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Here's Why Investors Should Steer Clear of Baker Hughes (BKR)
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Baker Hughes Company (BKR - Free Report) is grappling with the coronavirus-induced weak global energy demand. The oilfield service firm has witnessed downward earnings estimate revisions in the past 60 days from $1.06 to 67 cents per share, indicating a year-over-year decline of 21.2% for 2020.
The coronavirus pandemic has dented worldwide energy demand, leading crude oil to continue trading in the bearish territory. Due to this, explorers and producers are cutting their 2020 capital budget and restricting operating activities. Cimarex Energy Co. , Pioneer Natural Resources Company and EOG Resources Inc. (EOG - Free Report) are among the upstream firms that are reducing capital budgets. Thus, with lower spending by explorers, there would be reduced demand for oilfield services since oilfield service players assist drillers in efficiently setting up oil and gas wells.
A significant drop in spending by customers is also getting reflected in the declining rig count in North American oil and natural gas resources. In its latest monthly rig count, Baker Hughes revealed that the total tally of rigs (both onshore & offshore) in North America for the month of March 2020 came in at 905, significantly lower than the year-ago month’s 1,174.
Overall, a slowdown in customers’ exploration and production operations in North America is likely to hurt the bottom line of Baker Hughes –which carries a Zacks Rank #5 (Strong Sell).
Today you are invited to download our latest Special Report that reveals 5 stocks with the most potential to gain +100% or more in 2020. From those 5, Zacks Director of Research, Sheraz Mian hand-picks one to have the most explosive upside of all.
This pioneering tech ticker had soared to all-time highs and then subsided to a price that is irresistible. Now a pending acquisition could super-charge the company’s drive past competitors in the development of true Artificial Intelligence. The earlier you get in to this stock, the greater your potential gain.
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Here's Why Investors Should Steer Clear of Baker Hughes (BKR)
Baker Hughes Company (BKR - Free Report) is grappling with the coronavirus-induced weak global energy demand. The oilfield service firm has witnessed downward earnings estimate revisions in the past 60 days from $1.06 to 67 cents per share, indicating a year-over-year decline of 21.2% for 2020.
The coronavirus pandemic has dented worldwide energy demand, leading crude oil to continue trading in the bearish territory. Due to this, explorers and producers are cutting their 2020 capital budget and restricting operating activities. Cimarex Energy Co. , Pioneer Natural Resources Company and EOG Resources Inc. (EOG - Free Report) are among the upstream firms that are reducing capital budgets. Thus, with lower spending by explorers, there would be reduced demand for oilfield services since oilfield service players assist drillers in efficiently setting up oil and gas wells.
A significant drop in spending by customers is also getting reflected in the declining rig count in North American oil and natural gas resources. In its latest monthly rig count, Baker Hughes revealed that the total tally of rigs (both onshore & offshore) in North America for the month of March 2020 came in at 905, significantly lower than the year-ago month’s 1,174.
Overall, a slowdown in customers’ exploration and production operations in North America is likely to hurt the bottom line of Baker Hughes –which carries a Zacks Rank #5 (Strong Sell).
Baker Hughes Company Price
Baker Hughes Company price | Baker Hughes Company Quote
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Free: Zacks’ Single Best Stock Set to Double
Today you are invited to download our latest Special Report that reveals 5 stocks with the most potential to gain +100% or more in 2020. From those 5, Zacks Director of Research, Sheraz Mian hand-picks one to have the most explosive upside of all.
This pioneering tech ticker had soared to all-time highs and then subsided to a price that is irresistible. Now a pending acquisition could super-charge the company’s drive past competitors in the development of true Artificial Intelligence. The earlier you get in to this stock, the greater your potential gain.
See 5 Stocks Set to Double>>