Shares of oil production products and services giant Baker Hughes recently rose to a more-than-two-year high amid gushing profit and sales growth. The Relative Strength Rating for the energy industry stock climbed to 72, up from 68. The upgraded RS Rating shows Baker Hughes stock tops more than 70% of all other stocks for price performance.
The Houston-based company consistently reports double-digit sales and profit gains. Last quarter Baker Hughes reported a 46% surge in earnings to 57 cents per share on a 13% rise in revenue to $7.14 billion. The prior three quarters its EPS grew 62%, 34% and then 54%. During that period its sales rose 24%, 16% and 12%.
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Baker Hughes Tops In Its Industry
Baker Hughes provides wellbore products and tech services and systems to the oil and gas industry. It ranks No. 1 in the 19-stock Oil & Gas Machinery/Equipment industry group. TechnipFMC and Natural Gas Services are also among the group's highest-rated stocks.
Baker Hughes stock rose to a July 31 intraday high of 39.05 after consolidating since last September. That's its highest price since late March 2022. It's consolidating gains now. See if it goes on to form and break out of a proper chart pattern like a cup with handle or flat base. Baker Hughes was up about 1% early Monday.
The unique IBD Relative Strength Rating identifies technical performance by using a 1 (worst) to 99 (best) score that shows how a stock's price action over the trailing 52 weeks matches up against all other stocks, regardless of industry group.
Market research reveals that the best-performing stocks tend to have an RS Rating north of 80 in the early stages of their moves. See if Baker Hughes can continue to show renewed price strength and hit that benchmark.
Please follow James DeTar on X, formerly known as Twitter, @JimDeTar
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