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U.S. Energy Services Industry Analysis

UpdatedJul 02, 2026
DataAggregated Company Financials
Companies92
  • 7D-2.0%
  • 3M-8.2%
  • 1Y44.2%
  • YTD19.8%

Over the last 7 days, the Energy Services industry has dropped 2.0%, driven by pullbacks in Baker Hughes and SLB of 4.5% and 3.3%, respectively. In contrast, National Energy Services Reunited has gained 14%. In the past year, the industry has gained 44%. Looking forward, earnings are forecast to grow by 21% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 02 Jul 2026US$292.0bUS$170.1bUS$9.0b25.8x32.5x1.7x
Sat, 30 May 2026US$326.8bUS$170.2bUS$9.0b25.4x36.2x1.9x
Mon, 27 Apr 2026US$334.9bUS$168.1bUS$9.0b31x37.3x2x
Wed, 25 Mar 2026US$303.0bUS$167.1bUS$8.2b29.1x36.8x1.8x
Fri, 20 Feb 2026US$297.4bUS$167.1bUS$7.6b26.3x39.3x1.8x
Sun, 18 Jan 2026US$256.5bUS$166.3bUS$8.5b21.3x30x1.5x
Tue, 16 Dec 2025US$228.1bUS$166.4bUS$8.6b18.4x26.7x1.4x
Thu, 13 Nov 2025US$221.6bUS$165.4bUS$8.7b16.9x25.4x1.3x
Sat, 11 Oct 2025US$200.2bUS$166.1bUS$10.0b14x20x1.2x
Mon, 08 Sep 2025US$199.8bUS$166.2bUS$10.0b14.7x19.9x1.2x
Wed, 06 Aug 2025US$186.2bUS$165.6bUS$10.6b11.6x17.6x1.1x
Fri, 04 Jul 2025US$189.9bUS$170.2bUS$12.1b11.6x15.7x1.1x
Sun, 01 Jun 2025US$171.3bUS$171.3bUS$12.2b10.9x14x1x
Tue, 29 Apr 2025US$174.6bUS$169.9bUS$12.6b10.4x13.9x1x
Thu, 27 Mar 2025US$213.2bUS$170.8bUS$13.4b13.1x15.9x1.2x
Sat, 22 Feb 2025US$218.7bUS$171.2bUS$13.0b14.6x16.8x1.3x
Mon, 20 Jan 2025US$237.7bUS$170.6bUS$13.7b15.7x17.4x1.4x
Wed, 18 Dec 2024US$214.5bUS$168.9bUS$13.5b15.6x15.9x1.3x
Fri, 15 Nov 2024US$225.7bUS$168.8bUS$13.5b16.6x16.7x1.3x
Sun, 13 Oct 2024US$224.4bUS$165.8bUS$14.8b18.7x15.2x1.4x
Tue, 10 Sep 2024US$205.5bUS$165.7bUS$14.7b16.9x14x1.2x
Thu, 08 Aug 2024US$220.9bUS$166.7bUS$14.6b17.3x15.1x1.3x
Sat, 06 Jul 2024US$238.1bUS$164.6bUS$13.9b13.7x17.1x1.4x
Mon, 03 Jun 2024US$240.7bUS$164.6bUS$13.9b14.7x17.3x1.5x
Wed, 01 May 2024US$237.0bUS$164.4bUS$13.9b13.4x17.1x1.4x
Fri, 29 Mar 2024US$249.2bUS$160.8bUS$13.1b17.3x19x1.5x
Sun, 25 Feb 2024US$223.4bUS$160.7bUS$12.6b16x17.7x1.4x
Tue, 23 Jan 2024US$225.7bUS$163.0bUS$12.1b16.2x18.6x1.4x
Thu, 21 Dec 2023US$238.8bUS$160.7bUS$12.1b16.1x19.7x1.5x
Sat, 18 Nov 2023US$233.2bUS$160.7bUS$12.1b18.2x19.3x1.5x
Mon, 16 Oct 2023US$261.8bUS$156.1bUS$11.3b15.5x23.3x1.7x
Wed, 13 Sep 2023US$265.3bUS$155.2bUS$11.2b17.3x23.8x1.7x
Fri, 11 Aug 2023US$597.7bUS$155.2bUS$11.2b16.3x53.6x3.9x
Sun, 09 Jul 2023US$547.6bUS$147.7bUS$8.5b20.2x64.4x3.7x
Price to Earnings Ratio

64.4x


Total Market Cap: US$547.6bTotal Earnings: US$8.5bTotal Revenue: US$147.7bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Energy Services Industry Price to Earnings3Y Average 22.7x202420252026
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 32.5x which is higher than its 3-year average PE of 22.7x.
  • The 3-year average PS ratio of 1.5x is lower than the industry's current PS ratio of 1.7x.
Past Earnings Growth
  • The earnings for companies in the Energy Services industry have remained mostly flat over the last three years.
  • Meanwhile revenues for these companies have grown 4.8% per year.
  • This means that although more sales are being generated, either the cost of doing business or the level of investment back into businesses has increased and as a result, profits have held steady.

