Baker Hughes is among oil field gear and services providers enjoying a lift amid a resurgence in the oil industry, amid slowing sales of fully electric vehicles. On Monday, Baker Hughes stock reached an important milestone, with its Relative Strength (RS) Rating improving to 81, up from 78 the day before.
Baker Hughes Stock Joins Top-Performers Group
The upgraded 81 Relative Strength Rating shows Baker Hughes stock is in the top 19% for price performance this past year. Market research reveals that the best-performing stocks tend to have an 80 or higher RS Rating as they begin their biggest climbs.
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Houston-based Baker Hughes reported a 62% surge in earnings in its most recent report, to 42 cents per share, while sales grew 24% to $6.64 billion. The prior three quarters earnings for the global provider of oil well bore products and tech services rose 52%, 87% and then a whopping 255%.
Baker Hughes stock is trying to complete a flat base with a 37.58 buy point. See if the stock can break out in volume at least 40% higher than normal. The oil equipment and services company's stock dropped to a 20.41 low on Sept. 26, 2022. Baker Hughes stock has risen about 66% in the past 14 months and traded at about 33.80 Monday afternoon, down fractionally for the day.
Hybrid Pioneer Named Car Of The Year
Tesla CEO Elon Musk in the past has been dismissive of hybrid vehicles, saying it was time to move on to fully electric vehicles, Fortune reported. But sales of hybrids have continued growing. In fact, MotorTrend earlier this month named the Toyota Prius the 2024 Car of the Year. That means that oil and gas will still have a place in the auto ecosystem for at least the next few years.
Baker Hughes stock earns the No. 4 rank among its peers in the Oil & Gas-Machinery/Equipment industry group. Natural gas equipment company Archrock and oil and gas industry gear maker TechnipFMC are also among the group's highest-rated stocks. The overall group ranks a strong No. 34 on IBD's list of 197 industries.
When looking for the best stocks to buy and watch, one factor to watch closely is a stock's relative price strength vs. other stocks.
The proprietary IBD Relative Strength Rating identifies market leadership by showing how a stock's price movement over the last 52 weeks measures up against that of the other stocks in our database.
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