BKR - Why Shares in Baker Hughes Halliburton and Schlumberger Surged in January
It's been a super start to the year for the oil sector and the oil services sector in particular. For example, according to data provided by S&P Global Market Intelligence , oil services stock Baker Hughes (NASDAQ: BKR) rose 14% in January, while Halliburton (NYSE: HAL) and Schlumberger (NYSE: SLB) gained 34.4% and 30.5%, respectively, in the month. Meanwhile, the S&P 500 index lost 5.3% over the same period. So what's going on, and can it continue?
To understand where the oil industry is headed, at least in 2022, you must know where it's come from over the last decade. It's been a difficult 10 years for the industry as well as a difficult few years. All three stocks have declined over the previous decade, while the S&P 500 rose 246%.
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Why Shares in Baker Hughes, Halliburton, and Schlumberger Surged in January