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U.S. Energy Services Industry Analysis

UpdatedMar 09, 2026
DataAggregated Company Financials
Companies88
  • 7D-6.4%
  • 3M25.9%
  • 1Y40.4%
  • YTD23.7%

Over the last 7 days, the Energy Services industry has dropped 6.4%, driven by a pullback from SLB of 8.5%. Meanwhile, Atlas Energy Solutions actually outperformed within the industry, gaining 18% in the last week. Over the past 12 months, the industry was up 40%. As for the next few years, earnings are expected to grow by 18% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 09 Mar 2026US$286.8bUS$167.3bUS$8.2b26.2x35x1.7x
Wed, 04 Feb 2026US$272.5bUS$166.9bUS$7.9b23.5x34.5x1.6x
Fri, 02 Jan 2026US$222.8bUS$166.4bUS$8.6b18.2x26x1.3x
Sun, 30 Nov 2025US$221.1bUS$166.4bUS$8.6b17.1x25.8x1.3x
Tue, 28 Oct 2025US$211.8bUS$165.3bUS$9.7b16.3x21.7x1.3x
Thu, 25 Sep 2025US$205.3bUS$166.2bUS$10.0b15.2x20.5x1.2x
Sat, 23 Aug 2025US$188.8bUS$166.2bUS$10.0b14.4x18.8x1.1x
Mon, 21 Jul 2025US$175.4bUS$166.2bUS$11.7b11.1x15x1.1x
Wed, 18 Jun 2025US$192.3bUS$171.1bUS$12.2b11.7x15.8x1.1x
Fri, 16 May 2025US$184.8bUS$171.4bUS$12.3b10.7x15x1.1x
Sun, 13 Apr 2025US$171.7bUS$171.0bUS$13.5b10.2x12.7x1x
Tue, 11 Mar 2025US$204.3bUS$171.3bUS$13.6b12.6x15.1x1.2x
Thu, 06 Feb 2025US$227.8bUS$171.0bUS$14.0b15.9x16.3x1.3x
Sat, 04 Jan 2025US$214.3bUS$169.8bUS$13.6b16x15.8x1.3x
Mon, 02 Dec 2024US$231.9bUS$168.9bUS$13.5b16.3x17.2x1.4x
Wed, 30 Oct 2024US$208.4bUS$167.7bUS$14.3b17.4x14.6x1.2x
Fri, 27 Sep 2024US$214.4bUS$165.8bUS$14.8b17.4x14.5x1.3x
Sun, 25 Aug 2024US$226.2bUS$166.7bUS$14.4b18.8x15.7x1.4x
Tue, 23 Jul 2024US$247.9bUS$165.6bUS$14.0b15.4x17.7x1.5x
Thu, 20 Jun 2024US$226.0bUS$164.6bUS$13.9b13.5x16.3x1.4x
Sat, 18 May 2024US$244.8bUS$164.5bUS$13.9b14.4x17.6x1.5x
Mon, 15 Apr 2024US$251.3bUS$162.2bUS$13.5b15.5x18.7x1.5x
Wed, 13 Mar 2024US$233.7bUS$161.0bUS$13.3b16.3x17.6x1.5x
Fri, 09 Feb 2024US$214.9bUS$159.2bUS$12.3b15.9x17.4x1.3x
Sun, 07 Jan 2024US$234.2bUS$161.6bUS$12.1b16x19.4x1.4x
Tue, 05 Dec 2023US$236.8bUS$160.7bUS$12.1b17.6x19.5x1.5x
Thu, 02 Nov 2023US$247.9bUS$160.1bUS$12.4b14.8x20x1.5x
Sat, 30 Sep 2023US$269.7bUS$155.2bUS$11.2b16.6x24.2x1.7x
Mon, 28 Aug 2023US$247.3bUS$155.2bUS$11.2b14.9x22.2x1.6x
Wed, 26 Jul 2023US$568.3bUS$151.3bUS$10.4b22.1x54.4x3.8x
Fri, 23 Jun 2023US$523.5bUS$147.7bUS$8.5b17.3x61.6x3.5x
Sun, 21 May 2023US$513.2bUS$148.1bUS$8.5b16.7x60.4x3.5x
Tue, 18 Apr 2023US$216.4bUS$138.3bUS$5.4b25x39.9x1.6x
Thu, 16 Mar 2023US$196.1bUS$138.6bUS$5.4b20.4x36x1.4x
Price to Earnings Ratio

