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

Barometer Capital Management Inc. purchased a new position in VanEck Oil Services ETF (NYSEARCA:OIH) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 1,600 shares of the company’s stock, valued at approximately $647,000.

Several other hedge funds have also recently made changes to their positions in the stock. Healthcare of Ontario Pension Plan Trust Fund boosted its holdings in VanEck Oil Services ETF by 5.4% in the fourth quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 609,000 shares of the company’s stock worth $173,425,000 after purchasing an additional 31,000 shares during the last quarter. Morgan Stanley raised its stake in VanEck Oil Services ETF by 6.2% during the 4th quarter. Morgan Stanley now owns 455,222 shares of the company’s stock valued at $129,634,000 after buying an additional 26,633 shares during the last quarter. Employees Provident Fund Board purchased a new stake in VanEck Oil Services ETF during the 4th quarter valued at $69,336,000. Wells Fargo & Company MN lifted its holdings in shares of VanEck Oil Services ETF by 9.7% during the 4th quarter. Wells Fargo & Company MN now owns 188,675 shares of the company’s stock valued at $53,729,000 after buying an additional 16,625 shares during the period. Finally, Gendell Jeffrey L lifted its holdings in shares of VanEck Oil Services ETF by 79.9% during the 4th quarter. Gendell Jeffrey L now owns 146,532 shares of the company’s stock valued at $41,728,000 after buying an additional 65,084 shares during the period. 94.50% of the stock is owned by hedge funds and other 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 Price Performance

OIH stock opened at $383.49 on Wednesday. VanEck Oil Services ETF has a 1 year low of $231.82 and a 1 year high of $459.28. The company has a market cap of $2.01 billion, a P/E ratio of 10.97 and a beta of 0.87. The stock’s fifty day moving average price is $404.36 and its 200-day moving average price is $388.99.

About VanEck Oil Services ETF

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.