Rating on Baker Hughes (BHI) Upgraded

Baker Hughes (NYSE:BHI) had its rating upgraded by Barclays (NYSE:BCS), from "Equal Weight" to "Overweight." They placed a price target of $80 on the company.

Separately, Baker Hughes said in a report that drilling activity in the U.S. was down 6 rotary rigs last week, dropping to 1,830 that are working at this time in comparison to last year during the same period.

Dropping the most was land operations, which fell seven rigs to 1,780. Water inland dropped 2 operating rigs to 17.

Rigs drilling for oil rose by 13 to 947, while rigs drilling for natural gas in the U.S. were down to 874, 16 less than the prior week.

In Canada, rotary rig count jumped by 4 to 127 drilling.

Baker Hughes closed Friday at $69.27, falling $1.13, or 1.61 percent.