Rig Counts for US and Canada

31 Aug 2015 | Author: | No comments yet »

Baker Hughes Incorporated to Issue Quarterly Dividend of $0.17 on September 23rd (BHI).

HOUSTON (AP) — Oilfield services company Baker Hughes Inc. says the number of rigs exploring for oil and natural gas in the U.S. this week declined by eight to 877. Baker Hughes (NYSE:BHI) had its price target trimmed by JPMorgan Chase & Co. from $69.00 to $65.00 in a research report sent to investors on Wednesday, Market Beat Ratings reports.NEW YORK – U.S. energy firms added one oil rig this week, the sixth consecutive week of increases even as U.S. oil prices flirted with 6-1/2-year lows, signaling further pressure on a market awash with crude.

Ahead of the release, West Texas Intermediate, the US oil benchmark, jumped 6.8 per cent to $45.47 a barrel, while Brent crude, the global oil standard, climbed 6 per cent to $50.51 a barrel. Investors of record on Wednesday, September 2nd will be given a dividend of 0.17 per share by the oilfield services provider on Wednesday, September 23rd. U.S. crude oil futures have fallen by as much as 21 percent in the past month and were down this week by as much as 37 percent from their six-month high of $61.43 in early June. Oil prices surged Thursday as traders who had bet on lower prices closed out those positions following positive U.S. economic data, news that some Nigerian exports would be halted and a report that Venezuela wanted an emergency meeting of the Organization of the Petroleum Exporting Countries to respond to low prices. In response to that 60 percent price collapse, U.S. drillers eliminated thousands of jobs and idled 60 percent of the record high 1,609 oil rigs that were active in October.

The rally comes after concerns about China’s economy, coupled with persistently high oil output from the U.S. and OPEC, the 12-nation oil cartel, has soured investor sentiment recently. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the stock.

Susquehanna reduced their price target on Baker Hughes from $72.00 to $68.00 and set a positive rating for the company in a report on Monday, August 24th. The Organization also offers an Industrial Services section, which includes the downstream compounds business as well as the procedure and pipeline services business.

The Firm’s Integrated Operations is focused on the performance of projects which have characteristics, for example project management, well site oversight, well construction, intervention, third party contractor management, procurement and rig direction. Receive News & Ratings for Baker Hughes Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for Baker Hughes and related companies with MarketBeat.com’s FREE daily email newsletter.

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