Baker Hughes (BKR, Financial) has announced a modest rise in the U.S. rig count, which has increased by two rigs from the previous week, bringing the total to 585. This uptick includes an additional oil rig, making the current count 481, and an extra gas rig, bringing that total to 98. The number of miscellaneous rigs remains steady at six.
Despite this weekly increase, the overall U.S. rig count has decreased compared to the same period last year, reflecting a drop of 34 rigs from 619. Specifically, oil rigs are down by 30, gas rigs have decreased by eight, while miscellaneous rigs have seen an increase of four over the past year.
The offshore rig count in the U.S. remains at 13, showing no change from the previous week but indicating a decline of seven compared to the same time last year.
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 $49.74 with a high estimate of $58.00 and a low estimate of $40.00. The average target implies an upside of 26.29% from the current price of $39.39. 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 $38.09, suggesting a downside of 3.3% from the current price of $39.39. 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.
