Barometer Capital Management Inc. Buys New Position in VanEck Oil Services ETF $OIH

Barometer Capital Management Inc. bought a new stake in shares of VanEck Oil Services ETF (NYSEARCA:OIH) in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 1,600 shares of the company’s stock, valued at approximately $647,000.

Other institutional investors have also added to or reduced their stakes in the company. Florida Financial Advisors LLC purchased a new position in shares of VanEck Oil Services ETF during the 1st quarter worth $307,000. SPX Gestao de Recursos Ltda bought a new stake in shares of VanEck Oil Services ETF during the 1st quarter valued at $6,669,000. Independent Financial Group LLC bought a new stake in shares of VanEck Oil Services ETF during the 1st quarter valued at $223,000. Wealthfront Advisers LLC increased its stake in shares of VanEck Oil Services ETF by 78.1% in the 1st quarter. Wealthfront Advisers LLC now owns 5,672 shares of the company’s stock worth $2,293,000 after purchasing an additional 2,488 shares in the last quarter. Finally, Geneos Wealth Management Inc. purchased a new stake in shares of VanEck Oil Services ETF in the 1st quarter worth $44,000. 94.50% of the stock is currently owned by institutional investors.

Key Headlines Impacting VanEck Oil Services ETF

Here are the key news stories impacting VanEck Oil Services ETF this week:

• Positive Sentiment: Crude prices have extended their rally on renewed Middle East conflict, with Brent moving above $90 and WTI testing key resistance levels, improving sentiment for oil services companies that benefit from higher upstream spending. Brent oil tops $90 as US, Iran intensify attacks in Middle East
• Positive Sentiment: Shipping disruptions through the Strait of Hormuz and the Bab el-Mandeb have raised supply-risk fears, which could keep crude prices supported and boost demand for oilfield services if producers respond with more activity. Ships shun Strait of Hormuz as renewed fighting strains key oil corridor
• Positive Sentiment: Lower U.S. crude inventories and a smaller Strategic Petroleum Reserve add to the tight-supply narrative, reinforcing the case for firm oil prices. Oil stocks in US Strategic Petroleum Reserve fall by 5.1 million barrels to lowest since 1983
• Neutral Sentiment: Some reports note that crude has pulled back at times as mediation efforts and demand concerns briefly offset the geopolitical premium, so the move is still sensitive to headlines. Oil prices dip as mediation efforts offset US-Iran strikes

VanEck Oil Services ETF Stock Performance

Shares of VanEck Oil Services ETF stock opened at $383.49 on Wednesday. VanEck Oil Services ETF has a one year low of $231.82 and a one year high of $459.28. The stock’s fifty day moving average is $404.36 and its 200 day moving average is $388.99. The stock has a market cap of $2.01 billion, a P/E ratio of 10.97 and a beta of 0.87.

VanEck Oil Services ETF Profile

The VanEck Oil Services ETF (OIH) is an exchange-traded fund that is based on the MVIS US Listed Oil Services 25 index, a market-cap-weighted index of 25 of the largest US-listed, publicly traded oil services companies. OIH was launched on Feb 7, 2001 and is managed by VanEck.