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.
The Zacks Analyst Blog Highlights: Schlumberger, Diamond Offshore Drilling, Transocean, Range Resources and Lonestar Resources US
Read MoreHide Full Article
For Immediate Release
Chicago, IL – September 6, 2017 – 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 includeSchlumberger Limited (NYSE:(SLB - Free Report) – Free Report), Diamond Offshore Drilling, Inc. (NYSE:(DO - Free Report) – Free Report), Transocean Ltd. (NYSE:(RIG - Free Report) – Free Report), Range Resources Corporation (NYSE:(RRC - Free Report) – Free Report) and Lonestar Resources US (Nasdaq: – Free Report).
U.S. Tally of Oil Rigs Flat Following Harvey-Related Uncertainty
In its weekly release, Houston-based oilfield services player Baker Hughes, a GE company, reported flat oil rig count and an increase in natural gas rigs in the country.
Details
Weekly Summary:Rigs engaged in the exploration and production of oil and natural gas in the United States totaled 943 in the week ended Sep 1 – higher than the previous week’s 940. This shows that the total rig count in the country has increased again after four straight weeks of a decline.
Since it slipped to an all-time low of 404 last May, rig count has been rising rapidly in American shale resources. Punctuated by a few pauses, the current nationwide rig count is considerably higher than the prior-year level of 497.
For the week in discussion, the improvement in rig count can be attributed to higher onshore activities.
Rig count in the onshore business increased by three units, while units engaged in offshore operations fell slightly to 16 from 17 in the prior week.
Oil Rig Count:Oil rig count was in line with the count of 759 recorded in the previous week. It is to be noted that the rigs exploring crude has decreased four times in the last seven weeks.
The current tally, though far from the peak of 1,609 attained in October 2014, is significantly above the previous year’s count of 407.
Natural Gas Rig Count:The natural gas rig count – which plunged to its lowest last August – jumped three units to 183. Like oil, the count of rigs for gas exploration sits comfortably above the year-ago tally of 88. As per the most recent report, the number of natural gas-directed rigs is nearly 89%, below the all-time high of 1,606 achieved in late summer 2008.
Rig Count by Type:The number of vertical drilling rigs rose by four units to 68, while the horizontal/directional rig count (encompassing new drilling technology that has the ability to drill and extract gas from dense rock formations, also known as shale formations) was down by one to 875.
Gulf of Mexico (GoM): The GoM rig count went down to 16 units – 14 of which were oil-directed – from 17 counts.
Details of the Weekly Rig Count
Baker Hughes’ data, issued since 1944 at the end of every week, acts as an important yardstick for energy service providers in gauging the overall business environment of the oil and gas industry.
Change in Baker Hughes’ rotary rig count weighs heavily on the demand for energy services, drilling, completion, production, etc., provided by companies like Schlumberger Limited (NYSE:(SLB - Free Report) – Free Report), Diamond Offshore Drilling, Inc. (NYSE:(DO - Free Report) – Free Report) and Transocean Ltd. (NYSE:(RIG - Free Report) – Free Report).
Conclusion
The number of rigs searching for natural gas in the United States increased, while that for oil remained flat. This shows that Hurricane Harvey, which was responsible for heavy downpour in the Texas and Louisiana states of the Gulf of Mexico (GoM) area, failed to lower exploration activities.
Although rig count in Texas fell by one unit and the count in Louisiana was flat as compared to the prior week, it seems that the storm has not been felt as much as apprehended.
However, the counts might not be exact as the storm kept Baker Hughes from confirming the increase or decrease in the number of rigs in almost 47 counties of South Texas.
After Harvey, some refiners are restarting their operations which led to a rally in the price of black gold. This is likely to prove beneficial for oil exploration and production companies. Two oil stocks that might make valuable additions to your portfolio are Range Resources Corporation (NYSE:(RRC - Free Report) – Free Report) and Lonestar Resources US (Nasdaq: – Free Report). Both the companies sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Based in Fort Worth, TX, Range Resources is an independent oil and gas company, engaged in the exploration, development and acquisition of U.S. oil and gas resources. We expect year-over-year earnings growth of almost 1,487.2% for Range Resources in 2017.
