Baker Hughes (BKR, Financial) has announced a reduction in the U.S. rig count, which has decreased by two to a total of 576 over the past week. Specifically, oil rigs have dropped by one to 473, and gas rigs have also decreased by one to 100, while miscellaneous rigs remain constant at 3. When compared to the previous year, the U.S. rig count has seen a decrease of 28, with oil rigs down by 24, gas rigs experiencing a decline of 3, and miscellaneous rigs reduced by 1. The U.S. offshore rig count continues unchanged at 11, showing a decline of 9 on a yearly basis.
In contrast, the rig count in Canada has risen by 7 over the last week, reaching a total of 121. This includes an increase of 6 in oil rigs to 74 and a rise of 1 in gas rigs, achieving a count of 47. Miscellaneous rigs in Canada held steady at 0. Compared to the previous year, the Canadian rig count has increased by 7, with oil rigs up by 17, while gas rigs have decreased by 10, and miscellaneous rigs remain unchanged.
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 $47.37 with a high estimate of $56.00 and a low estimate of $40.00. The average target implies an upside of 26.31% from the current price of $37.50. 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 $37.41, suggesting a downside of 0.24% from the current price of $37.5. 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.