36x


Total Market Cap: US$196.1bTotal Earnings: US$5.4bTotal Revenue: US$138.6bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Energy Services Industry Price to Earnings3Y Average 23.6x202420252026
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 35.0x which is higher than its 3-year average PE of 23.6x.
  • The industry is trading close to its 3-year average PS ratio of 1.6x.
Past Earnings Growth
  • The earnings for companies in the Energy Services industry have grown 15% per year over the last three years.
  • Revenues for these companies have grown 6.5% 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 Market-2.17%
Energy1.30%
Energy Services-6.39%
Oil and Gas Drilling-4.99%
Oil and Gas Services-6.56%
Industry PE
  • Investors are most optimistic about the Oil and Gas Services industry which is trading above its 3-year average PE ratio of 20.9x.
    • Analysts are expecting annual earnings growth of 14.6%, which is higher than its past year's earnings decline of 33.0% per year.
Forecasted Growth
  • Analysts are most optimistic on the Oil and Gas Drilling industry, expecting annual earnings growth of 46% over the next 5 years.
  • This is better than its past earnings decline of 45% 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
AESI Atlas Energy SolutionsUS$11.7918.4%
+US$227.2m		-33.1%PS1.3x
INVX Innovex InternationalUS$27.373.2%
+US$57.6m		49.1%PE22.5x
PTEN Patterson-UTI EnergyUS$8.971.7%
+US$56.9m		21.5%PS0.7x
ACDC ProFrac HoldingUS$5.404.4%
+US$41.6m		-26.8%PS0.5x
NBR Nabors IndustriesUS$78.732.4%
+US$26.9m		103.8%PE4.7x

Latest News

BKR
US$59.81
Baker Hughes
7D
-7.7%
1Y
45.3%
HAL
US$34.05
Halliburton
7D
-5.3%
1Y
36.8%

HAL: Venezuela Euphoria Will Pressure Overextended U.S. Land Exposure

Analyst price targets for Halliburton have moved higher, with several firms lifting their views by $1 to $7 as analysts factor in updated EBITDA assumptions for oilfield services peers and steadier U.S. drilling and completions activity than many had been expecting, while a few more cautious voices point to valuation and sector headwinds. Analyst Commentary Recent research on Halliburton shows a cluster of higher price targets across several major banks and independent firms, often tied to refreshed EBITDA estimates for oilfield services and steadier U.S. drilling and completions activity.
PTEN
US$8.97
Patterson-UTI Energy
7D
1.7%
1Y
21.5%

PTEN: Future Cash Returns Will Balance Structural Activity And Geopolitical Execution Risks

Analysts have lifted their average price target for Patterson-UTI Energy to about $8.84 from $7.88, pointing to updated fair value work, revised revenue and margin assumptions, and a higher future P/E multiple supported by a series of recent target increases from major firms citing structural customer activity and limited long term impact from geopolitical risks. Analyst Commentary Recent research on Patterson-UTI Energy centers on how the stock lines up with sector fundamentals, the role of geopolitical risks, and expectations for customer activity in drilling and completion services.
WFRD
US$90.80
Weatherford International
7D
-12.1%
1Y
74.8%

WFRD: Higher Multiples And Venezuela Optionality Will Temper Future Return Potential

