Baker Hughes (BKR, Financial) announced a reduction in the U.S. rig count this week, dropping by four to a total of 559. This decline includes a decrease of nine oil rigs, bringing the number to 442, while gas rigs increased by five to 114, and miscellaneous rigs remained constant at three.
Compared to the same period last year, the U.S. rig count has decreased by 35 rigs from its previous total of 594. The oil rig count is down by 50, whereas gas rigs have risen by 16, and miscellaneous rigs have fallen by one. The number of offshore rigs in the U.S. holds steady at 13, which reflects a decrease of nine rigs from a year ago.
In Canada, the rig count rose by two to 114 this week, with oil rigs unchanged at 69 while gas rigs increased by two to 46; miscellaneous rigs stayed at zero. However, Canada’s rig count is down by 29 compared to last year's count of 143, with oil rigs falling by 20, gas rigs decreasing by nine, and miscellaneous rigs 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 $47.02 with a high estimate of $56.00 and a low estimate of $40.00. The average target implies an upside of 24.59% from the current price of $37.74. 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 $37.50, suggesting a downside of 0.64% from the current price of $37.74. 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.
