For Immediate Release
Chicago, IL – March 4, 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: Baker Hughes Company (
BKR Quick Quote BKR - Free Report) , Halliburton Company ( HAL Quick Quote HAL - Free Report) , Schlumberger Ltd. ( SLB Quick Quote SLB - Free Report) , Transocean Ltd. ( RIG Quick Quote RIG - Free Report) and Diamondback Energy Inc. ( FANG Quick Quote FANG - Free Report) . Here are highlights from Wednesday’s Analyst Blog: Permian Basin Witnesses Addition of 4 Oil Drilling Rigs
In its weekly release,
Baker Hughes Co. 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 The count of rigs engaged in exploration and production of oil and natural gas in the United States was 402 for the week through Feb 26 versus the prior-week figure of 397. However, the current national rig count is below the year-ago level of 790. Total U.S. Rig Count Increases:
The number of onshore rigs for the week ended Feb 26 totaled 385 compared with the prior-week count of 380. Notably, no rig operated in inland waters as compared to one rig in the prior week. However, in offshore resources, 17 rigs were operating versus the prior-week count of 16.
Oil rig count was 309 for the week through Feb 26 compared with 305 in the week ended Feb 19. 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 678. US Adds 4 Oil Rigs: Natural gas rig count of 92 was higher than the prior-week count of 91. However, the count of rigs exploring the commodity was below the prior-year week’s 110. 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. Natural Gas Rig Count Increases in US: The number of vertical drilling rigs totaled 25 units versus the prior-week count of 24. Moreover, 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 377 compared favorably with the prior-week level of 373. Rig Count by Type: GoM rig count was 17 units, of which all were oil-directed. The count was higher than the prior-week tally of 16. Gulf of Mexico (GoM) Rig Count Increases: Rig Count in Prolific Basins
Permian — the most prolific basin in the United States — recorded a weekly oil rig tally of 207 versus the prior-week count of 203. In the Marcellus shale play, the weekly tally for gas drilling rigs has increased to 31 from the prior-week count of 30.
The price of West Texas Intermediate crude, which is trading above $60 per barrel (close to pre-pandemic levels), has improved significantly since April 2020, when oil was in the negative territory. The momentum is likely to continue since the coronavirus vaccine rollout will possibly help the economy recover strongly this year, thereby aiding fuel demand. Thus, oil and gas drillers are likely to continue adding rigs to shale plays since the pricing environment is gradually improving.
Meanwhile, investors may keep an eye on this energy stock expected to benefit if the oil price rally sustains:
Diamondback Energy, which has a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here . Bitcoin, Like the Internet Itself, Could Change Everything
Blockchain and cryptocurrency has sparked one of the most exciting discussion topics of a generation. Some call it the “Internet of Money” and predict it could change the way money works forever. If true, it could do to banks what Netflix did to Blockbuster and Amazon did to Sears. Experts agree we’re still in the early stages of this technology, and as it grows, it will create several investing opportunities.
Zacks’ has just revealed 3 companies that can help investors capitalize on the explosive profit potential of Bitcoin and the other cryptocurrencies with significantly less volatility than buying them directly.
See 3 crypto-related stocks now >>
Zacks Investment Research
800-767-3771 ext. 9339
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.