Headquartered in Fort Worth, TX, Lonestar explores oil and gas resources in the United States. The company is expected to witness 79.7% year-over-year earnings growth in 2017.
Zacks' 10-Minute Stock-Picking Secret
Since 1988, the Zacks system has more than doubled the S&P 500 with an average gain of +25% per year. With compounding, rebalancing, and exclusive of fees, it can turn thousands into millions of dollars.
But here's something even more remarkable: You can master this proven system without going to a single class or seminar. And then you can apply it to your portfolio in as little as 10 minutes a month.
Zacks Equity Research provides the best of quantitative and qualitative analysis to help investors know what stocks to buy and which to sell for the long-term.
Continuous coverage is provided for a universe of 1,150 publicly traded stocks. Our analysts are organized by industry which gives them keen insights to developments that affect company profits and stock performance. Recommendations and target prices are six-month time horizons.
Strong Stocks that Should Be in the News
Many are little publicized and fly under the Wall Street radar. They're virtually unknown to the general public. Yet today's 220 Zacks Rank #1 "Strong Buys" were generated by the stock-picking system that has nearly tripled the market from 1988 through 2015. Its average gain has been a stellar +26% per year.See these high-potential stocks free >>.
Zacks Investment Research is under common control with affiliated entities (including a broker-dealer and an investment adviser), which may engage in transactions involving the foregoing securities for the clients of such affiliates.
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.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
The Zacks Analyst Blog Highlights: Schlumberger, Diamond Offshore Drilling, Transocean, Range Resources and Lonestar Resources US
For Immediate Release
Chicago, IL – September 6, 2017 – 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 includeSchlumberger Limited (NYSE:(SLB - Free Report) – Free Report), Diamond Offshore Drilling, Inc. (NYSE:(DO - Free Report) – Free Report), Transocean Ltd. (NYSE:(RIG - Free Report) – Free Report), Range Resources Corporation (NYSE:(RRC - Free Report) – Free Report) and Lonestar Resources US (Nasdaq: – Free Report).
Today, Zacks is promoting its ''Buy'' stock recommendations. Get #1Stock of the Day pick for free.
Here are highlights from Tuesday’s Analyst Blog:
U.S. Tally of Oil Rigs Flat Following Harvey-Related Uncertainty
In its weekly release, Houston-based oilfield services player Baker Hughes, a GE company, reported flat oil rig count and an increase in natural gas rigs in the country.
Details
Weekly Summary:Rigs engaged in the exploration and production of oil and natural gas in the United States totaled 943 in the week ended Sep 1 – higher than the previous week’s 940. This shows that the total rig count in the country has increased again after four straight weeks of a decline.
Since it slipped to an all-time low of 404 last May, rig count has been rising rapidly in American shale resources. Punctuated by a few pauses, the current nationwide rig count is considerably higher than the prior-year level of 497.
For the week in discussion, the improvement in rig count can be attributed to higher onshore activities.
Rig count in the onshore business increased by three units, while units engaged in offshore operations fell slightly to 16 from 17 in the prior week.
Oil Rig Count:Oil rig count was in line with the count of 759 recorded in the previous week. It is to be noted that the rigs exploring crude has decreased four times in the last seven weeks.
The current tally, though far from the peak of 1,609 attained in October 2014, is significantly above the previous year’s count of 407.
Natural Gas Rig Count:The natural gas rig count – which plunged to its lowest last August – jumped three units to 183. Like oil, the count of rigs for gas exploration sits comfortably above the year-ago tally of 88. As per the most recent report, the number of natural gas-directed rigs is nearly 89%, below the all-time high of 1,606 achieved in late summer 2008.
Rig Count by Type:The number of vertical drilling rigs rose by four units to 68, while the horizontal/directional rig count (encompassing new drilling technology that has the ability to drill and extract gas from dense rock formations, also known as shale formations) was down by one to 875.
