What Happened?
A number of stocks jumped in the afternoon session after a Gulf tanker attack slowed traffic through the strait, while hurricane-driven production halts shut in Gulf of Mexico output, the Financial Times noted.
The resulting supply squeeze lifted Brent crude above $104 per barrel and West Texas Intermediate to $92, according to CNBC. When global supplies face sudden restrictions, benchmark crude prices tend to spike, boosting revenue expectations and profitability for major oil and gas producers across the energy industry.
The stock market overreacts to news, and big price drops can present good opportunities to buy high-quality stocks.
Among others, the following stocks were impacted:
- Oilfield Services company Expro (NYSE: XPRO) jumped 5.1%. Is now the time to buy Expro? Access our full analysis report here, it’s free.
- Oilfield Services company Noble Corporation (NYSE: NE) jumped 4%. Is now the time to buy Noble Corporation? Access our full analysis report here, it’s free.
Zooming In On Expro (XPRO)
Expro’s shares are very volatile and have had 26 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business.
The biggest move we wrote about over the last year was 4 months ago when the stock gained 7.6% on the news that the company announced a multi-year contract extension, received an analyst upgrade from Goldman Sachs, and gained key support for its planned corporate move to the Cayman Islands.
Expro signed a contract extension for up to five years with a major operator to provide subsea services in the Gulf of America. The multi-million-dollar agreement also includes the deployment of Expro's new Solus™ Shear and Seal Valve technology. Adding to the positive sentiment, Goldman Sachs upgraded the company's stock from Neutral to Buy. Furthermore, influential proxy advisory firm Institutional Shareholder Services (ISS) reversed its earlier position and recommended that shareholders approve Expro's proposed move from the Netherlands to the Cayman Islands. The company stated the move is expected to generate over $600,000 in annual savings and remove the Netherlands' 15% withholding tax on dividends and share repurchases, allowing for greater flexibility in returning capital to shareholders.
Expro is up 19.2% since the beginning of the year, but at $16.26 per share, it is still trading 14.3% below its 52-week high of $18.96 from August 2026. Despite the year-to-date gain, investors who bought $1,000 worth of Expro’s shares 5 years ago would now be looking at only $867.40.
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