Houston, Texas-based Baker Hughes Company (BKR) provides a portfolio of technologies and services worldwide, operating through four segments: Oilfield Services (OFS); Oilfield Equipment (OFE); Turbomachinery & Process Solutions (TPS); and Digital Solutions (DS). The company has benefited significantly from the industry tailwinds and the global recovery. Its shares have gained 33.5% in price over the past year and 31.7% over the past six months to close yesterday’s trading session at $27.30.
Oil prices skyrocketed last year with rebounding oil demand worldwide and OPEC’s supply cuts. Higher crude prices spurred more drilling activity, fueling demand for BKR’s equipment and services. Oil prices were up more than 50% last year, while the U.S. rig count rose 68% year-over-year to 586 at the end of the fourth quarter of 2021.
