Pritchard Capital Out With Oil Services Industry Update (BHI)

Pritchard Capital is out with its report on the oil services sector, and in particular the rig count. In the report, Pritchard covers Baker Hughes BHI. Pritchard Capital writes, "The horizontal gas rig count, as measured by Baker Hughes, Inc. (BHI-$39.03) and Smith International, Inc., hit an all-time high this week, standing at 638 and 651 rigs, respectively. The gains were driven by the Eagle Ford, which eclipsed the century mark, and Granite Wash, both of which are plays with high liquids content but classified by the rig count aggregators as 66% and 100% horizontal gas, respectively, which we believe overstates the horizontal gas count by 80-90 rigs." Shares of Baker Hughes are higher on the day, gaining 46 cents to trade at $39.49.