Top Wall Street analysts have issued upgrades for several companies, signaling a positive outlook for these stocks. This article highlights the key upgrades and provides context for investors considering these names.
Results for: Baker Hughes
Baker Hughes reports that US energy companies reduced the number of oil and gas rigs for the second consecutive week, marking the first decline since late June. This comes amid fluctuating oil and gas prices and a shift in focus towards debt reduction and shareholder returns. Despite the decline, US crude output is expected to rise in the coming years.
The total number of active drilling rigs for oil and gas in the United States fell this week, with the total rig count dropping by 6 to 613. This is a significant decrease from the 755 rigs operating this time last year. The number of oil rigs declined by 5 this week, while the number of gas rigs fell by 1. Despite the drop in rig count, U.S. crude oil production remained unchanged for the seventh consecutive week. However, oil prices were trading up on Friday, with both benchmarks gaining around $0.50 per barrel.
Baker Hughes, an oilfield services provider, has reported better-than-expected first-quarter profits due to surging global drilling activity. The company’s robust international performance, particularly in the Middle East, offset the decline in North American operations, where lower natural gas prices have dampened drilling activities. Baker Hughes attributed its success to increased demand for drilling services and equipment as oil companies ramp up production amidst higher Brent crude prices. The company’s quarterly revenue saw a substantial rise, driven by strong international sales, and it also announced an increase in quarterly dividends to reward shareholders.