Top 5 Oil & Gas Services Stocks to Watch According to RBC Capital Markets

Investing.com -- The oil and gas services sector has experienced mixed performance this year, with stocks down 5% year-to-date despite a 16% gain over the last quarter, according to RBC Capital Markets. Companies exposed to natural gas production growth, power generation demand, and strong regional E&P spending have generally outperformed their peers.

Here’s a closer look at the top five oil and gas services companies as ranked by RBC Capital Markets:

SLB Ltd - While RBC’s Q3 2025 EBITDA estimate falls 1% below consensus and analysts see limited near-term catalysts, the current valuation appears favorable relative to peers. The company’s positioning reflects the broader industry dynamics, with international and offshore exposure remaining key differentiators in the current market environment.

In recent news, SLB received several analyst updates, including a new Buy rating from Melius Research and a reiterated Buy from Stifel, though SocGen lowered its price target. Shareholders also approved a proposal to change the company’s legal name from Schlumberger N.V. to SLB N.V.

Baker Hughes Company - RBC’s Q3 2025 EBITDA estimate aligns with recently reaffirmed guidance, and the company continues to demonstrate strong order momentum that supports its premium valuation. As an offshore/international-leveraged player, Baker Hughes has benefited from continued final investment decisions on offshore projects, driving solid Q3 performance and orders.

Baker Hughes announced it secured a significant contract from Petrobras for up to 50 subsea tree systems in Brazil and will also supply liquefaction equipment for the Port Arthur LNG Phase 2 project. Additionally, shareholders of Chart Industries approved the company’s acquisition by Baker Hughes.

Halliburton Company - The market has begun to recognize potential power contract implications for Halliburton, but RBC cautions that their Q4 estimates suggest downside to Street consensus. Combined with recent stock performance, analysts view Halliburton’s relative valuation as less compelling at current levels.

A recent development saw S&P Global Ratings revise Halliburton’s outlook to stable from positive, while Melius Research initiated coverage with a Buy rating. The company also declared its regular third-quarter dividend of $0.17 per share.

Enerflex Ltd - RBC positions its Q3 EBITDA estimate 8% ahead of consensus and anticipates a likely dividend increase. The firm sees potential for positive estimate revisions, with their 2026 EBITDA forecast running 2% above Street expectations.

Enerflex reported strong results for the second quarter of 2025, achieving record adjusted EBITDA and a significant reduction in net debt.

Trican Well Service Ltd. - With an Q3 EBITDA estimate 9% above consensus, RBC notes that Trican shares have outperformed the sector year-to-date and continue to trade at a premium. Analysts expect this trend to persist as Canadian E&P activity continues to outpace US activity.

The broader industry outlook remains steady, with RBC forecasting stable North American rig activity through 2026 and into 2027. Internationally, the firm has slightly increased its expectations for Middle East and Latin America activity heading into year-end 2025. Investors continue to favor companies with offshore and international exposure, while closely monitoring commentary on margin growth prospects for 2026 and order outlooks amid current macroeconomic volatility.

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