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Best 4 oil equipment & services stocks to buy as oil prices surge

Mircea Vasiu

Oil prices surged in response to the conflict between Russia and Ukraine. With the WTI crude oil price hitting $110/barrel and beyond, what are the best oil equipment & services stocks to buy? 

Russia invaded Ukraine, and the Western nations responded with harsh economic measures. While Russian gas still flows in Europe through pipelines in Ukraine, the developments in the oil market are somewhat more complicated.

Many oil companies announced fleeing Russia. Moreover, traders refuse to take Russian oil, triggering a surge in the oil prices.

As a result, the WTI crude oil price has hit $110/barrel and beyond. Higher oil prices bolster the oil-producing companies’ profits, which, in turn, invest more in oil fields. So what are the best oil equipment & services stocks to buy amid higher oil prices? Here are four names to consider: Schlumberger, Baker Hughes, Helmerich & Payne, and Halliburton.

Schlumberger

Schlumberger (NYSE:SLB) is an American oil equipment & services company based in Houston, Texas. It provides technology for drilling and oil production, among others, and it was founded in 1926.

With worldwide operations, it is one of the largest companies in the oil equipment & services industry. Its stock price climbed more than 34% in the past twelve months, and the company also pays a dividend. At the current stock market price, Schlumberger’s P/E ratio is 20.11.

Baker Hughes

Baker Hughes (NASDAQ:BKR) is a major energy player active in the oil and gas equipment and services industry. Based in Houston, Texas, it employs over 50,000 people and pays a quarterly dividend.

Its stock price increased this year by 17.79%, and the forward dividend yield is 2.54%.

Helmerich & Payne

Helmerich & Payne (NYSE:HP) is based in Tulsa, Oklahoma, and provides technology and solutions for oil drilling. The stock price has outperformed the sector median in the past three months by 206.40% and the company also pays a dividend.

Halliburton

Halliburton (NYSE:HAL) is another company from Houston, Texas, operating in the oil and gas equipment and services industry. It was founded in 1919, and the stock price surged almost 40% in the last twelve months.