Baker Hughes saw an improvement in its IBD SmartSelect Composite Rating Tuesday, from 94 to 96.
The new rating is a sign the stock is outpacing 96% of all stocks when it comes to the most important stock-picking criteria. History shows the top market performers tend to have a 95 or higher score as they launch their major moves.
Baker Hughes is currently forming a cup without handle, with a 45.17 buy point. Look for the stock to break out in heavy trade at least 40% higher than normal.
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The stock sports a 98 EPS Rating, meaning its recent quarterly and longer-term annual earnings growth tops 98% of all stocks.
Its Accumulation/Distribution Rating of B- shows moderate buying by institutional investors over the last 13 weeks.
In Q3, the company reported 60% earnings-per-share growth. Top line growth came in at 4%, down from 13% in the prior quarter. The company's next quarterly report is expected on or around Jan. 30.
Baker Hughes earns the No. 4 rank among its peers in the Oil & Gas-Machinery/Equipment industry group. Archrock is the top-ranked stock within the group.
