We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
US Rig Count Increases for the Seventh Consecutive Month
Read MoreHide Full Article
Baker Hughes Inc. recently declared the rig count for Feb 2017. In the U.S., the total number of rigs increased from the previous month owing to a higher number of land rigs. This is the seventh consecutive increase in the U.S. monthly rig count.
Analysis of the Data
North America Rig Count
Total rig count in North America – the U.S. and Canada – for Feb 2017 was 1,086. The reported figure was higher than the Jan 2017 count of 985 as well as the year-ago level of 743.
U.S. rig: Total number of rigs in the U.S. was 744. This was higher than 683 rigs in January and 532 in the year-ago period.
Of the total U.S. rigs, land rigs were 724. This is higher than 659 rigs in the prior month and 506 rigs in Feb 2016.
The number of U.S. offshore rigs in Feb 2017 was 20. This was lower than 24 rigs in Jan 2017 as well as 26 rigs in Feb 2016.
Canada rig: In Canada, the total rig count of 342 was higher than 302 in Jan 2017 and 211 in Feb 2016.
International Rig Count
Total international rig count – offshore and land – for the month of February came in at 941. The count was up by eight from January but substantially below 1,018 rigs recorded in Feb 2016.
Offshore rig: The offshore rig count for Feb 2017 was 200, lower than 206 in Jan and 225 in the prior-year comparable month.
Land Rig: The land rig count was 741 compared with 727 in Jan 2017 and 793 in Feb 2016.
In spite of the sustained increase in rig count, the Baker Hughes’ stock price has underperformed the broader market in the last three months. Shares of the company declined 10.4%, whereas the Zacks categorized Oil & Gas-Field Services industry lost 7% in the same time span.
Range Resources posted a negative earnings surprise of 925.00% in the preceding quarter. It had an average negative earnings surprise of 216.81% in the four trailing quarters.
Sunrun posted a positive earnings surprise of 137.21% in the preceding quarter. It beat estimates in all the four trailing quarters with an average positive earnings surprise of 134.71%.
Unit Corporation posted a positive earnings surprise of 228.57% in the preceding quarter. It beat estimates in three of the four trailing quarters with an average positive earnings surprise of 100.63%.
8 Stocks with Huge Profit Potential
Just released: Driverless Cars: Your Roadmap to Mega-Profits Today. In this latest Special Report, Zacks’ Aggressive Growth Strategist Brian Bolan explores a full-blown technological breakthrough in the making – autonomous cars. He also spotlights 8 stocks with tremendous gain potential to feed off this phenomenon. Click to see the stocks right now >>
Unique Zacks Analysis of Your Chosen Ticker
Pick one free report - opportunity may be withdrawn at any time
Image: Bigstock
US Rig Count Increases for the Seventh Consecutive Month
Baker Hughes Inc. recently declared the rig count for Feb 2017. In the U.S., the total number of rigs increased from the previous month owing to a higher number of land rigs. This is the seventh consecutive increase in the U.S. monthly rig count.
Analysis of the Data
North America Rig Count
Total rig count in North America – the U.S. and Canada – for Feb 2017 was 1,086. The reported figure was higher than the Jan 2017 count of 985 as well as the year-ago level of 743.
U.S. rig: Total number of rigs in the U.S. was 744. This was higher than 683 rigs in January and 532 in the year-ago period.
Of the total U.S. rigs, land rigs were 724. This is higher than 659 rigs in the prior month and 506 rigs in Feb 2016.
The number of U.S. offshore rigs in Feb 2017 was 20. This was lower than 24 rigs in Jan 2017 as well as 26 rigs in Feb 2016.
Canada rig: In Canada, the total rig count of 342 was higher than 302 in Jan 2017 and 211 in Feb 2016.
International Rig Count
Total international rig count – offshore and land – for the month of February came in at 941. The count was up by eight from January but substantially below 1,018 rigs recorded in Feb 2016.
Offshore rig: The offshore rig count for Feb 2017 was 200, lower than 206 in Jan and 225 in the prior-year comparable month.
Land Rig: The land rig count was 741 compared with 727 in Jan 2017 and 793 in Feb 2016.
In spite of the sustained increase in rig count, the Baker Hughes’ stock price has underperformed the broader market in the last three months. Shares of the company declined 10.4%, whereas the Zacks categorized Oil & Gas-Field Services industry lost 7% in the same time span.
Baker Hughes carries a Zacks Rank #3 (Hold). Some better-ranked players in the same space include Range Resources Corp. (RRC - Free Report) , Sunrun Inc. (RUN - Free Report) and Unit Corporation . All these stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Range Resources posted a negative earnings surprise of 925.00% in the preceding quarter. It had an average negative earnings surprise of 216.81% in the four trailing quarters.
Sunrun posted a positive earnings surprise of 137.21% in the preceding quarter. It beat estimates in all the four trailing quarters with an average positive earnings surprise of 134.71%.
Unit Corporation posted a positive earnings surprise of 228.57% in the preceding quarter. It beat estimates in three of the four trailing quarters with an average positive earnings surprise of 100.63%.
8 Stocks with Huge Profit Potential
Just released: Driverless Cars: Your Roadmap to Mega-Profits Today. In this latest Special Report, Zacks’ Aggressive Growth Strategist Brian Bolan explores a full-blown technological breakthrough in the making – autonomous cars. He also spotlights 8 stocks with tremendous gain potential to feed off this phenomenon. Click to see the stocks right now >>