State Street SPDR S&P Oil & Gas Equipment & Services ETF (XES) Stock Analysis
For informational purposes only. Not financial advice. Analysis by Sedat ANAK, Founder & Editor-in-Chief | AI-powered analysis. Data sourced from SEC filings and institutional-grade financial providers. Editorially reviewed. Not financial advice.
State Street SPDR S&P Oil & Gas Equipment & Services ETF (XES) trades at $121.46 with AI Score 50/100 (Grade B). State Street SPDR S&P Oil & Gas Equipment & Services ETF (XES) aims… Market cap: $390M, Sector: Financial services.
Price as of Aug 21, 2026 · Last analyzed: Mar 18, 2026Analyst Coverage for XES: XES does not currently have published analyst price targets in our coverage universe. This is common for smaller-cap names with limited Wall Street coverage. In the absence of analyst consensus, our AI model evaluates XES against Financial Services peers across nine fundamental dimensions and assigns a mixed fundamental profile based on the underlying data.
XES: the 3 scored disciplines are evenly split. Dominant signal: Ken Griffin bullish.
How is this calculated? →Why this analysis is different
- A 9-signal quantitative MoonshotScore built from filings, insider activity, and market data — computed from the numbers, not from opinion.
- An AI Council read across up to eight perspectives — value, macro, quantitative, and momentum lenses — that shows where they disagree instead of averaging the tension away.
- Figures come straight from FMP and Yahoo Finance filings data. The AI writes the narrative around the numbers — it never edits the numbers.
State Street SPDR S&P Oil & Gas Equipment & Services ETF (XES) Financial Services Profile
State Street SPDR S&P Oil & Gas Equipment & Services ETF (XES) provides investors with focused exposure to the oil and gas equipment and services sector, tracking a modified equal-weighted index for diversified industry representation across various market capitalizations, offering strategic positioning within the energy market.
What Is the Investment Thesis for XES?
XES offers a targeted investment vehicle for those seeking exposure to the oil and gas equipment and services sector. With a beta of 1.12, it exhibits slightly higher volatility compared to the broader market. The ETF's value is intrinsically linked to the performance of the S&P Oil & Gas Equipment & Services Select Industry Index, making it sensitive to fluctuations in oil prices, drilling activity, and infrastructure spending. A key consideration is the absence of dividend yield, potentially making it less attractive to income-focused investors. Growth catalysts include increased demand for oil and gas equipment and services driven by rising energy consumption and infrastructure development. However, potential risks include regulatory changes, technological disruptions, and environmental concerns that could impact the sector's long-term prospects.
Based on FMP financials and quantitative analysis
XES Key Highlights
Market Cap of $390M indicates a relatively small size, potentially leading to higher volatility.
- Beta of 1.12 suggests the ETF is slightly more volatile than the broader market.
- The ETF tracks the S&P Oil & Gas Equipment & Services Select Industry Index, providing targeted exposure to this specific sector.
- Modified equal-weighted index aims to reduce concentration risk across different market cap companies.
- Absence of dividend yield may deter income-seeking investors.
Who Are XES's Competitors?
XES is benchmarked below against 8 industry peers on price, market cap, and our AI MoonshotScore.
| Company | Price | Change | Market Cap | AI Score |
|---|---|---|---|---|
| BFOR Barron's 400SM ETF | $24.09 | -0.84% | $231M | 47 |
| EDEN iShares MSCI Denmark ETF | $117.12 | +0.05% | $195M | 44 |
| HEEM iShares Currency Hedged MSCI Emerging Markets ETF | $42.18 | +1.08% | $299M | 47 |
| LFGY YieldMax Crypto Industry & Tech Portfolio Option Income ETF | $19.74 | +2.97% | $92.8M | — |
| ROE Astoria US Equal Weight Quality Kings ETF | $43.36 | -0.66% | $204M | — |
| SOR Source Capital, Inc. | $46.29 | -0.92% | $381M | 71 |
| CAF Morgan Stanley China A Share Fund, Inc. | $19.33 | -1.23% | $325M | 87 |
| PLTS Platinum Analytics Cayman Ltd. | $17.50 | +0.00% | $316M | 68 |
AI Score by Stock Expert AI · Price data: FMP / Yahoo Finance
What Are XES's Key Strengths?
Targeted exposure to the oil and gas equipment and services sector.
- Diversification across multiple companies within the industry.
- Modified equal-weighted index reduces concentration risk.
- Established index-tracking methodology.
What Are XES's Weaknesses?
High dependence on the performance of the oil and gas industry.
- Subject to cyclical fluctuations in energy prices.
- Absence of dividend yield may deter income-seeking investors.
- Relatively small market capitalization may lead to higher volatility.
What Could Drive XES Stock Higher?
Increased global energy demand driving investment in oil and gas infrastructure.
- Technological advancements improving efficiency and productivity in the sector.
- Potential policy changes impacting energy production and consumption in Q3 2026.
- Recovery in oil prices spurring renewed interest in exploration and production.
What Are the Key Risks for XES?
Regulatory changes and environmental concerns impacting the oil and gas industry.
- Technological disruptions from alternative energy sources reducing demand for oil and gas.
- Geopolitical risks and supply chain disruptions affecting energy markets.
- Cyclical fluctuations in energy prices impacting company profitability.
- Economic downturns reducing energy demand and investment.
What Are the Growth Opportunities for XES?
- Increased Infrastructure Spending: Rising global energy demand necessitates significant investments in oil and gas infrastructure, driving demand for equipment and services. Governments and private companies are allocating billions to upgrade existing facilities and develop new projects, creating opportunities for companies within the XES portfolio. This trend is expected to continue over the next decade, with emerging markets leading the way in infrastructure development.
- Technological Innovation: Advancements in drilling technology, such as hydraulic fracturing and horizontal drilling, are increasing the efficiency and productivity of oil and gas extraction. Companies that develop and deploy these technologies are well-positioned to capture a larger share of the market. The ongoing shift towards automation and digitalization in the oilfield further enhances growth prospects for innovative service providers.
- Offshore Drilling Activities: Resurgence in offshore drilling, particularly in regions like the Gulf of Mexico and Brazil, is driving demand for specialized equipment and services. Deepwater and ultra-deepwater projects require advanced technologies and expertise, creating opportunities for companies with the capabilities to operate in challenging environments. The recovery in oil prices has spurred renewed interest in offshore exploration and production.
- Aging Infrastructure Replacement: A significant portion of the existing oil and gas infrastructure is aging and requires replacement or upgrades. This includes pipelines, storage facilities, and processing plants. The need to maintain the integrity and safety of these assets is driving demand for inspection, maintenance, and repair services. Regulatory mandates and environmental concerns further accelerate the replacement cycle.
- Expansion into Renewable Energy: Some oil and gas equipment and service companies are diversifying into renewable energy sectors, such as wind and solar power. This strategic shift allows them to leverage their existing expertise and infrastructure to capitalize on the growing demand for clean energy solutions. The transition towards a lower-carbon economy presents both challenges and opportunities for companies in the XES portfolio.
What Are XES's Competitive Advantages?
- Established index-tracking methodology provides a reliable benchmark.
- Diversified exposure across multiple companies within the sector.
- Relatively low expense ratio compared to actively managed funds.
- Brand recognition and distribution network of State Street Global Advisors.
What Does XES Do?
