10 Best Oilfield Services Stocks to Buy Now

2. DMC Global Inc. (NASDAQ:BOOM)

Hedge Funds Holding Stakes: 14

Stock Upside Potential as of 12/08/2024: 87.12%

DMC Global Inc. (NASDAQ:BOOM) is an oilfield services company that offers a range of specialized products and diverse solutions for the building, energy, manufacturing, and transportation sectors globally. The Arcadia division is involved in producing, assembling, and distributing architectural building materials. The DynaEnergetics division is responsible for creating, distributing, and selling perforating systems, including initiation systems, shaped charges, detonating cables, gun equipment, and control systems.

The company has shown resilience and adaptability, maintaining a strong market position across its diverse segments. In recent quarters, DMC Global has reported solid financial performance, driven by robust demand in energy and construction.

As one of the best oilfield service stocks to buy, DMC Global Inc. (NASDAQ:BOOM) delivered solid second-quarter results whereby revenue was up 9% year over year to $171.2 million, affirming strong demand for its services and tools in the sector. Net income totaled $6.3 million.

DMC Global Inc. (NASDAQ:BOOM)’s Arcadia business saw a sequential revenue increase, with improved operational efficiencies and cost reductions leading to its highest gross margin since its December 2021 acquisition.

While DMC Global Inc. (NASDAQ:BOOM) is down by 38%, analysts on Wall Street rate it as Buy with a $21.50 average price target implying 87.12% upside potential. On the other hand, 14 out of 920 hedge funds tracked by Insider Monkey held stakes in the company as of the end of Q2 2024.