U.S. markets closed
  • S&P 500

    4,247.44
    +8.26 (+0.19%)
     
  • Dow 30

    34,479.60
    +13.36 (+0.04%)
     
  • Nasdaq

    14,069.42
    +49.09 (+0.35%)
     
  • Russell 2000

    2,335.81
    +24.40 (+1.06%)
     
  • Crude Oil

    70.78
    +0.49 (+0.70%)
     
  • Gold

    1,879.50
    -16.90 (-0.89%)
     
  • Silver

    28.05
    +0.02 (+0.07%)
     
  • EUR/USD

    1.2107
    -0.0071 (-0.58%)
     
  • 10-Yr Bond

    1.4620
    +0.0030 (+0.21%)
     
  • GBP/USD

    1.4117
    -0.0060 (-0.42%)
     
  • USD/JPY

    109.6350
    +0.2870 (+0.26%)
     
  • BTC-USD

    35,680.91
    +519.29 (+1.48%)
     
  • CMC Crypto 200

    924.19
    -17.62 (-1.87%)
     
  • FTSE 100

    7,134.06
    +45.88 (+0.65%)
     
  • Nikkei 225

    28,948.73
    -9.83 (-0.03%)
     

The Zacks Analyst Blog Highlights: Halliburton Co, Schlumberger, Transocean, Devon Energy Corp and Diamondback Energy

  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
·6 min read
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.

For Immediate Release

Chicago, IL – March 25, 2021 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: Halliburton Company HAL, Schlumberger Ltd. SLB, Transocean Ltd. RIG, Devon Energy Corporation DVN and Diamondback Energy Inc. FANG.

Here are highlights from Wednesday’s Analyst Blog:

Permian Witnesses Oil Rig Adds for 4 Straight Weeks

In its weekly release, Baker Hughes reported an increase in the U.S. rig count.

More on the Rig Count

Baker Hughes’ data, which is issued at the end of every week since 1944, helps energy service providers gauge the overall business environment of the oil and gas industry.

A change in the Houston-based oilfield service player’s rotary rig count affects demand for energy services like drilling, completion and production, provided by the likes of Halliburton Co.Schlumberger along with Transocean.

Details

Total US Rig Count Increases: The count of rigs engaged in the exploration and production of oil and natural gas in the United States was 411 for the week through Mar 19compared with the prior-week figure of 402. Thus, since January, oil and gas drillers in the United States added the most rigs in a week. However, the current national rig count is below the year-ago level of 772.

The number of onshore rigs for the week ended Mar 19 totaled 398, higher than the prior count of 389. Notably, no rig was being operated in inland waters, same as the prior week. In offshore resources, 13 rigs were operating in line with the prior-week count.

US Adds 9 Oil Rigs: Oil rig count was 318 for the week through Mar 19 compared with 309 in the week ended Mar 12. Investors should also note that the current tally of oil rigs — far from the peak of 1,609 attained in October 2014 — is, however, below the year-ago figure of 664.

Natural Gas Rig Count Flat in US: Natural gas rig count of 92 was flat with the prior-week count. Notably, the count of rigs exploring the commodity was below the prior-year week’s 106. Per the latest report, the number of natural gas-directed rigs is almost 94.3% below the all-time high of 1,606 recorded in 2008.

Rig Count by Type: The number of vertical drilling rigs totaled 25 units, in line with the prior-week count. Horizontal/directional rig count (encompassing new drilling technology with the ability to drill and extract gas from dense rock formations, also known as shale formations) of 386 compared favorably with the prior-week level of 377.

Gulf of Mexico (GoM) Rig Count Flat: GoM rig count was 13 units, of which all were oil-directed. The count was in line with the prior-week tally.

Rig Count in Prolific Basin

Permian — the most prolific basin in the United States — recorded a weekly oil rig tally of 216 versus the prior-week count of 211. Thus, the tally for oil drilling rigs in the basin increased for four weeks in a row. In the Eagle Ford shale play, the tally for oil drilling rigs were 30, higher than 28 in the prior week.

Outlook

Although oil price declined more than 4% on Tuesday on concerns arising from new waves of coronavirus and the slow pace of vaccine rollout in Europe, the price of West Texas Intermediate crude is still significantly higher from the pandemic-lows, when oil was in the negative territory.

Notably, the overall outlook still looks bright since the economy is likely to recover strongly this year, once a large mass of the population gets vaccinated. Thus, oil and gas drillers are likely to continue adding rigs to shale plays since the pricing environment has improved drastically.

Meanwhile, investors may keep an eye on two energy stocks that are expected to benefit if the oil price continues to remain healthy — Devon Energy Corp.  and Diamondback Energy. While Devon Energy carries a Zacks Rank #3 (Hold), Diamondback has a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Time to Invest in Legal Marijuana

If you’re looking for big gains, there couldn’t be a better time to get in on a young industry primed to skyrocket from $17.7 billion back in 2019 to an expected $73.6 billion by 2027.

After a clean sweep of 6 election referendums in 5 states, pot is now legal in 36 states plus D.C. Federal legalization is expected soon and that could be a still greater bonanza for investors. Even before the latest wave of legalization, Zacks Investment Research has recommended pot stocks that have shot up as high as +285.9%

You’re invited to check out Zacks’ Marijuana Moneymakers: An Investor’s Guide. It features a timely Watch List of pot stocks and ETFs with exceptional growth potential.

Today, Download Marijuana Moneymakers FREE >>

Media Contact

Zacks Investment Research

800-767-3771 ext. 9339

support@zacks.com                                      

https://www.zacks.com                                          

 

Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performance for information about the performance numbers displayed in this press release.


Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
 
Transocean Ltd. (RIG) : Free Stock Analysis Report
 
Halliburton Company (HAL) : Free Stock Analysis Report
 
Diamondback Energy, Inc. (FANG) : Free Stock Analysis Report
 
To read this article on Zacks.com click here.
 
Zacks Investment Research