2.8b to US$3.0b (company guidance).
TTI
US$8.97
TETRA Technologies
7D
6.9%
1Y
283.3%

TTI: Desalination Execution And Earnings Quality Will Support Long-Term Upside

Analysts have reduced their price target on TETRA Technologies from $15.00 to $14.00, citing updated assumptions around fair value, discount rate, revenue growth, profit margin, and future P/E following recent research including a downgrade at Clear Street. Analyst Commentary Recent research has led to a lower price target and a downgrade, but bullish analysts still highlight several points that they see as supportive for TETRA Technologies at current levels.
AESI
US$13.81
Atlas Energy Solutions
7D
17.9%
1Y
1.0%

AESI: Power Projects And Proppant Uncertainty Will Shape A Balanced Outlook

The analyst fair value estimate for Atlas Energy Solutions has increased from $11.35 to $13.77, with analysts citing updated growth and profitability assumptions, a higher anticipated future P/E multiple, and a series of recent price target increases across the Street. Analyst Commentary Recent Street research on Atlas Energy Solutions shows a mix of optimism and caution, with several firms adjusting price targets and ratings over the past few months.
KGS
US$63.42
Kodiak Gas Services
7D
1.1%
1Y
93.3%
PTEN
US$9.77
Patterson-UTI Energy
7D
-7.5%
1Y
66.2%
NESR
US$23.53
National Energy Services Reunited
7D
1.4%
1Y
291.5%

NESR: Early Jafurah Ramp Will Support Long Cycle Cash Flows

Narrative Update on National Energy Services Reunited The analyst fair value estimate for National Energy Services Reunited has been revised from $30.00 to $33.00. This change reflects updated views on revenue, margins and future P/E assumptions following recent research that highlighted Q4 performance, the early Jafurah ramp and ongoing Street model changes after earnings.
BKR
US$59.17
Baker Hughes
7D
-5.4%
1Y
56.5%
FTI
US$70.22
TechnipFMC
7D
-6.4%
1Y
184.4%

FTI: Elevated Subsea Expectations Will Challenge Rich Pricing And Slower Buybacks

Analysts have raised the fair value estimate for TechnipFMC by $3 to $65.62. Updated models now reflect slightly higher revenue growth, modestly stronger profit margins, and a small adjustment to the discount rate and future P/E assumptions following a series of upward price target revisions across the Street.
RES
US$6.90
RPC
7D
2.1%
1Y
39.7%

RES: Model Driven Assumptions Around Future P/E Will Constrain Shareholder Upside

Analysts lifted their price target on RPC by $1 to reflect updated views around a slightly adjusted discount rate, revenue growth, profit margin, and future P/E assumptions. This narrative update outlines what that means for you as a shareholder.
HAL
US$36.68
Halliburton
7D
-5.0%
1Y
67.3%

HAL: Venezuela Reentry And Automated Drilling Advances Will Drive Bullish Repricing

Halliburton's updated analyst price target of $46.03, up from $43.78, reflects analysts' use of slightly lower discount rates, moderately higher revenue growth and profit margin assumptions, and a recalibrated future P/E, alongside a recent wave of upward target revisions across the Street. Analyst Commentary Recent research has featured a cluster of upward price target revisions on Halliburton, with bullish analysts adjusting their models around updated sector views, valuation assumptions, and expectations for execution.