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U.S. Oil and Gas Services Industry Analysis

UpdatedJul 01, 2026
DataAggregated Company Financials
Companies83
  • 7D-1.5%
  • 3M-3.3%
  • 1Y50.3%
  • YTDn/a

Over the last 7 days, the Oil and Gas Services industry has dropped 2.6%, driven by Baker Hughes declining 5.4%. Meanwhile, National Energy Services Reunited actually outperformed within the industry, gaining 19% in the last week. Over the past 12 months, the industry was up 54%. As for the next few years, earnings are expected to grow by 17% per annum.

Industry Valuation and Performance

Has the U.S. Oil and Gas Services Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 01 Jul 2026US$263.3bUS$146.4bUS$10.8b28.4x24.3x1.8x
Fri, 29 May 2026US$294.4bUS$146.4bUS$10.8b24.9x27.2x2x
Sun, 26 Apr 2026US$299.4bUS$144.2bUS$10.9b33.3x27.6x2.1x
Tue, 24 Mar 2026US$258.6bUS$143.0bUS$10.1b30.1x25.7x1.8x
Thu, 19 Feb 2026US$258.2bUS$143.2bUS$9.9b25.6x26.2x1.8x
Sat, 17 Jan 2026US$232.6bUS$142.7bUS$10.8b21.3x21.6x1.6x
Mon, 15 Dec 2025US$205.7bUS$142.7bUS$10.8b18.6x19.1x1.4x
Wed, 12 Nov 2025US$198.5bUS$142.2bUS$11.0b18x18.1x1.4x
Fri, 10 Oct 2025US$183.7bUS$142.7bUS$12.1b13.7x15.2x1.3x
Sun, 07 Sep 2025US$182.6bUS$142.7bUS$12.1b14.4x15.1x1.3x
Tue, 05 Aug 2025US$167.6bUS$141.8bUS$11.9b12.2x14.1x1.2x
Thu, 03 Jul 2025US$170.0bUS$147.3bUS$12.5b11.8x13.6x1.2x
Sat, 31 May 2025US$162.1bUS$148.5bUS$12.7b11.2x12.8x1.1x
Mon, 28 Apr 2025US$158.9bUS$147.7bUS$12.7b11.2x12.5x1.1x
Wed, 26 Mar 2025US$193.1bUS$148.4bUS$13.4b14.7x14.4x1.3x
Fri, 21 Feb 2025US$205.8bUS$148.0bUS$13.1b17.4x15.8x1.4x
Sun, 19 Jan 2025US$213.6bUS$147.5bUS$12.9b18.9x16.6x1.4x
Tue, 17 Dec 2024US$195.3bUS$146.7bUS$12.8b17.9x15.2x1.3x
Thu, 14 Nov 2024US$205.3bUS$146.7bUS$12.8b18.8x16x1.4x
Sat, 12 Oct 2024US$199.3bUS$145.0bUS$12.8b19x15.5x1.4x
Mon, 09 Sep 2024US$183.0bUS$145.0bUS$12.7b17.7x14.4x1.3x
Wed, 07 Aug 2024US$193.5bUS$144.7bUS$12.8b18.7x15.1x1.3x
Fri, 05 Jul 2024US$207.7bUS$143.6bUS$12.4b15.6x16.8x1.4x
Sun, 02 Jun 2024US$208.8bUS$143.6bUS$12.3b15.1x16.9x1.5x
Tue, 30 Apr 2024US$214.5bUS$144.4bUS$12.3b16x17.5x1.5x
Thu, 28 Mar 2024US$219.9bUS$142.2bUS$12.2b17.6x18x1.5x
Sat, 24 Feb 2024US$197.6bUS$142.4bUS$12.4b15.4x15.9x1.4x
Mon, 22 Jan 2024US$196.7bUS$145.5bUS$12.2b16.6x16.2x1.4x
Wed, 20 Dec 2023US$211.1bUS$143.2bUS$12.2b16.1x17.4x1.5x
Fri, 17 Nov 2023US$206.4bUS$143.2bUS$12.1b18.4x17x1.4x
Sun, 15 Oct 2023US$230.3bUS$139.4bUS$11.0b15.1x21x1.7x
Tue, 12 Sep 2023US$234.9bUS$138.6bUS$10.9b16.9x21.6x1.7x
Thu, 10 Aug 2023US$569.9bUS$137.5bUS$10.8b19.3x52.8x4.1x
Sat, 08 Jul 2023US$520.8bUS$132.0bUS$8.4b20.7x61.7x3.9x
Price to Earnings Ratio

