The reason behind the declines in the US oil rig count

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. 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.

This is a decrease of 8 rigs when compared to last week, with oil rigs up 1 to 675 rigs, gas rigs down 9 to 202 rigs, and miscellaneous rigs unchanged at 0 rigs. 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. 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. 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.

It is a safe bet that weak oil prices are keeping rig numbers from growing, and oil producers will need a higher price to incentivize further drilling in many American oilfields. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the company. 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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