Baker Hughes Inc

According to Baker Hughes (BHI), the total US rig count reached 990 on March 16, 2018, compared to 789 during the same period in 2017.

In the latest US rig count released by Baker Hughes (BHI), the number of active US rigs drilling for oil and gas stayed flat between December 15 and December 22 at 70.

Baker Hughes reported that the US crude oil rig count fell by five to 744 on September 15–22, 2017. Rigs fell for the third straight week.

On August 4, Baker Hughes will release its weekly US natural gas rig count report. The US natural gas rig count rose by six to 192 rigs on July 21–28, 2017.

In 1Q17, the US rig count rose 25% compared to 4Q16. Since March 31, 2017, the US rig count has risen another 13% as of the week ended June 16, 2017.

In 2Q17, Valero’s (VLO) refining margin indicators in the US Mid-Continent, US West Coast, and North Atlantic rose quarter-over-quarter.

On June 13, 2017, Baker Hughes’s (BHI) implied volatility was 20.3%.

On June 13, BHI’s stock price rose 2% over its previous day’s close. GE’s stock price reaction was lukewarm with a fall 2% on June 13.

On June 12, 92% of the analysts tracking Halliburton rated it as a “buy,” ~3% of the analysts rated it as a “sell,” and the other 5% rated it as a “hold.”

Halliburton’s forward EV-to-EBITDA multiple is lower compared to 1Q17. Analysts expect higher adjusted EBITDA in the next four quarters.

In 1Q17, Halliburton’s (HAL) revenue share from North America rose to 52% compared to 45% in 4Q16.

In the past year, Weatherford International’s (WFT) revenue share from North America has risen to ~38.0% compared to 37.0% in 4Q16.

Patterson-UTI Energy’s (PTEN) total debt fell 29.0% from 1Q16 through 1Q17. Its cash and marketable securities rose 150.0% during that period.

From December 30, 2016, until the week ending May 26, 2017, the US rig count rose 10% and closed at 908. The international rig count rose 1% in April 2017.

On March 31, 2017, National Oilwell Varco (NOV) stock was 7.0% higher than on December 30, 2016. In 1Q17, its adjusted earnings were negative.

In the past couple of years, some of the major US upstream and integrated companies have reduced their capital expenditures, following crude oil’s sharp price decline.

On March 31, 2017, Basic Energy Services’ (BAS) stock price had fallen 6% from December 30, 2016.

In this article, we’ll look at Wall Street analysts’ targets for our selected oilfield equipment and services (or OFS) stocks.

On May 2, 2017, National Oilwell Varco (NOV) had an implied volatility of 28.3%. After it announced its earnings on April 26, 2017, NOV’s implied volatility fell.

In this article, we’ll analyze the correlations between West Texas Intermediate (or WTI) crude oil and the stock prices of Schlumberger, Halliburton, Baker Hughes, and National Oilwell Varco.

Schlumberger (SLB) is the largest company among our selected set of oilfield equipment and services (or OFS) companies by market capitalization.

The Energy Chemistry Technology segment accounted for 76% of Flotek Industries’ revenues in 1Q17. The segment’s revenues rose 36% in 1Q17—compared to 1Q16.

In 1Q17, Schlumberger (SLB) reported $284 million in net income, a 44% decline compared to its 1Q16 net income of ~$501 million.

In the past year, Schlumberger’s (SLB) North America revenues declined 14%. In 1Q17, SLB’s revenues from North America totaled 28% of its total revenues.

In this series, we’ll compare four of the most prominent US oilfield services and equipment companies—Schlumberger (SLB), Halliburton (HAL), Baker Hughes (BHI), and National Oilwell Varco (NOV).

As of May 1, 2017, Tidewater (TDW) has fallen 90% in the past year.

On April 28, after its 1Q17 earnings, ~74% of the analysts tracking Weatherford International rated it as a “buy” or some equivalent.

Baker Hughes (BHI) released its financial information for 1Q17 on April 25, 2017.

National Oilwell Varco (NOV) recorded total revenues of ~$1.7 billion in 1Q17, which was 20.5% lower than the ~$2.2 billion it recorded in 1Q16.

Schlumberger’s management is skeptical about a sustained energy market recovery due to deficit cash flow generation and low productivity improvement.

In 2016, Nabors Industries (NBR) recorded $2.2 billion in revenues, which was 42% lower than in 2015.

Revenues from Weatherford International’s (WFT) Europe/Sub Saharan Africa/Russia region fell the most with a 36.5% fall from 4Q15 to 4Q16.

On April 5, 2017, The Wall Street Journal wrote that the Boston-headquartered General Electric (GE) could sell its consumer light bulb business.

Analysts expect GE to achieve operating margin of 10.2% in 1Q17. This represents a fall of 360 basis points on a year-over-year basis.

On April 10, ~58% of the analysts tracking Baker Hughes rated it as a “buy” or some equivalent, ~42% rated the company as a “hold,” and none of the sell-side analysts rated it as a “sell” or an equivalent.

The correlation coefficient between Baker Hughes’s (BHI) stock price and crude oil prices from April 2016 to the present is 0.51.

Since BHI’s 4Q16 financial results were announced on January 26, 2017, its implied volatility has increased from 23.0% to 24.5% on April 10, 2017.

BHI’s Latin America operations fell 47%, which was the company’s highest revenue decline. The company’s Middle East and Asia operation was the most resilient, falling ~16%.

From December 30, 2016, until the week ended April 7, 2017, the US rig count rose ~28% to close at 839.

In the past year, Baker Hughes (BHI) stock rose 48% through April 10, 2017.

Baker Hughes’s (BHI) management expects global energy supply and demand to rebalance in 2H17.

In 1Q17, analysts expect an adjusted loss of ~$0.19 per share for Baker Hughes (BHI), which is a 38% improvement over its adjusted loss of $0.30 per share in 4Q16.

In fiscal 2016, Halliburton’s net loss deteriorated to $5.7 billion in 2016 compared to its $671 million net loss in 2015.

The correlation coefficient between National Oilwell Varco’s stock price and crude oil prices from April 7, 2016, to April 7, 2017, is 0.55.

In 1Q17, analysts expect Schlumberger (SLB) to post adjusted earnings per share (or EPS) of $0.26, a fall of 3% compared to its 4Q16 adjusted EPS of $0.27.

On March 24, 92% of the analysts tracking Halliburton rated it as a “buy,” ~5% rated it as a “hold,” and 3% rated it as a “sell.”

In this part of the series, we’ll analyze the correlation between the top OFS companies and crude oil prices.

In this part of the series, we’ll compare the implied volatilities of the top OFS companies as rated by Wall Street analysts for 1Q17.