Rig count continues to rise

Baker Hughes reports U.S. rig count up 5 to 995 rigs

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Rig Counts Rise 

Baker Hughes (BHGE) reports that the U.S. rig count is up 5 rigs from last week to 995, with oil rigs up 4 to 804, gas rigs up 1 to 190, and miscellaneous rigs unchanged at 1.

The U.S. Rig Count is up 186 rigs from last year’s count of 809, with oil rigs up 152, gas rigs up 35, and miscellaneous rigs down 1 to 1.

The U.S. Offshore Rig Count is unchanged at 13 rigs and down 5 rigs from last year’s count of 18.

The Canada Rig Count is down 58 rigs from last week to 161, with oil rigs down 51 to 93, gas rigs down 7 to 68, and miscellaneous rigs unchanged at 0.

The Canada Rig Count is down 24 rigs from last year’s count of 185, with oil rigs up 23, gas rigs down 46, and miscellaneous rigs down 1 to 1.


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Piper says big game publishers to catch up quickly to ‘Fortnite,’ ‘PUBG’

Piper says big game publishers to catch up quickly to ‘Fortnite,’ ‘PUBG’

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Piper says big game publishers to catch up quickly to ‘Fortnite,’ ‘PUBG’

Shares of video game makers are in focus after Piper Jaffray noted that while so-called “battle royale” style games such as “Fortnite” and “PlayerUnkonwn’s Battlegrounds,” or “PUBG,” are drawing a great deal of player engagement now, bigger publishers will catch up quickly to the trend.

WHAT’S NEW

In a research note to investors, Piper Jaffray analyst Michael J. Olson said Epic Games’ “Fortnite” and PUBG Corporation’s “PUBG” may have some short-term impact on time/wallet share for the major game publishers, but he expects this impact to be temporary as these publishers incorporate similar battle royale modes into existing titles.

Olson said that the “mode,” not the game, has attracted users to “Fortnite” and “PUBG,” and therefore he expects major publishers to win back engagement as this style of play is included in their games.

The analyst noted that these battle royale games are most likely to steal time/wallet from other shooter titles, and as such, Activision Blizzard (ATVI) may have the most overlap, followed by EA (EA) and then Take-Two (TTWO).

The analyst maintained an Overweight rating on Activistion, EA, Take-Two and Zynga (ZNGA).

WHAT’S NOTABLE

Meanwhile, mobile versions of “Fortnite” and “PlayerUnknown’s Battlegrounds” have launched this week. Currently, both are the most downloaded games on the iOS (AAPL) App Store.

JEFFERIES ON ACTIVISION

Yesterday, Jefferies analyst Timothy O’Shea maintained a Buy rating on Activision Blizzard, saying he sees a buying opportunity with the shares pulling back over the past week.

The analyst attributed the selloff to fears that “Fortnite” could siphon engagement and monetization away from games like “Call of Duty,” potentially pressuring near-term results. O’Shea said that while channel checks indicate “Fortnite” is in fact pulling some engagement away from Activision, the monetization fears are overblown.


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