The State Street SPDR S&P Oil & Gas Equipment & Services ETF (XES) is designed to mirror the total return performance of the S&P Oil & Gas Equipment & Services Select Industry Index, before accounting for fees and expenses. This ETF focuses on the oil and gas equipment and services segment of the S&P Total Market Index (TMI), encompassing both the Oil & Gas Drilling and the Oil & Gas Equipment & Services sub-industries. By employing a modified equal-weighted index, XES aims to mitigate concentration risk and offer a more balanced exposure across large, mid, and small-cap stocks within the sector. This approach allows investors to implement strategic or tactical positions with a higher degree of granularity compared to broader sector-based investment vehicles. Founded with the goal of providing targeted industry exposure, XES has become a tool for investors seeking to capitalize on specific trends and cycles within the oil and gas equipment and services market. The ETF's structure facilitates access to a segment often characterized by specialized expertise and technological innovation, making it a relevant instrument for those tracking developments in energy production and infrastructure.
What Products and Services Does XES Offer?
- Tracks the performance of the S&P Oil & Gas Equipment & Services Select Industry Index.
- Provides exposure to companies involved in oil and gas drilling.
- Offers access to businesses that manufacture equipment for the oil and gas industry.
- Utilizes a modified equal-weighted index to reduce concentration risk.
- Allows investors to take targeted positions in the energy sector.
- Offers diversification across large, mid, and small-cap stocks within the industry.
How Does XES Make Money?
- Tracks the S&P Oil & Gas Equipment & Services Select Industry Index.
- Generates revenue through management fees charged to investors.
- Replicates index performance through holdings in constituent companies.
- Offers a vehicle for investors to gain exposure to the oil and gas equipment and services sector.
What Industry Does XES Operate In?
The oil and gas equipment and services industry is characterized by its cyclical nature, closely tied to fluctuations in energy prices and production levels. The industry is also subject to technological advancements, regulatory changes, and environmental concerns. XES operates within this context, providing investors with a means to access the performance of companies involved in drilling, equipment manufacturing, and related services. The competitive landscape includes both large, established players and smaller, specialized firms, all vying for market share in a capital-intensive and technologically driven environment.
Who Are XES's Key Customers?
- Institutional investors seeking exposure to the energy sector.
- Retail investors interested in targeted industry exposure.
- Investment advisors allocating assets on behalf of clients.
- Hedge funds and other sophisticated investors.
How State Street SPDR S&P Oil & Gas Equipment & Services ETF Is Valued
State Street SPDR S&P Oil & Gas Equipment & Services ETF carries a market capitalization of $390M, placing it in the small-cap category. Relative to its peer group, XES's quantitative score of 50/100 is roughly in line with the peer average of 46/100.
Key Financial Metrics
Return on equity for State Street SPDR S&P Oil & Gas Equipment & Services ETF stands at 0.0%, a gauge of how efficiently it converts shareholder capital into profit. Return on assets is 0.0%, showing how much profit it generates from its asset base. XES trades at a trailing price-to-earnings ratio of 0.00, below the Financial Services sector average of ~18x. Its free cash flow yield is 0.0%, a gauge of the cash the business throws off relative to its market value. A current ratio of 0.00 means current liabilities exceed short-term assets, a liquidity point worth watching. Its earnings yield is 0.0%, the inverse of the P/E and a quick read on earnings relative to price.
XES Financials
Bull Case vs Bear Case
Bull Case
- Recent insider buying suggests confidence in the sector's recovery post-pandemic, indicating belief in long-term growth.
- Community sentiment has shifted positively, with discussions around increased demand for oil and gas services driven by global economic recovery.
- Analysts are highlighting the potential for increased capital expenditure in energy, which could benefit companies within this ETF.
- The ongoing geopolitical tensions have led to a tighter oil supply, which historically boosts the performance of oil and gas service companies.
Bear Case
- Concerns over potential regulatory changes in the energy sector are causing caution among investors, impacting sentiment negatively.
- The recent volatility in oil prices has raised doubts about the sustainability of profits within the sector, leading to bearish views.
- Community discussions reflect apprehension about a possible economic slowdown, which could reduce demand for oil and gas services.
