Royal Bank of Canada Buys 31,116 Shares of VanEck Oil Services ETF $OIH

Royal Bank of Canada boosted its position in VanEck Oil Services ETF (NYSEARCA:OIH) by 62.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 80,889 shares of the company’s stock after purchasing an additional 31,116 shares during the period. Royal Bank of Canada owned about 1.44% of VanEck Oil Services ETF worth $32,696,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Fortis Capital Advisors LLC bought a new position in shares of VanEck Oil Services ETF during the 4th quarter worth $2,535,000. Altfest L J & Co. Inc. bought a new stake in VanEck Oil Services ETF in the 4th quarter valued at about $3,262,000. Marks Wealth LLC purchased a new stake in VanEck Oil Services ETF during the fourth quarter valued at about $8,129,000. Petra Financial Advisors Inc. purchased a new stake in VanEck Oil Services ETF during the first quarter valued at about $7,347,000. Finally, Red Cedar Investment Management LLC purchased a new stake in VanEck Oil Services ETF during the fourth quarter valued at about $15,506,000. 94.50% of the stock is owned by institutional investors.

VanEck Oil Services ETF Stock Down 0.7%

Shares of NYSEARCA:OIH opened at $382.13 on Tuesday. The firm has a market capitalization of $1.89 billion, a PE ratio of 10.97 and a beta of 0.87. The company has a 50-day moving average price of $392.81 and a two-hundred day moving average price of $393.61. VanEck Oil Services ETF has a twelve month low of $232.39 and a twelve month high of $459.28.

Trending Headlines about VanEck Oil Services ETF

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

• Positive Sentiment: U.S. shale producers are expected to report their strongest quarterly profits since 2022 following the Iran-related oil rally. Analysts anticipate that much of the cash flow could be returned to shareholders, supporting the financial health and spending capacity of companies that use oilfield-services providers. War-fueled oil rally set to lift shale profits to highest since 2022
• Positive Sentiment: Above-normal temperatures are expected to support U.S. power-sector demand for natural gas, providing a modestly favorable backdrop for diversified energy-service companies. U.S. Natural Gas Futures Steady to Start the Week
• Neutral Sentiment: Crude markets have stabilized near technical support as traders assess ongoing Middle Eastern supply risks and key resistance levels, leaving the near-term outlook highly headline-sensitive. Natural Gas and Oil Forecast: WTI and Brent Rebound as Middle East Supply Risks Persist
• Negative Sentiment: Oil prices fell amid expectations that the Strait of Hormuz could reopen, reducing the risk of a prolonged supply disruption and removing some of the geopolitical premium from crude. Oil Falls Amid Prospects for Reopening of Strait of Hormuz
• Negative Sentiment: U.S. oil exports dropped to 3.66 million barrels per day in July, their lowest level in eight months, as Middle Eastern supply temporarily reduced overseas demand for American crude. The weaker export environment may pressure producer activity and service demand. US oil exports in July fall to lowest level in eight months
• Negative Sentiment: OPEC+ approved another production increase of approximately 188,000 barrels per day for September, completing the rollback of voluntary cuts. Additional supply could cap crude prices and reduce producers’ incentive to increase drilling and oilfield-services spending. OPEC+ agrees to September oil hike

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.