Why Shares of Energy Services Companies Like Core Labs Fell as Much as 61% in March
Shares of energy services company Core Laboratories (NYSE: CLB) fell a dramatic 61.5% in March, according to data from S&P Global Market Intelligence. Peer Helmerich & Payne (NYSE: HP) dropped 58%, with National Oilwell Varco (NYSE: NOV) declining roughly 48%. These are terrifying declines on an absolute basis when you consider they transpired over just a single month.
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That said, they appear even worse when you compare the declines to the broader market. Yes, the S&P 500 fell into a bear market in March, but by the end of the span, it was down "only" around 13%. That's not good, but it is much better than the losses experienced by these energy services names. Wall Street is a volatile place today (the S&P actually bounced 20% higher from its lows in March, which some would argue means a bull market started), but there's much more to the story in the oil patch. And that has big implications for Core Labs, Helmerich & Payne, and National Oilwell Varco.
Source Fool.com
