US Oil & Gas Rigs Up 6th Straight Week, Highest Since May 2025, Baker Hughes Says
BKR sits 77% above its 52-week low of $36.53 on light trading volume (0.3× avg).
Summary
The US oil and natural gas rig count increased for the sixth consecutive week, reaching its highest level since May 2025, as reported by Baker Hughes. This marks the first six-week streak of additions since May 2022, with oil rigs specifically rising to their highest since June 2025. This sustained recovery in drilling activity is a strong positive indicator for Baker Hughes, an energy services company, suggesting increased demand for its equipment and services. It reinforces the positive operational momentum seen in BKR's strong first-quarter results reported in April, which highlighted significant order growth.
At the time of this announcement, BKR was trading at $64.79 on NASDAQ in the Energy & Transportation sector, with a market capitalization of approximately $64.3B. The 52-week trading range was $36.53 to $70.41. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Reuters.