Zacks analyst blog spotlights Baker Hughes Company, Whiting Petroleum and Continental Resources
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For immediate release
Chicago, IL – March 9, 2022 – Zacks.com announces the list of stocks featured in the analyst blog. Every day, Zacks Equity Research analysts discuss the latest news and events impacting stocks and financial markets. Stocks recently featured in the blog include: Baker Hughes Company BKR, Whiting Petroleum Corp. WLL and Continental Resources, Inc. CLR.
Here are the highlights from Tuesday’s analyst blog:
The number of Permian oil platforms increases for 6 consecutive weeks
In its weekly publication, Baker Hughes Company reported that the US rig count was in line with the previous week’s count. The number of rotating platforms, published by Baker Hughes, is usually published in leading newspapers and trade publications.
Baker Hughes data, released at the end of each week since 1944, helps energy service providers assess the overall business environment for the oil and gas industry. The number of active rigs and how it compares to the previous week’s figure indicates the trajectory of demand for Baker Hughes oilfield services from exploration and production companies.
Details
Total US flatbed rigs: The number of rigs engaged in oil and natural gas exploration and production in the United States was 650 for the week through March 4, consistent with the tally from the previous week. Thus, the count has increased in eight of the previous nine weeks. The current number of national platforms is higher than the level of 403 a year ago.
The number of land rigs for the week ended March 4 totaled 635, consistent with the previous week’s tally. In offshore resources, 12 rigs were operating, flat with the previous week’s tally.
The number of American oil rigs is decreasing: The number of oil rigs was 519 for the week ended March 4, down from 522 the previous week. figure of 310.
The number of natural gas platforms is increasing in the United States: The natural gas rig count of 130 was higher than the previous week’s count of 127. The number of rigs exploring the product is also higher than the previous week’s tally of 92. According to the latest report, the number natural gas rigs is 91.9% lower than the historic high of 1,606 recorded in 2008.
Number of platforms per type: The number of vertical rigs stood at 25 units, down from 26 the previous week. 625, however, compares favorably to the 624 level from the previous week.
Gulf of Mexico (GoM) Rig Count Flat: The number of GoM platforms was 12 units, all directed to oil. The count was consistent with the number from the previous week.
Number of rigs in the most prolific pool
The Permian – the most prolific basin in the United States – recorded a weekly oil rig count of 310, higher than the previous week’s count of 309. As a result, the number of oil rigs in the basin increased for six consecutive weeks.
Outlook
The price of West Texas Intermediate crude is trading above $120 a barrel, marking a massive improvement over the past year. The price of the commodity rose mainly with the escalation of Russian attacks on Ukraine. Rising oil prices will pave the way for rig additions despite a slowdown in drilling activity as upstream players focus primarily on shareholder returns rather than increased production.
Meanwhile, investors can keep a close eye on energy stocks such as Whiting Petroleum Corp. and Continental Resources, Inc.. Companies should benefit from the current scenario of healthy oil prices.
Whiting Petroleum is one of North Dakota’s leading upstream energy companies and crude oil producer. With oil prices improving at a blistering pace, Whiting Petroleum should continue to generate healthy cash flow while maintaining a healthy balance sheet.
Denver, CO-based Whiting Petroleum has witnessed upward revisions to 2022 earnings estimates over the past 30 days. Looking at the price chart, WLL has gained 149% over the past year, outpacing the 75.1% improvement in industry-owned composite stocks. WLL currently wears a Zacks Rank #2 (Buy). You can see the full list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Continental Resources is also a leading upstream energy company with proven reserves in North Dakota and Oklahoma. Continental Resources’ oil stocks are among the best in the industry.
Oklahoma City-based Continental Resources has seen upward revisions to 2022 earnings estimates over the past 60 days. Looking at the price chart, Continental Resources, carrying a Zacks Rank #3 (Hold), has gained 103.2% over the past year, outpacing the 75.1% improvement in industry-owned composite stocks.
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Continental Resources, Inc. (CLR): Free Stock Analysis Report
Baker Hughes Company (BKR): Free Stock Analysis Report
Whiting Petroleum Corporation (WLL): Free Stock Analysis Report
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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