|Bid||0.00 x 4000|
|Ask||0.00 x 1300|
|Day's Range||22.04 - 22.56|
|52 Week Range||20.09 - 28.65|
|Beta (5Y Monthly)||0.94|
|PE Ratio (TTM)||53.85|
|Earnings Date||Oct 30, 2019|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||28.79|
Baker Hughes on Friday reported that the number of active U.S. rigs drilling for oil rose by four to 667 this week. That followed declines in each of the last seven weeks. The total active U.S. rig count, meanwhile, was unchanged from last week at 799, according to Baker Hughes. Oil prices held onto their earlier gains, with January West Texas Intermediate crude up 85 cents, or 1.4%, at $60.03 a barrel.
Chevron announced its capital spending plans for 2020—and also said it was taking a $10 to $11 billion asset write down, mainly related to natural gas related assets. That could move energy sector stocks in Wednesday trading.
Analyst Chase Mulvehill put Baker Huges on Bank of America’s “U.S. 1” list—a collection of the bank and brokerage firm’s best ideas. General Electric has more than $8 billion worth of Baker shares.
Oil futures settled higher on Friday, with U.S. prices up more than 7% for the week to mark their highest weekly percentage climb since June. Prices got a lift after the Organization of the Petroleum Exporting Countries and its allies announced an agreement to cut production by an additional 500,000 barrels a day starting in January. Including the 1.2 million barrels in reductions under the current pact, that will bring total output cuts to 1.7 million barrels a day from October 2018 levels. Even so, analysts said concerns surrounding a slowdown in oil demand remain. Meanwhile, Baker Hughes reported a seventh straight weekly decline in the number of active U.S. rigs drilling for oil. January West Texas Intermediate oil rose 77 cents, or 1.3%, to settle at $59.20 a barrel on the New York Mercantile Exchange. For the week, the U.S. benchmark rose 7.3%, the biggest such rise since the week ended June 21, according to FactSet data.
Baker Hughes on Friday reported that the number of active U.S. rigs drilling for oil fell by five to 663 this week. That followed declines in each of the last six weeks. The total active U.S. rig count, meanwhile, also fell by three to 799, according to Baker Hughes. Oil prices held onto their earlier gains, with January West Texas Intermediate crude up 52 cents, or 0.9%, at $58.95 a barrel.
Baker Hughes (NYSE: BKR) announced today that the Baker Hughes international rig count for November 2019 was 1,096, down 34 from the 1,130 counted in October 2019, and up 105 from the 991 counted in November 2018. The international offshore rig count for November 2019 was 247, up 5 from the 242 counted in October 2019, and up 41 from the 206 counted in November 2018.
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The U.S. Energy Information Administration recently reported U.S. dry natural gas production hit a record and predicted that crude prices would be lower on average next year.
U.S. oil services company Baker Hughes on Friday said its facility in western Venezuela had returned to regular operations, after a local mayor announced the temporary closure of the unit due to alleged tax delinquency. "Baker Hughes is pleased to see that the matter has been moved to the normal judicial process and its facility has returned to regular operations," the company said in a statement.
MARACAIBO, Venezuela/CARACAS, Nov 8 (Reuters) - Baker Hughes' western Venezuela office has returned to "regular operations," the company said on Friday, after a local government earlier ordered it closed due to the company's alleged failure to pay municipal taxes. Before sunrise on Friday morning, Orlando Urdaneta, mayor of the La Canada de Urdaneta municipality in oil-rich Zulia state, tweeted a photo of himself outside the office of the U.S. oil services firm announcing the closure, and issued a statement calling on the company to negotiate. "Baker Hughes is pleased to see that the matter has been moved to the normal judicial process and its facility has returned to regular operations," the company said.
Baker Hughes Co. (NYSE: BKR) is accelerating its efforts to complete its separation from General Electric Co. (NYSE: GE), according to the company’s top executive. Baker Hughes has been working on parting ways with its former parent company since GE announced its intent to exit its stake in the oil field services company back in 2018, said Lorenzo Simonelli, CEO of Baker Hughes. In the third quarter, GE sold enough of its stake in Baker Hughes that it ceased to be a majority shareholder.
Baker Hughes Co reported a rise in quarterly adjusted profit on Wednesday, helped by increased demand for its oilfield services and higher margins for its turbomachinery such as gas turbines and compressors. The company's results contrasted with steep falls in revenue reported by some of its rivals in the oilfield services industry as it benefited from stronger equipment sales to customers building liquefied natural gas plants and a rise in business outside the United States. Operating income in the turbomachinery and process solutions unit, the company's second largest business, rose 22% on higher margin from equipment sales and cost savings.
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GE plans to report its Q3 earnings tomorrow before the market opens. The market will be watching for signs of transformation under CEO Larry Culp.
Baker Hughes has a new name once again. The change from Baker Hughes, A GE Company, to simply Baker Hughes Co. became effective Oct. 17, according to a press release. The company's ticker symbol — currently "BHGE" — will change to "BKR" on Oct. 18.
The Company will be known as Baker Hughes, and on Oct. 18, 2019, its Class A common stock will begin trading on the New York Stock Exchange under the symbol “BKR”. Baker Hughes is uniquely positioned as an energy technology company, with a diverse portfolio that spans the entire energy value chain.
Although weak oil pricing and conservative capital spending by US explorers might have acted as headwinds in Q3, rising rig count in international market may have lent support to oilfield service.
Baker Hughes on Friday reported that the number of active U.S. rigs drilling for oil rose by two to 712 this week. That followed declines in each of the last seven weeks. The total active U.S. rig count, meanwhile, also edged up by one to 856, according to Baker Hughes. November West Texas Intermediate crude was up 81 cents, or 1.5%, at $54.36 a barrel.