Sector Glance: Oil Field Services
Wednesday April 25, 4:20 pm ET
Shares of Oil Services Providers Rally As Baker Hughes Surprises With Strong 1Q Profit
NEW YORK (AP) -- A strong first-quarter report and outlook from oil services provider Baker Hughes Inc. drove the company's shares sharply higher, pushing gains sector-wide on Wednesday.
Before the market's opening bell, Houston-based Baker Hughes said profit jumped 10 percent in the first quarter, topping Wall Street expectations. The company also projected full-year revenue will grow 7 percent in the U.S., with growth of roughly 20 percent in international markets.
Investors in the sector were disappointed a day earlier by a 7 percent drop in first-quarter earnings from BJ Services Co., sending shares of that company and its competitors down.
The sector rebounded Wednesday amid gains in the broader market.
Here's how some oil services stocks fared:
Baker Hughes climbed $5.71, or 7.8 percent, to $78.51.
BJ Services increased 99 cents, or 3.5 percent, to $29.71.
Halliburton Co., which is scheduled to report its quarterly results in the next day, saw its shares rise 48 cents to $31.57.
Shares of Schlumberger Ltd., whose own first-quarter profit was up 63 percent, added 41 cents at $75.21.
