14 Best Oil and Gas Stocks to Buy According to Hedge Funds

9. Baker Hughes Company (NASDAQ:BKR)

Number of Hedge Fund Holders: 72

Baker Hughes Company (NASDAQ:BKR) is an energy technology company that provides solutions for energy and industrial customers worldwide.

Baker Hughes Company (NASDAQ:BKR) announced on May 28 that it had secured two contract extensions with Equinor to provide integrated drilling and well services solutions, as well as wireline intervention services. The multi-year extensions will support the Norwegian energy giant’s offshore production operations in the North Sea. The financial terms of the deal were not disclosed.

Amerino Gatti, Executive Vice President of Oilfield Services & Equipment at Baker Hughes Company (NASDAQ:BKR), commented:

“Baker Hughes’ ability to provide holistic solutions that unlock incremental value for our customers has been proven through decades of operation in the North Sea. From greenfield well construction operations to interventions that extend the life of mature fields, our innovative technologies and ability to integrate our services can help create a more secure energy future for Norway and all of Europe. We look forward to being part of this new chapter of collaboration with Equinor.”

This builds on the earlier May 26 announcement by Baker Hughes Company (NASDAQ:BKR) that it had secured a “major” contract extension with Brazil’s Petrobras to provide integrated solutions for well construction across the South American country’s offshore Santos Basin. This agreement builds on a well construction services award announced in early 2024, further solidifying the position of the energy technology company in the region.