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U.S. Energy Services Industry Analysis

UpdatedApr 05, 2026
DataAggregated Company Financials
Companies83
  • 7D-4.5%
  • 3M24.5%
  • 1Y80.7%
  • YTD30.8%

Over the last 7 days, the Energy Services industry has dropped 4.5%, driven by SLB declining 7.6%. On the other hand National Energy Services Reunited is actually up 5.3%. In the past year, the industry has gained 81%. Looking forward, earnings are forecast to grow by 18% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 05 Apr 2026US$304.1bUS$167.9bUS$8.3b26x36.8x1.8x
Tue, 03 Mar 2026US$306.0bUS$167.5bUS$8.0b27.5x38.3x1.8x
Thu, 29 Jan 2026US$276.1bUS$166.8bUS$7.9b21.9x34.8x1.7x
Sat, 27 Dec 2025US$220.6bUS$166.4bUS$8.6b18x25.8x1.3x
Mon, 24 Nov 2025US$215.8bUS$166.4bUS$8.5b16.6x25.4x1.3x
Wed, 22 Oct 2025US$197.7bUS$165.1bUS$9.0b15.1x22x1.2x
Fri, 19 Sep 2025US$199.9bUS$166.2bUS$10.0b15.4x19.9x1.2x
Sun, 17 Aug 2025US$185.6bUS$166.2bUS$10.0b13.7x18.5x1.1x
Tue, 15 Jul 2025US$196.9bUS$170.2bUS$12.1b11.5x16.3x1.2x
Thu, 12 Jun 2025US$188.6bUS$171.1bUS$12.2b10.6x15.5x1.1x
Sat, 10 May 2025US$175.6bUS$171.3bUS$12.4b11.2x14.1x1x
Mon, 07 Apr 2025US$168.2bUS$170.7bUS$13.4b10.6x12.5x1x
Wed, 05 Mar 2025US$204.2bUS$171.0bUS$13.5b12.5x15.1x1.2x
Fri, 31 Jan 2025US$221.0bUS$170.1bUS$13.6b15.1x16.2x1.3x
Sun, 29 Dec 2024US$206.0bUS$168.9bUS$13.5b15.4x15.2x1.2x
Tue, 26 Nov 2024US$232.4bUS$168.9bUS$13.5b15.7x17.2x1.4x
Thu, 24 Oct 2024US$209.3bUS$166.9bUS$15.0b17x13.9x1.3x
Sat, 21 Sep 2024US$218.9bUS$165.8bUS$14.8b18.1x14.8x1.3x
Mon, 19 Aug 2024US$226.3bUS$166.7bUS$14.4b18.5x15.7x1.4x
Wed, 17 Jul 2024US$247.9bUS$164.6bUS$13.9b15.6x17.8x1.5x
Fri, 14 Jun 2024US$227.0bUS$164.6bUS$13.9b13.9x16.3x1.4x
Sun, 12 May 2024US$241.7bUS$164.4bUS$13.9b14.4x17.4x1.5x
Tue, 09 Apr 2024US$262.5bUS$162.2bUS$13.5b16.7x19.5x1.6x
Thu, 07 Mar 2024US$225.7bUS$161.0bUS$13.3b15x17x1.4x
Sat, 03 Feb 2024US$218.9bUS$163.8bUS$12.8b16x17.1x1.3x
Mon, 01 Jan 2024US$236.5bUS$161.6bUS$12.1b15.9x19.6x1.5x
Wed, 29 Nov 2023US$236.6bUS$160.7bUS$12.1b17.6x19.5x1.5x
Fri, 27 Oct 2023US$249.1bUS$158.9bUS$12.3b14.9x20.3x1.6x
Sun, 24 Sep 2023US$261.2bUS$155.2bUS$11.2b16.8x23.4x1.7x
Tue, 22 Aug 2023US$252.8bUS$155.2bUS$11.2b15.5x22.7x1.6x
Thu, 20 Jul 2023US$563.5bUS$149.0bUS$9.8b21.8x57.7x3.8x
Sat, 17 Jun 2023US$524.7bUS$148.1bUS$8.5b18.5x61.7x3.5x
Mon, 15 May 2023US$191.7bUS$148.0bUS$8.5b17x22.5x1.3x
Wed, 12 Apr 2023US$216.6bUS$138.3bUS$5.4b25.4x39.9x1.6x
Price to Earnings Ratio

39.9x


Total Market Cap: US$216.6bTotal Earnings: US$5.4bTotal Revenue: US$138.3bTotal 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 36.8x which is higher than its 3-year average PE of 23.6x.
  • 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 15% per year over the last three years.
  • Revenues for these companies have grown 6.7% 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 Market3.46%
Energy-5.02%
Energy Services-4.50%
Oil and Gas Drilling-3.45%
Oil and Gas Services-4.63%
Industry PE
  • Investors are most optimistic about the Oil and Gas Services industry which is trading above its 3-year average PE ratio of 20.8x.
    • Analysts are expecting annual earnings growth of 14.7%, 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 46% 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
NESR National Energy Services ReunitedUS$22.645.3%
+US$113.9m		264.6%PE44.6x
TDW TidewaterUS$84.382.4%
+US$98.2m		142.6%PE12.5x
VTOL Bristow GroupUS$47.242.7%
+US$36.2m		75.7%PE10.7x
DTI Drilling Tools InternationalUS$4.3618.8%
+US$24.3m		156.5%PS1x
TTI TETRA TechnologiesUS$8.731.3%
+US$14.8m		249.2%PE278x

