Rig counts rise!

Baker Hughes reports U.S. rig count up 12 to 312 rigs

Baker Hughes (BKR) reports that the U.S. rig count is up 12 from last week to 312 with oil rigs up 10 to 236, gas rigs up 2 to 73, and miscellaneous rigs unchanged at 3.

Baker Hughes has been reporting weekly rig counts for more than 50 years

The U.S. Rig Count is down 494 rigs from last year’s count of 806, with oil rigs down 438, gas rigs down 56 and miscellaneous rigs unchanged at 3.

The U.S. Offshore Rig Count is up 1 to 13, down 9 year-over-year.

The Canada Rig Count is up 3 from last week to 89, with oil rigs up 2 to 39, gas rigs up 1 to 50.

The Canada Rig Count is down 45 rigs from last year’s count of 134, with oil rigs down 49, gas rigs up 4.

Brent crude is down $0.83 to $42.70 per barrel. West Texas Intermediate (WTI) crude is down $1.00 to $40.12 per barrel.

Gasoline last traded at $1.12 per gallon, down 3 cents.

STOCKWINNERS

To read timely stories similar to this, along with money making trade ideas, sign up for a membership to Stockwinners.

This article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility.

Could Li Auto be China’s Tesla?

 Li Auto delivers 8,000 vehicles in Third Quarter

Li Auto Inc. designs, develops, manufactures, and sells smart electric sport utility vehicles (SUVs) in China.

It offers Li ONE, a six-seat electric SUV that equipped with a range of extension system and cutting-edge smart vehicle solutions. 

Reports Q3 revenue $369.8M, consensus $290.17M.

Vehicle sales were $363M in Q3, representing an increase of 28.4%.

Li Auto logo

Vehicle margin was 19.8% in Q3, compared with 13.7% in Q2. In October, the company delivered 3,692 Li Ones, representing an increase compared to September.

As of October 31, the company had 41 retail stores covering 36 cities.

Xiang Li, founder, chairman and CEO of Li Auto, commented, “This is our first quarterly earnings release as a public company, and we are pleased to announce robust third quarter results reflecting not only our strong growth momentum driven by the outstanding value proposition of our products, but also our relentless pursuit of operating efficiencies.

We delivered 8,660 Li ONEs in the third quarter, representing a 31.1% quarter-over-quarter increase and setting a new quarterly record.

Cumulative deliveries in 2020 at the end of October reached 21,852 vehicles.

This is a strong testament to the competitiveness of the Li ONE.

“For the fourth quarter of 2020, we expect our growth momentum to continue with deliveries reaching 11,000 to 12,000 vehicles.”

In September 2020, the Company entered a three-way strategic cooperation with NVIDIA Corporation, the world’s leading artificial intelligence computing company, and NVIDIA’s Chinese partner, Huizhou Desay SV Automotive.

Through this strategic cooperation, Li Auto will be the first OEM equipping its vehicles, the full-size extended-range premium smart SUV to be launched in 2022, with the powerful NVIDIA Orin system-on-a-chip (“SoC”) chipset. Through this cooperation, the Company plans to further increase its R&D investment and accelerate the development of autonomous driving.

LI last traded at $34.10, up 7.1 percent.

STOCKWINNERS

To read timely stories similar to this, along with money making trade ideas, sign up for a membership to Stockwinners.

This article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility.