Pritchard Capital Out With Industry Update On Oil Rigs (BHI)

Pritchard Capital is out with an industry report on oil rig operators such as Baker Hughes BHI. In the report Pritchard Capital says, "BHI's gain was carried by a 19 rig increase in the vertical oil rig tally, specifically the Permian Basin which had its rig count increase by 18 to 310 rigs. This is not a new trend given YTD the Permian's rig count is up 53%, or 108 rigs, compared to BHI's rig count gaining 39%. The beneficiaries of the strong West Texas activity and oil sustaining above $70 per barrel remain Patterson-UTI Energy, Inc. (PTEN-$15.13) and Union Drilling, Inc. (UDRL-$5.17), which each added four rigs on the week, and Basic Energy Services, Inc. (BAS-$8.45). Baker Hughes finished the day at $39.79, down 15‎ cents.