The UBS analyst has buying ratings on Baker Hughes (NYSE: BHI), Halliburton (NYSE: HAL), Schlumberger (NYSE: SLB) and Weatherford International (NYSE: WFT). Those stocks combine for over 43% of OIH’s weight with Schlumberger and Halliburton combining for a third of the ETF’s weight.

Regarding Schlumberger, the world’s largest oilfield services provider: “RBC and a host of other Wall Street analysts think the company will continue to drive margins on execution, technologies and efficiencies. Russia, Saudi Arabia, Iraq and China are expected by some to be the strongest markets, if geopolitical concerns remain somewhat in check,” according to 24/7 Wall Street.

Market Vectors Oil Services ETF