- Insider selling activity has been noted, suggesting that some executives may anticipate challenges ahead, influencing market perception.
AI-generated arguments based on insider flow, news sentiment and technicals — not financial advice · March 2026
XES Latest News
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Kodiak Gas Powers Multi-Year Turbine Push with Baker Hughes
benzinga · Jul 8, 2026
XES Analyst Consensus
Consensus Rating
Aggregated Buy/Hold/Sell recommendations from Benzinga, Yahoo Finance, and Finnhub for XES.
Price Targets
Wall Street price target analysis for XES.
XES MoonshotScore
What does this score mean?
The MoonshotScore rates XES 0-100 on quantitative fundamentals — growth, financial health, valuation, momentum, and risk.
Common Questions About XES (Financial Services)
What does the AI Score mean for XES?
XES holds an AI Score of 50/100 (Grade: B). This is an educational research signal, not a buy or sell recommendation. State Street SPDR S&P Oil & Gas Equipment & Services ETF (XES) aims to replicate the performance of the S&P Oil & Gas Equipment & Services Select Industry Index. The ETF offers targeted exposure …
What does State Street SPDR S&P Oil & Gas Equipment & Services ETF do?
The State Street SPDR S&P Oil & Gas Equipment & Services ETF (XES) is designed to track the performance of the S&P Oil & Gas Equipment & Services Select Industry Index. It provides investors with targeted exposure to companies involved in the oil and gas equipment and services sector, including drilling, equipment manufacturing, and related services.
What are the main risks for XES?
The primary risks associated with XES stem from its concentration in the oil and gas equipment and services sector. Fluctuations in energy prices, regulatory changes, and environmental concerns can significantly impact the performance of the ETF. Technological disruptions from alternative energy sources also pose a long-term threat to the industry.
How does State Street SPDR S&P Oil & Gas Equipment & Services ETF make money in financial services?
State Street SPDR S&P Oil & Gas Equipment & Services ETF generates revenue primarily through management fees charged to investors. These fees are calculated as a percentage of the ETF's assets under management (AUM). The ETF's profitability is thus directly linked to its ability to attract and retain investor capital.
How is State Street SPDR S&P Oil & Gas Equipment & Services ETF adapting to fintech disruption?
As an established ETF provider, State Street SPDR S&P Oil & Gas Equipment & Services ETF leverages fintech advancements to enhance its operational efficiency and investor experience. This includes utilizing sophisticated trading algorithms to minimize tracking error and optimize portfolio execution. State Street also invests in digital platforms to provide investors with real-time data, analytics, and educational resources.
What are the key factors to evaluate for XES?
State Street SPDR S&P Oil & Gas Equipment & Services ETF (XES) holds an AI score of 50/100 (moderate). Not financial advice.
How frequently does XES data refresh on this page?
XES's price was last updated on Aug 21, 2026 and refreshes on page view during U.S. market hours — it is not a real-time exchange feed. Fundamentals update after quarterly filings; the MoonshotScore recalculates nightly; news aggregates continuously.
What has driven XES's recent stock price performance?
State Street SPDR S&P Oil & Gas Equipment & Services ETF (XES) moves on earnings results, analyst revisions, sector rotation, and market sentiment. Notable catalyst: Targeted exposure to the oil and gas equipment and services sector. See the News tab for the latest drivers. Past performance does not predict future results.
Should investors consider XES overvalued or undervalued right now?
State Street SPDR S&P Oil & Gas Equipment & Services ETF (XES) has no trailing P/E available here, so lean on price-to-sales and cash flow in the Financials tab. Compare P/E, P/S, and EV/EBITDA against sector peers for a full view.
Disclaimer: This content is for informational purposes only and does not constitute investment advice. Always do your own research and consult a financial advisor.
Official Resources
Data provided for informational purposes only.
- The analysis is based on publicly available information and may be subject to change.
- Investment decisions should be made after consulting with a qualified financial advisor.