Pritchard Capital Provides Color on Baker Hughes

Pritchard Capital provided color on Baker Hughes BHI. In a research report published today, Pritchard Capital states, ”The U.S. rig count surged by 11 this week to 1,916 according to the Baker Hughes, Inc. (BHI-$79.50) data, while Smith Bits rig count reported an increase of four rigs. The 11- rig addition in the BHI data was led by a 16-rig advance in horizontal drilling which was partially offset by a nine-rig pullback in directional drilling. BHI data reports the oil rig count ticked up by eight this week, twice the number of new gas rigs. According to Smith data, no basin experienced a material change in its rig count.” On Friday, BHI added 0.5% to its value to finish the day at $79.90.