61.7x


Total Market Cap: US$520.8bTotal Earnings: US$8.4bTotal Revenue: US$132.0bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Oil and Gas Services Industry Price to Earnings3Y Average 19.5x202420252026
Current Industry PE
  • Investors are optimistic on the American Oil and Gas Equipment and Services industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 24.4x which is higher than its 3-year average PE of 19.5x.
  • 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 Oil and Gas Equipment and Services industry have grown 8.7% per year over the last three years.
  • Revenues for these companies have grown 3.5% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Industry Comparison

How does U.S. Oil and Gas Services compare with similar industries?

US Market1.92%
Energy-2.19%
Energy Services-2.10%
Oil and Gas Services-1.50%
Oil and Gas Drilling-7.25%
Industry PEThere are no additional sub-industries under this industry.
Forecasted GrowthThere are no additional sub-industries under this industry.

Top Stock Gainers and Losers

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

CompanyLast Price7D1YValuation
NESR National Energy Services ReunitedUS$29.9319.4%
+US$490.1m		368.4%PE46.7x
OII Oceaneering InternationalUS$40.5211.7%
+US$422.9m		90.3%PE11.9x
KGS Kodiak Gas ServicesUS$75.134.8%
+US$341.7m		122.8%PE113.4x
AROC ArchrockUS$40.714.2%
+US$289.2m		65.7%PE22.2x
WBI WaterBridge InfrastructureUS$34.2719.9%
+US$267.1m		n/aPS2.6x

Latest News

BKR
US$55.50
Baker Hughes
7D
-5.4%
1Y
43.4%
Seeking Alpha • 8h

Baker Hughes Weighed Down By Dashed Oil Boom Hopes

Summary Baker Hughes remains a "Sell," as muted oilfield services offset booming IET growth. IET segment drives double-digit growth, fueled by U.S. LNG exports and AI data center demand. Oilfield services face persistent headwinds from weak oil prices and reduced Chinese demand. Fair value is capped at $50, with 2024 EPS now targeted at $2.30–$2.40 and a 24x multiple seen as expensive. Read the full article on Seeking Alpha
NESR
US$29.93
National Energy Services Reunited
7D
19.4%
1Y
368.4%
HAL
US$33.95
Halliburton
7D
-3.3%
1Y
60.1%
Narrative Update • Jun 30

HAL: International Contracts And Oil Price Headwinds Will Shape Returns

Halliburton's analyst price target has shifted higher to $32.99 from $28.17, with analysts pointing to refreshed sector models and updated views on revenue growth, profit margins, and future P/E assumptions as key drivers of the change. Analyst Commentary Recent Street research on Halliburton reflects a mix of optimism and caution, with several firms revisiting their models and reassessing the risk and reward profile for the stock.
OII
US$40.52
Oceaneering International
7D
11.7%
1Y
90.3%
Narrative Update • Jun 30

OII: Offshore Equipment Upswing And Debt Refinancing Will Shape FY26 Outlook

Analysts have raised their fair value estimate for Oceaneering International to $40 from $35, reflecting updated assumptions on revenue growth, margins, discount rate, and future P/E as they incorporate expectations for improving offshore equipment activity and order trends over the coming years. Analyst Commentary Recent Street research on Oceaneering International points to a more constructive tone, with bullish analysts lifting price targets and highlighting potential benefits from an improving offshore equipment backdrop.
WTTR
US$19.98
Select Water Solutions
7D
7.7%
1Y
124.7%
Narrative Update • Jun 30

WTTR: Infrastructure Shift And Permian Demand Will Drive Measured Future Outlook

Analysts have raised their fair value estimate for Select Water Solutions from $16.00 to $21.00, citing a series of higher price targets around $21 to $22, as well as expectations for a shift toward higher margin water infrastructure with longer duration contracts and growing Permian Basin water handling demand. Analyst Commentary Recent research on Select Water Solutions centers on how quickly the company can shift its mix toward higher margin water infrastructure while managing execution risks in a still cyclical energy services backdrop.
LBRT
US$26.19
Liberty Energy
7D
-3.2%
1Y
119.5%
Narrative Update • Jun 30

