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US Rig Count Increases for the Fifth Consecutive Month


Baker Hughes Inc. BHI recently declared the rig count for Dec 2016. In the U.S., the total number of rigs increased from the previous month owing to higher number of land rigs. This represents the fifth consecutive increase in the U.S. monthly rig count.

Analysis of the Data

North America Rig Count

Total rig count in North America – the U.S. and Canada – for the month of Dec 2016 was 843. Though the reported figure was higher than the Nov 2016 count of 753, it was lower than 874 recorded in Dec 2015.

U.S. rig: Total number of rigs in the U.S. was 634. This was higher than 580 rigs in Nov but much lower than 714 in the year-ago period.

Of the total U.S. rigs, land rigs were 611. This is higher than the 558 rigs in the prior month but much lesser than 690 rigs in Dec 2015.

The number of U.S. offshore rigs for Dec 2016 was 23, up from 22 rigs in Nov 2016 but down from 24 in Dec 2015.

Canada rig: In Canada, the total rig count was 209, higher than 173 rigs in Nov 2016 and 160 counted in Dec 2015.

International Rig Count

Total international rig – offshore and land – count for the month of December came in at 929. The count was up by four from Nov but substantially below the 1,095 count in Dec 2015.

Offshore rig: The offshore rig count for Dec 2016 was 210, lower than 211 in Nov and 250 in the prior-year comparable month.

Land Rig: The land rig count was 719, higher than the Nov 2016 count of 714 but lower than the Dec 2015 count of 845.

The positivity surrounding the Baker Hughes stock is reflected by its price chart. Shares of the company have gained 52.3% over the last one year, whereas the Zacks categorized Oil & Gas-Field Services industry has gained 43.9% in the same time span.

Baker Hughes currently has a Zacks Rank #2 (Buy). Other well-ranked players in the same space include Braskem S.A. BAK, Suncor Energy, Inc. SU and Noble Midstream Partners L.P. NBLX. All these stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Braskem posted a positive earnings surprise of 107.79% in the last reported quarter.

Suncor Energy posted a positive earnings surprise of 300.00% in the preceding quarter. It had an average earnings surprise of 40.55% in the four trailing quarters.

Noble Midstream Partners posted a negative earnings surprise of 77.78% in the last reported quarter.

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