Drillers idled 10 oilrigs to bring the total number to 652, the fewest rigs in the field since the week of June 17.

In other news, VP Khalid M. Nouh sold 16,937 shares of Baker Hughes stock in a transaction that occurred on Wednesday, July 22nd. The higher estimate for the short-term price target is at $95 while the lower estimate is at $65.

In total, brokerage analysts polled by Zack’s have a consensus target price of $74.263 on the name.

Baker Hughes Incorporated (NYSE:BHI): On Thursday heightened volatility was witnessed in Baker Hughes Incorporated (NYSE:BHI) which led to swings in the share price.

Crude prices were higher in the early morning trading session today on the back of the strong 4 percent up move seen in the overnight session, which was seen as a huge positive by traders and investors on the street. The firm has a market cap of $22.96 billion and a PE ratio of 88.24.

US oil prices this week, however, averaged $45 a barrel, down from an average of $47 last week.

In looking at the recent earnings performance from Baker Hughes Incorporated, the company reported earnings per share of $-0.14 for the quarter ending on 2014-12-31. During last 3-month period, 0.59% of total institutional ownership has changed in the company shares. Crude oil prices are down more than 50% year-on-year, and a recovery in the short-term is highly unlikely. This represents a $0.68 annualized dividend and a dividend yield of 1.27%.

The two oilfield service companies announced the merger in November 2014. The Company conducts its operations through subsidiaries, affiliates, ventures and alliances. The Company operates in five segments: North America, Latin America, Europe/Africa/Russia Caspian, Middle East/Asia Pacific and Industrial Services. The Company also has an Industrial Services segment, which includes the procedure and the downstream compounds business and pipeline services company.