LBRT: Power Deployment And Frac Capacity Are Expected To Drive Future Upside

The analyst fair value estimate for Liberty Energy has been raised from $34.00 to $40.00, reflecting higher Street price targets that are supported by expectations for stronger EBITDA in later years and ongoing demand for the company’s power deployment and frac capacity. Analyst Commentary Recent Street research on Liberty Energy points to a cluster of higher fair value views, with several bullish analysts revising price targets upward and highlighting the company’s execution in power deployment and frac capacity.
SLB
US$46.49
SLB
7D
-2.7%
1Y
32.1%
WBI
US$34.27
WaterBridge Infrastructure
7D
19.9%
1Y
n/a
Seeking Alpha • Jun 29

WaterBridge Infrastructure: Undervalued Company With Sights On Volume Growth In 2026

Summary Waterbridge Infrastructure is rated a buy, with shares undervalued by over 63% YoY based on 2026 EBITDA guidance and project momentum. WBI’s 2026 adjusted EBITDA guidance is $425–$465 million, underpinned by increased water handling capacity and the Speedway Pipeline Phase II expansion. Net leverage is targeted below 3x by FY 2026, with deleveraging and liquidity management central to the investment thesis. Key risks include missing EBITDA targets, rising debt, and declining cash, which could undermine the current valuation. Read the full article on Seeking Alpha
TTI
US$11.33
TETRA Technologies
7D
11.8%
1Y
236.2%
AROC
US$40.71
Archrock
7D
4.2%
1Y
65.7%
RES
US$5.83
RPC
7D
-9.8%
1Y
17.8%
KGS
US$75.13
Kodiak Gas Services
7D
4.8%
1Y
122.8%
Narrative Update • Jun 25

KGS: Longer Term Contracts And Data Center Power Buildout Will Drive Upside

Analysts have nudged their average price target for Kodiak Gas Services higher, with updated fair value estimates moving from about $82.21 to $84.07. They attribute this change to stronger revenue growth assumptions, slightly lower discount rates, and expectations for higher future P/E multiples supported by research pointing to compression demand, long-term contracts, and expansion into behind-the-meter power and data center infrastructure.
WFRD
US$81.50
Weatherford International
7D
-3.5%
1Y
47.3%
Narrative Update • Jun 24

WFRD: International Offshore Awards And Governance Shifts Will Shape Balanced Future Returns

Analysts have nudged the Weatherford International fair value estimate slightly higher to $90.64, reflecting updated assumptions for revenue growth, margins, and a lower discount rate in light of recent price target increases across the Street tied to expanding opportunities in the Middle East, offshore, and Latin America. Analyst Commentary Recent Street research on Weatherford International highlights a mix of optimism around growth opportunities in the Middle East, offshore and Latin America, alongside a more measured tone from some bearish analysts who are focused on execution, timing and valuation risks.
NOV
US$18.55
NOV
7D
-1.1%
1Y
43.6%
Narrative Update • Jun 24

NOV: Future Returns Will Lag As Middle East Disruptions Pressure Margins

Analysts have nudged the price target on NOV higher to reflect modestly stronger long-term expectations for offshore and deepwater equipment demand, citing updated sector models and recent target increases from several firms that now range roughly from $19 to $26. Analyst Commentary Recent research on NOV highlights a split in opinion, with some firms raising targets while others stay cautious on valuation, execution, and growth pacing.
XPRO
US$14.77
Expro Group Holdings
7D
10.2%
1Y
63.6%
Narrative Update • Jun 23

XPRO: Middle East Activity And Subsea Contracts Will Drive Future Repricing

Expro Group Holdings' updated analyst price target has moved from $21 to $23, with analysts pointing to improved expectations for revenue growth, profit margins, and earnings valuation, supported by recent rating upgrades and higher targets across the Street. Analyst Commentary Recent Street research on Expro Group Holdings highlights a more constructive tone, with several firms shifting to more favorable ratings and adjusting targets as they reassess the stock's risk and reward profile.
WHD
US$51.23
Cactus
7D
-3.0%
1Y
13.7%
Analysis Article • Jun 19

Cactus (WHD) Stock Could Be 13.9% Undervalued as Baker Hughes Deal Shapes Fair Value

Recent performance snapshot for Cactus stock Cactus (WHD) has drawn attention after recent price weakness, with the stock down 3.6% over the past day, 6.6% over the past week, and 10% over the past month, yet still up over the past 3 months. See our latest analysis for Cactus. Looking beyond the recent pullback, Cactus has delivered a 16.3% year to date share price return and a 21.6% total shareholder return over the past year. This indicates momentum that has cooled in the short term as...