Analysts have raised their Weatherford International price target range, with our fair value estimate increasing from $73.00 to approximately $85.49. This change reflects updated assumptions on long term activity levels, P/E ratios, and margins that are broadly consistent with recent target increases from several major firms.
WTTR
US$13.83
Select Water Solutions
7D
1.3%
1Y
42.9%

WTTR: Water Infrastructure Margin Expansion Will Drive Future Upside

Narrative Update on Select Water Solutions The analyst price target for Select Water Solutions has moved higher by $1.50 to $16.50, with analysts pointing to solid Q4 results, expanding Water Infrastructure margins, gains in Chemical Technologies, and an updated outlook for future cash generation and growth projects as key supports for their revisions. Analyst Commentary Recent research updates point to a cluster of positive views on Select Water Solutions, with several firms lifting price targets after the Q4 report.
NESR
US$20.86
National Energy Services Reunited
7D
-15.5%
1Y
177.4%
SLB
US$46.90
SLB
7D
-8.5%
1Y
14.0%

SLB: ChampionX Integration And Venezuela Reentry Will Drive Multi-Year Upside Potential

Our updated narrative on SLB reflects a higher analyst price target of $66.66, up from $56.41, as analysts factor in Street research pointing to firmer revenue growth assumptions, slightly higher profit margins, and a richer future P/E multiple, while keeping discount rate expectations broadly stable despite ongoing geopolitical debate. Analyst Commentary Recent Street research around SLB has tilted more constructive, with several bullish analysts lifting price targets and, in some cases, upgrading their stance.
AESI
US$11.79
Atlas Energy Solutions
7D
18.4%
1Y
-33.1%
NE
US$43.70
Noble
7D
-5.0%
1Y
87.1%

NE: Expanded Rig Backlog And 2026 Revenue Guide Will Drive Future Upside

Analysts have lifted their price target on Noble to $53.33 from $41.25, reflecting updated assumptions that include a slightly lower discount rate, a different mix of revenue growth and profit margin expectations, and a higher future P/E multiple. What's in the News Noble issued full year 2026 guidance with expected total revenue of US$2.8b to US$3.0b, giving investors a sense of the company’s target scale for the year (company guidance).
FLOC
US$23.30
Flowco Holdings
7D
-1.1%
1Y
6.6%
NOV
US$18.57
NOV
7D
-7.3%
1Y
25.6%
ACDC
US$5.40
ProFrac Holding
7D
4.4%
1Y
-26.8%
NBR
US$78.73
Nabors Industries
7D
2.4%
1Y
103.8%

NBR: International Reactivations And Deleveraging Will Shape 2026 Risk Reward Balance

The analyst fair value estimate for Nabors Industries has risen from $58.25 to $71.25. This change reflects higher Street price targets in the $60 to $85 range as analysts update their models to incorporate revised assumptions for growth, margins, discount rates and future P/E ratios.
FTI
US$63.02
TechnipFMC
7D
-6.6%
1Y
149.1%

FTI: Rising Subsea Margin Hurdles Will Challenge Already Elevated Share Price

We are lifting our TechnipFMC fair value estimate to $41.37 from $37.73 as analysts point to higher long run revenue growth assumptions and stronger Subsea margin potential, which is reflected in rising Street price targets across multiple firms. Analyst Commentary Street research on TechnipFMC has been active, with many firms revisiting their models after recent results and updated 2026 guidance.
INVX
US$27.37
Innovex International
7D
3.2%
1Y
49.1%
RES
US$6.12
RPC
7D
2.0%
1Y
13.3%

RES: Flattish U.S. Activity And Lower P/E Assumptions Will Limit Future Upside

Analysts lifted their price target on RPC to $6 from $5.50, pointing to steadier than expected U.S. drilling and completions activity and modest adjustments to growth, profitability, discount rate, and forward P/E assumptions. Analyst Commentary Analysts are highlighting that the change in RPC's price target to $6, from $5.50, reflects tweaks to assumptions on growth, profitability, discount rates, and forward P/E rather than a strong shift in underlying fundamentals.