Despite Atrocious News, These Oil Stocks Are Rallying Today [The Motley Fool]
NexTier Oilfield Solutions Inc. (NEX)
Last nextier oilfield solutions inc. earnings: 3/10 05:03 pm
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Source: The Motley Fool
What happenedShares of oil-field service companies rallied sharply today. By p.m. EDT,NexTier Oilfield Solutions(NYSE: NEX) was up more than 0%, while peersPatterson-UTI EnergyNASDAQ:PTENProPetro HoldingsNYSE:PUMPInstead of focusing on those negatives, investors bid upenergy stockstoday due to a rally in oil prices. The June contract for WTI, the main U.S. oil price benchmark, zoomed more than 0% to around $7 a barrel on the hope that more producers will cut production and ease the industry's glut of oil.Image source: Getty Images.So whatPatterson-UTI provided investors with a glimpse of how bad things are for U.S.-focused onshore service companies. Its first-quarter revenue plunged 7%, which caused it to report a loss of $0. per share. It noted that it had rigs operating at the end of the quarter, which was down 0% year over year.However, as bad as that quarter was, it expects conditions to get far worse, given the historic plunge in oil prices this year. Patterson anticipates exit
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