Now, OPEC's declared output cut "could speed up" the rise in oil prices, making it profitable for more energy companies to re-enter the market, said James West, senior managing director and fundamental research analyst of the oil services, equipment and drilling industry at Evercore ISI.
He said as oil prices move toward $55 and above, companies such as Diamond Offshore Drilling and Noble should gain "confidence to start going forward with larger development projects."
The subsequent share price move can also vary depending on the price of oil, history shows.
When oil has crossed $50 a barrel on 24 occasions since 2001, Kensho analysis of Diamond Offshore showed shares climbed two-thirds of the time, with a median return of 8.79 percent over the next three months.
The median return over that time rose to about 11.3 percent and shares climbed roughly 85 percent of the time when oil prices topped $55 a barrel, according to Kensho.
There's a group of companies for which an oil move from "$50 to $60 is very dramatic," including ConocoPhillips, Wolfe's Sankey said.
In ConocoPhillips' third-quarter conference call, management said the company was adding three rigs to its operations in the North Dakota Bakken oil fields for a total of four rigs in the region.
"Bakken names really don't drill a lot at $50, but you drill at $60," he said.
Disclosure: CNBC's parent NBCUniversal is a minority stakeholder in Kensho.