Latest News

RIG
US$6.59
Transocean
7D
-4.9%
1Y
203.7%

RIG: Backlog Wins And Free Cash Flow Will Support Future Earnings

Analysts trimmed their price targets for Transocean to a range of $5 to $7.50, reflecting mixed views, as several firms cited valuation concerns while others pointed to recent free cash flow and new contract wins as support for higher estimates. Analyst Commentary Recent Street research on Transocean shows a clear split between cautious and constructive views, with valuation concerns driving several downgrades while some bullish analysts point to execution, cash generation, and contract activity as reasons to stay positive.
SEI
US$55.80
Solaris Energy Infrastructure
7D
-3.5%
1Y
249.6%
HAL
US$38.17
Halliburton
7D
-5.6%
1Y
91.0%
NE
US$49.86
Noble
7D
0.1%
1Y
170.8%

NE: Future Backlog And Contracts Will Mask Overvaluation Risk

Analysts have lifted their price target for Noble to $42.20 from $40.90. This reflects modest adjustments to fair value, discount rate, revenue growth, profit margin, and future P/E assumptions.
LBRT
US$28.10
Liberty Energy
7D
-3.2%
1Y
154.5%

LBRT: Power Buildout And Bond Funding Could Pressure Future Share Performance

Liberty Energy's analyst fair value estimate has shifted from $14.00 to $21.00 as analysts factor in higher Street price targets and see potential in the company's evolving mix between traditional oil and gas completions and its growing Power business, despite citing geopolitical risks and sector wide uncertainties. Analyst Commentary Recent Street research around Liberty Energy clusters around rising price targets and a growing focus on the Power segment, but views are not uniformly bullish.
NOV
US$18.78
NOV
7D
-5.5%
1Y
56.9%
TTI
US$8.73
TETRA Technologies
7D
1.3%
1Y
249.2%

TTI: Future Upside Will Be Driven By Emerging Water Desalination Opportunity

Analysts now see TETRA Technologies' fair value shifting from about $9.17 to $12.75 per share, with the higher price target largely tied to expectations for stronger growth and profitability, particularly around the company’s water desalination opportunity. Analyst Commentary Bullish Takeaways Bullish analysts see the higher fair value range, including the US$13 price target, as reflecting what they view as meaningful upside tied to water desalination, which they regard as a key growth driver for the equity story.
VAL
US$98.04
Valaris
7D
-4.1%
1Y
231.6%

VAL: Pending Transocean Merger And New Fair Value Will Shape Future Returns

Analysts have raised their fair value estimate for Valaris from $87.00 to $96.00, reflecting updated assumptions related to revenue growth, profit margins and future P/E expectations. What's in the News Transocean Ltd.
BKR
US$60.38
Baker Hughes
7D
-4.5%
1Y
70.5%
NESR
US$22.64
National Energy Services Reunited
7D
5.3%
1Y
264.6%

NESR: Jafurah Ramp And Regional Exposure Will Shape Future Risk Reward Balance

Analyst price targets for National Energy Services Reunited have moved sharply higher, with recent updates ranging from $21 to $34 as analysts factor in stronger Jafurah activity, resilient margins and the company's hydraulic fracturing position in the Middle East. Analyst Commentary Recent Street research on National Energy Services Reunited centers on higher Q4 expectations, the ramp at Jafurah and the company’s hydraulic fracturing capacity in the Middle East.
SLB
US$49.44
SLB
7D
-7.6%
1Y
42.2%
VTOL
US$47.24
Bristow Group
7D
2.7%
1Y
75.7%

VTOL: 2026 Offshore Upswing And Multi Mission Expansion Will Lift Earnings Quality

Analysts have lifted their Bristow Group price targets, with one moving from $45 to $56 and another initiating at $60. They point to expectations around a potential financial inflection in 2026 and improving earnings quality into 2027.
TDW
US$84.38
Tidewater
7D
2.4%
1Y
142.6%

TDW: Raised Outlook Into 2026 Will Face Execution And Timing Risks

The updated analyst work lifts Tidewater's fair value estimate from $45 to $52, with the higher target supported by Street research highlighting a raised $94 price target and expectations for a stronger setup into 2026. Analyst Commentary The latest Street research highlights a higher price target of $94 and an In Line rating.
DTI
US$4.36
Drilling Tools International
7D
18.8%
1Y
156.5%

DTI: 2026 Earnings Risk Will Likely Limit Future Share Price Upside

Analysts have trimmed their price target on Drilling Tools International to $2.25, reflecting slightly adjusted assumptions around the discount rate, revenue growth, profit margins, and future P/E expectations. What's in the News Drilling Tools International issued earnings guidance for the year ending December 31, 2026, outlining expectations for both revenue and net income (company guidance).
PTEN
US$10.61
Patterson-UTI Energy
7D
-6.6%
1Y
87.5%

PTEN: Sector EBITDA Resets And Geopolitical Dislocations Will Shape Future Activity

Analysts have increased Patterson-UTI Energy's fair value estimate from $10.66 to $11.00, citing a series of higher price targets across the Street and the view that recent geopolitical risks could create dislocations that offer opportunities relative to the company's underlying fundamentals and longer term customer activity plans. Analyst Commentary Recent research shows a cluster of bullish analysts lifting their price targets on Patterson-UTI Energy, with several moves coming within a short time frame.
SDRL
US$45.63
Seadrill
7D
0.5%
1Y
137.2%

SDRL: New Leadership And Contract Wins Will Support Balanced Outlook

Analysts have raised their fair value estimate for Seadrill from $32.00 to $41.00, citing updated assumptions that combine a slightly lower discount rate with revised expectations for revenue growth, profit margins, and future P/E levels. What's in the News The Board of Directors appointed Samir Ali as Chief Executive Officer on March 12, 2026, replacing Simon Johnson, after Ali served as Executive Vice President and Chief Commercial Officer since August 2022 (Key Developments).