Industry Trends

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

US Market1.64%
Energy-0.95%
Energy Services-2.03%
Oil and Gas Services-1.76%
Oil and Gas Drilling-4.56%
Industry PE
  • Investors are most optimistic about the Oil and Gas Services industry which is trading above its 3-year average PE ratio of 19.5x.
    • Analysts are expecting annual earnings growth of 16.8%, which is higher than its past year's earnings decline of 26.2% per year.
Forecasted Growth
  • Analysts are most optimistic on the Oil and Gas Drilling industry, expecting annual earnings growth of 58% over the next 5 years.
  • This is better than its past earnings decline of 35% per year.
  • In contrast, the Oil and Gas Services industry is expected to see its earnings grow by 17% 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
NESR National Energy Services ReunitedUS$28.8014.4%
+US$366.1m		338.4%PE45x
FTI TechnipFMCUS$65.111.3%
+US$326.9m		88.0%PE24x
OII Oceaneering InternationalUS$39.398.5%
+US$309.2m		83.5%PE11.6x
KGS Kodiak Gas ServicesUS$72.402.5%
+US$173.8m		112.8%PE109.3x
WBI WaterBridge InfrastructureUS$31.5711.5%
+US$153.3m		n/aPS2.4x

Latest News

PTEN
US$8.57
Patterson-UTI Energy
7D
-10.0%
1Y
35.0%
Seeking Alpha • 17h

Patterson-UTI Energy Inc: Consider Holding On To This Oil Drilling Company As The Strait Of Hormuz Reopens

Summary Patterson-UTI Energy, Inc. (PTEN) is rated a hold due to short-term oil price volatility and long-term demand uncertainty. PTEN's Q1 2026 revenue declined 12.75% YoY, with negative net income in six of the last seven quarters. DCF analysis implies a $27.08 intrinsic value per share, but near-term oil price declines suggest PTEN will likely remain below $11 in the next year. PTEN's revenue is contract-based, providing some predictability, but falling oil prices and customer budget cuts are key risks to future performance. Read the full article on Seeking Alpha
VAL
US$72.46
Valaris
7D
-4.1%
1Y
59.5%
BKR
US$53.82
Baker Hughes
7D
-4.5%
1Y
35.1%
Seeking Alpha • Jun 30

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$28.80
National Energy Services Reunited
7D
14.4%
1Y
338.4%
HAL
US$33.01
Halliburton
7D
-2.6%
1Y
52.0%
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$39.39
Oceaneering International
7D
8.5%
1Y
83.5%
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$19.01
Select Water Solutions
7D
3.4%
1Y
110.3%
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$24.31
Liberty Energy
7D
-7.2%
1Y
98.4%
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$45.09
SLB
7D
-3.3%
1Y
25.6%
FTI
US$65.11
TechnipFMC
7D
1.3%
1Y
88.0%
Seeking Alpha • Jun 29

TechnipFMC: Pricey And Not With The Best Outlook

Summary TechnipFMC plc remains a Hold as offshore oil and gas CapEx discipline and oversupply limit near-term project announcements. FTI's Subsea segment pipeline grew 13.2% YoY to $30B, but revenue recognition lags, constraining top-line acceleration. FTI shares trade at a 50%–60% premium to sector medians, with current growth rates insufficient to justify elevated valuation. Industry headwinds—falling drillship dayrates, declining CapEx, and flat subsea well counts—temper bullish outlook despite FTI backlog visibility. Read the full article on Seeking Alpha
WBI
US$31.57
WaterBridge Infrastructure
7D
11.5%
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
TDW
US$67.03
Tidewater
7D
3.8%
1Y
40.5%
KGS
US$72.40
Kodiak Gas Services
7D
2.5%
1Y
112.8%
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$80.21
Weatherford International
7D
-5.1%
1Y
45.0%
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.
XPRO
US$14.19
Expro Group Holdings
7D
8.4%
1Y
53.1%
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.
NE
US$37.08
Noble
7D
-5.3%
1Y
31.2%
Narrative Update • Jun 18

NE: Refinancing And Stronger Offshore Drilling Demand Will Support Bullish Upside

Analysts have maintained their $59.00 price target on Noble, citing slightly adjusted assumptions for the discount rate, revenue growth, profit margin and future P/E that together support a steady valuation view. What’s in the News for Noble Barclays upgraded Noble Corporation plc to Overweight, citing expectations for stronger offshore drilling demand and referencing a forecast for 9% to 10% growth in upstream spending for 2027 and roughly double digit growth for 2028, along with new floater contracts and extensions that add to Noble’s contract coverage and backlog (source: Barclays upgrade report).