Baker Hughes Incorporated (BHI) Climbs 8.25% Gain on October 28 to Lead Basic Materials Sector

Baker Hughes Incorporated (BHI) was one of the best performers amongst all companies listed in the basic materials sector on the NYSE and NASDAQ exchanges during trading on October 28, climbing 8.25% to wrap the day at $59.05 after closing the day prior at $54.55. Throughout the trading session, shares of BHI rose as high as $59.39 and dipped as low as $56.65. Today’s advance came with about 14.38 million shares changing hands, compared to an average 30-day volume of 3.84 million for Baker Hughes Incorporated. The price is currently below the 30-day volume weighted average price of $58.01 for BHI.

The share appreciation today gives the company a market capitalization of $23.06 billion based upon 422.79 million shares outstanding. It also means that BHI has a price-to-book ratio of 1.75:1.

In the past 52 weeks, shares of BHI have traded as low as $37.58 and as high as $57.37. Technical traders will take note that at $59.05, shares of BHI are trading above their 200-day MA at $46.12 and above their 50-day MA at $50.9. Technical analysts pay close attention to these key moving averages because they often serve as technical support and resistance levels and because a move through or holding above them is typically regarded as bullish.

Who is BHI?

Baker Hughes Inc operates in the oilfield services industry. It provides products and services for drilling and evaluation of oil and gas wells, completion and production of oil and gas wells, fluids and chemicals and reservoir technology. The company’s 34000 employees are led by CEO Martin S. Craighead from the corporate headquarters at 2929 Allen Parkway in Houston, TX.

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