Gulf of Mexico (GoM): The GoM rig count went down to 16 units – 14 of which were oil-directed – from 17 counts.
Details of the Weekly Rig Count
Baker Hughes’ data, issued since 1944 at the end of every week, acts as an important yardstick for energy service providers in gauging the overall business environment of the oil and gas industry.
Change in Baker Hughes’ rotary rig count weighs heavily on the demand for energy services, drilling, completion, production, etc., provided by companies like Schlumberger Limited (NYSE:(SLB - Free Report) – Free Report), Diamond Offshore Drilling, Inc. (NYSE:(DO - Free Report) – Free Report) and Transocean Ltd. (NYSE:(RIG - Free Report) – Free Report).
Conclusion
The number of rigs searching for natural gas in the United States increased, while that for oil remained flat. This shows that Hurricane Harvey, which was responsible for heavy downpour in the Texas and Louisiana states of the Gulf of Mexico (GoM) area, failed to lower exploration activities.
Although rig count in Texas fell by one unit and the count in Louisiana was flat as compared to the prior week, it seems that the storm has not been felt as much as apprehended.
However, the counts might not be exact as the storm kept Baker Hughes from confirming the increase or decrease in the number of rigs in almost 47 counties of South Texas.
After Harvey, some refiners are restarting their operations which led to a rally in the price of black gold. This is likely to prove beneficial for oil exploration and production companies. Two oil stocks that might make valuable additions to your portfolio are Range Resources Corporation (NYSE:(RRC - Free Report) – Free Report) and Lonestar Resources US (Nasdaq: – Free Report). Both the companies sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Based in Fort Worth, TX, Range Resources is an independent oil and gas company, engaged in the exploration, development and acquisition of U.S. oil and gas resources. We expect year-over-year earnings growth of almost 1,487.2% for Range Resources in 2017.
Headquartered in Fort Worth, TX, Lonestar explores oil and gas resources in the United States. The company is expected to witness 79.7% year-over-year earnings growth in 2017.
Zacks' 10-Minute Stock-Picking Secret
Since 1988, the Zacks system has more than doubled the S&P 500 with an average gain of +25% per year. With compounding, rebalancing, and exclusive of fees, it can turn thousands into millions of dollars.
But here's something even more remarkable: You can master this proven system without going to a single class or seminar. And then you can apply it to your portfolio in as little as 10 minutes a month.
Learn the secret >>
Today, Zacks is promoting its ''Buy'' stock recommendations. Get #1 Stock of the Day pick for free.
About Zacks Equity Research
Zacks Equity Research provides the best of quantitative and qualitative analysis to help investors know what stocks to buy and which to sell for the long-term.
Continuous coverage is provided for a universe of 1,150 publicly traded stocks. Our analysts are organized by industry which gives them keen insights to developments that affect company profits and stock performance. Recommendations and target prices are six-month time horizons.
Strong Stocks that Should Be in the News
Many are little publicized and fly under the Wall Street radar. They're virtually unknown to the general public. Yet today's 220 Zacks Rank #1 "Strong Buys" were generated by the stock-picking system that has nearly tripled the market from 1988 through 2015. Its average gain has been a stellar +26% per year.See these high-potential stocks free >>.
Get the full Report on SLB - FREE
Get the full Report on DO - FREE
Get the full Report on RIG - FREE
Get the full Report on RRC - FREE
Get the full Report on LONE - FREE
Follow us on Twitter: https://twitter.com/zacksresearch
Join us on Facebook: https://www.facebook.com/home.php#/pages/Zacks-Investment-Research/57553657748?ref=ts
Zacks Investment Research is under common control with affiliated entities (including a broker-dealer and an investment adviser), which may engage in transactions involving the foregoing securities for the clients of such affiliates.
Media Contact
Zacks Investment Research
800-767-3771 ext. 9339
support@zacks.com
https://www.zacks.com/
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.