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U.S. Energy Services Industry Analysis

UpdatedJun 30, 2026
DataAggregated Company Financials
Companies93
  • 7D-3.0%
  • 3M-6.7%
  • 1Y55.8%
  • YTD23.5%

Over the last 7 days, the Energy Services industry has dropped 3.0%, driven by a pullback from Baker Hughes of 4.8%. On the other hand Archrock is actually up 6.2%. In the past year, the industry has gained 56%. 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
Tue, 30 Jun 2026US$294.5bUS$170.2bUS$9.0b26x32.6x1.7x
Thu, 28 May 2026US$343.6bUS$170.2bUS$9.0b25.5x38x2x
Sat, 25 Apr 2026US$324.9bUS$167.9bUS$9.0b31x36x1.9x
Mon, 23 Mar 2026US$292.6bUS$167.1bUS$8.2b27.1x35.5x1.8x
Wed, 18 Feb 2026US$293.5bUS$167.2bUS$7.6b25.3x38.7x1.8x
Fri, 16 Jan 2026US$255.5bUS$166.4bUS$8.5b21.1x29.9x1.5x
Sun, 14 Dec 2025US$228.1bUS$166.4bUS$8.6b18.4x26.7x1.4x
Tue, 11 Nov 2025US$216.2bUS$165.6bUS$8.8b16.7x24.5x1.3x
Thu, 09 Oct 2025US$205.3bUS$166.1bUS$10.0b14.8x20.5x1.2x
Sat, 06 Sep 2025US$201.6bUS$166.2bUS$10.0b14.7x20.1x1.2x
Mon, 04 Aug 2025US$184.0bUS$164.6bUS$11.3b11.7x16.2x1.1x
Wed, 02 Jul 2025US$182.4bUS$171.1bUS$12.2b11x14.9x1.1x
Fri, 30 May 2025US$175.7bUS$171.3bUS$12.2b11.1x14.4x1x
Sun, 27 Apr 2025US$174.6bUS$169.9bUS$12.6b10.9x13.9x1x
Tue, 25 Mar 2025US$207.2bUS$170.8bUS$13.4b13.1x15.4x1.2x
Thu, 20 Feb 2025US$224.6bUS$171.2bUS$13.8b15.6x16.3x1.3x
Sat, 18 Jan 2025US$233.1bUS$171.0bUS$13.7b15.7x17x1.4x
Mon, 16 Dec 2024US$216.9bUS$168.9bUS$13.5b15.6x16x1.3x
Wed, 13 Nov 2024US$230.3bUS$168.8bUS$13.6b16.5x16.9x1.4x
Fri, 11 Oct 2024US$221.3bUS$165.8bUS$14.8b18.8x15x1.3x
Sun, 08 Sep 2024US$206.2bUS$165.7bUS$14.7b17.2x14x1.2x
Tue, 06 Aug 2024US$229.4bUS$166.5bUS$14.6b16.9x15.7x1.4x
Thu, 04 Jul 2024US$238.2bUS$164.6bUS$13.9b13.8x17.1x1.4x
Sat, 01 Jun 2024US$237.8bUS$164.6bUS$13.9b14.7x17.1x1.4x
Mon, 29 Apr 2024US$245.4bUS$164.3bUS$13.3b14.6x18.4x1.5x
Wed, 27 Mar 2024US$248.3bUS$160.7bUS$13.1b16.9x18.9x1.5x
Fri, 23 Feb 2024US$222.5bUS$160.2bUS$12.5b15x17.8x1.4x
Sun, 21 Jan 2024US$221.6bUS$163.1bUS$12.1b16x18.3x1.4x
Tue, 19 Dec 2023US$233.4bUS$160.7bUS$12.1b17.1x19.3x1.5x
Thu, 16 Nov 2023US$245.0bUS$160.5bUS$12.1b18.5x20.3x1.5x
Sat, 14 Oct 2023US$261.7bUS$156.1bUS$11.3b15.5x23.3x1.7x
Mon, 11 Sep 2023US$262.2bUS$155.2bUS$11.2b16.7x23.5x1.7x
Wed, 09 Aug 2023US$570.0bUS$154.1bUS$11.1b20.9x51.2x3.7x
Fri, 07 Jul 2023US$533.4bUS$147.7bUS$8.5b18.7x62.7x3.6x
Price to Earnings Ratio

62.7x


Total Market Cap: US$533.4bTotal 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 22.8x202420252026
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 32.6x which is higher than its 3-year average PE of 22.8x.
  • 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 grown 2.0% per year over the last three years.
  • Revenues for these companies have grown 4.8% 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 Market0.31%
Energy-1.02%
Energy Services-2.99%
Oil and Gas Services-2.57%
Oil and Gas Drilling-6.68%
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 16.7%, 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.
  • However this is lower than its past earnings growth rate of 94% 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
AROC ArchrockUS$40.456.2%
+US$415.4m		62.9%PE22.1x
KGS Kodiak Gas ServicesUS$74.435.2%
+US$368.5m		117.2%PE112.4x
NESR National Energy Services ReunitedUS$28.4913.7%
+US$345.9m		373.3%PE44.5x
OII Oceaneering InternationalUS$39.539.2%
+US$333.1m		90.8%PE11.6x
WBI WaterBridge InfrastructureUS$33.3011.1%
+US$156.1m		n/aPS2.5x

Latest News

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

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%
SLB
US$46.49
SLB
7D
-2.7%
1Y
32.1%
VAL
US$72.60
Valaris
7D
-7.6%
1Y
65.4%
HAL
US$33.95
Halliburton
7D
-3.3%
1Y
60.1%
RIG
US$4.89
Transocean
7D
-7.6%
1Y
83.8%
Narrative Update • Jun 29

RIG: Backlog Expansion And Higher Long Term Margins Will Support Earnings

Analysts have nudged their price expectations for Transocean higher, with the updated fair value estimate moving from about $9.18 to roughly $9.88. This reflects recent Street price target increases and rationale that includes higher long term EBITDA forecasts relative to consensus.
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
WTTR
US$19.98
Select Water Solutions
7D
7.7%
1Y
124.7%
TTI
US$11.33
TETRA Technologies
7D
11.8%
1Y
236.2%
AROC
US$40.71
Archrock
7D
4.2%
1Y
65.7%
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.
OII
US$40.52
Oceaneering International
7D
11.7%
1Y
90.3%
WFRD
US$81.52
Weatherford International
7D
-8.8%
1Y
56.3%
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.
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.
PTEN
US$9.19
Patterson-UTI Energy
7D
-8.8%
1Y
50.6%
Analysis Article • Jun 19

Patterson UTI Energy (PTEN) Stock Could Be 13.6% Overvalued After Recent Share Price Slide

Patterson-UTI Energy (PTEN) has drawn fresh attention after recent share price weakness, with the stock down about 18% over the past month and nearly 8% over the past 3 months. See our latest analysis for Patterson-UTI Energy. At a share price of $10.04, Patterson-UTI Energy has seen momentum cool in the short term, with a 7 day share price return of down 12.62% and a 30 day share price return of down 18.24%. This comes despite a year to date share price return of 55.18% and a 1 year total...
NE
US$37.30
Noble
7D
-11.1%
1Y
35.9%
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).