Noting that oil field services stocks have dropped about 14% in the past two months, Oppenheimer thinks that U.S. production will have to fall or activity will have to significantly improve going forward. Either development would be positive for services stocks, the firm believes.Over the longer term, the firm expects oil field services stocks to benefit from improvement in drilling and completion activity and rising commodity prices. It reiterates Outperform ratings on Halliburton (HAL), Schlumberger (SLB), Weatherford (WFT) and Superior Energy (SPN).

Unusual total active option classes on open include: ImmunityBio (IBRX), Halliburton (HAL), Redfin (RDFN), Nokia (NOK), Matterport (MTTR), General Motors (GM), UPS (UPS), Philip Morris (PM), PepsiCo (PEP), and General Electric (GE).

Reports Q1 revenue $5.8B, consensus $5.67B. "Halliburton delivered solid first quarter results that again demonstrated the power of our strategy and the strength of our execution. Activity in North America recovered from fourth-quarter lows, and our international business delivered its 11th consecutive quarter of year-on-year growth," commented Jeff Miller, Chairman, President and CEO. "Our customers' multi-year activity plans across markets and asset types confirms my confidence in the strength and duration of this upcycle. Halliburton demonstrated its commitment to shareholder returns in the first quarter and repurchased $250 million of common stock - a solid start to the year and a good benchmark for our expectations going forward," concluded Miller.