Baker Hughes Downgraded to “Sector Perform” at RBC Capital (BHI)
Baker Hughes (NYSE:BHI) was downgraded by equities researchers at RBC Capital from an “outperform” rating to a “sector perform” rating in a research report issued on Wednesday, TheFlyOnTheWall.com reports. They currently have a $60.00 price target on the stock, down from their previous price target of $67.00. RBC Capital’s price objective points to a potential upside of 14.92% from the stock’s previous close.
The analysts wrote, “In 4Q, the company stated that Canadian activity has not progressed as expected and improvement in US pressure pumping will not offset NAM seasonality,” the report noted. “Investors were hoping for BHI to exit ’13 with NAM margins in the teens, so we think the lack of margin progression may cause some to be wary.”
Several other analysts have also recently commented on the stock. Analysts at Cowen and Company downgraded shares of Baker Hughes from an “outperform” rating to a “market perform” rating in a research note to investors on Tuesday. They now have a $56.00 price target on the stock, down previously from $70.00. Separately, analysts at Susquehanna reiterated a “neutral” rating on shares of Baker Hughes in a research note to investors on Tuesday, December 17th. They now have a $57.00 price target on the stock, down previously from $60.00. Finally, analysts at Barclays raised their price target on shares of Baker Hughes from $71.00 to $81.00 in a research note to investors on Tuesday, December 17th. They now have an “overweight” rating on the stock. Fourteen investment analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Baker Hughes currently has an average rating of “Buy” and a consensus target price of $60.50.
Shares of Baker Hughes (NYSE:BHI) traded down 1.10% during mid-day trading on Wednesday, hitting $52.21. 5,122,534 shares of the company’s stock traded hands. Baker Hughes has a 52 week low of $41.64 and a 52 week high of $58.83. The stock’s 50-day moving average is $54.70 and its 200-day moving average is $51.32. The company has a market cap of $23.141 billion and a price-to-earnings ratio of 22.08.
Baker Hughes (NYSE:BHI) last posted its quarterly earnings results on Friday, October 18th. The company reported $0.81 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.78 by $0.03. The company had revenue of $5.79 billion for the quarter, compared to the consensus estimate of $5.76 billion. During the same quarter last year, the company posted $0.73 earnings per share. Baker Hughes’s revenue was up 8.1% compared to the same quarter last year. Analysts expect that Baker Hughes will post $2.97 EPS for the current fiscal year.
Baker Hughes Incorporated (NYSE:BHI) is engaged in the oilfield services industry.
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