Baker Hughes Incorporated BHI, CSL Capital Management and West Street Energy Partners (WSEP), a fund managed by the Merchant Banking Division of Goldman Sachs, announced that they have concluded their impending transaction to form the new BJ Services.
BJ Services is a pure-play North American land pressure pumping company offering hydraulic fracturing and cementing services.
The transaction agreement was announced on Nov 29, 2016. The agreement does not include Baker Hughes’ international pressure pumping businesses or its Gulf of Mexico offshore pressure pumping operations, which the company will continue to operate.
Baker Hughes is one of the major oilfield service companies in the world, providing an array of services to the global oil and gas industry. The company is a major supplier of wellbore-related products and technology services and systems. It caters to drilling, pressure pumping, formation evaluation, completion and production, and reservoir technology. It also offers consulting services to the worldwide oil and natural gas industry.
Baker Hughes' strong portfolio of products and services should help it post better-than-average results over the long term in North America and enable it to further expand in the international markets. As the world's third-largest oilfield services provider, the company also has a competitive set of technologies, which allow it to increase its activity in the deepwater Gulf of Mexico. Backed by these strong fundamentals, the company has been able to outperform the Zacks categorized Oil & Gas-Field Services industry, over the last one year. Baker Hughes’ stock improved 37.5% during the aforesaid time period, while the industry gained nearly 30%.
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Baker Hughes currently has a Zacks Rank #2 (Buy). Some other favorably ranked players in the same sector include Braskem S.A. BAK, Suncor Energy, Inc. SU and Noble Midstream Partners L.P. NBLX. All these stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Braskem posted a positive earnings surprise of 107.79% in the last reported quarter.
Suncor Energy posted a positive earnings surprise of 300.00% in the preceding quarter. It reported an average earnings surprise of 40.55% for the four trailing quarters.
Noble Midstream Partners posted a negative earnings surprise of 77.78% in the last reported quarter.
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