Baker Hughes (BKR, Financial) has announced a decrease in the U.S. rig count, which has fallen by three to a total of 584. Specifically, oil rigs have decreased by four to 479, while gas rigs have increased by two to 101. The number of miscellaneous rigs has dropped by one to four. Compared to the same period last year, the total rig count has declined by 21 rigs from 605, with oil rigs down by 20, gas rigs down by one, and miscellaneous rigs remaining steady.
The U.S. offshore rig count has gained one, reaching a total of 14, although it has decreased by four compared to last year. On the Canadian front, the rig count has slipped by eight to 120. This includes a reduction of seven oil rigs to 74 and a decrease of one gas rig to 46, with miscellaneous rigs holding steady at zero. Despite these changes, the overall Canadian rig count remains the same as the previous year, with a shift involving a rise of 14 oil rigs and a drop of 14 gas rigs.
Wall Street Analysts Forecast
Based on the one-year price targets offered by 23 analysts, the average target price for Baker Hughes Co (BKR, Financial) is $47.83 with a high estimate of $56.00 and a low estimate of $40.00. The average target implies an upside of 29.17% from the current price of $37.03. More detailed estimate data can be found on the Baker Hughes Co (BKR) Forecast page.
Based on the consensus recommendation from 26 brokerage firms, Baker Hughes Co's (BKR, Financial) average brokerage recommendation is currently 1.9, indicating "Outperform" status. The rating scale ranges from 1 to 5, where 1 signifies Strong Buy, and 5 denotes Sell.
Based on GuruFocus estimates, the estimated GF Value for Baker Hughes Co (BKR, Financial) in one year is $37.47, suggesting a upside of 1.19% from the current price of $37.03. GF Value is GuruFocus' estimate of the fair value that the stock should be traded at. It is calculated based on the historical multiples the stock has traded at previously, as well as past business growth and the future estimates of the business' performance. More detailed data can be found on the Baker Hughes Co (BKR) Summary page.
