Praxair Receives Neutral Rating from Zacks (PX)
Praxair (NYSE:PX)‘s stock had its “neutral” rating restated by Zacks in a research report issued to clients and investors on Thursday. They currently have a $136.00 target price on the stock. Zacks‘s target price suggests a potential upside of 5.25% from the stock’s previous close.
Zacks’ analyst wrote, “Praxair’s second-quarter 2014 earnings were $1.58 per share, up 6% year over year but one cent short of the Zacks Consensus Estimate. Revenues grew 3.3% on the back on volume gains from project start-ups in North America and Asia, favorable pricing in all segments and gain from acquisitions. However, offsetting these, were weak business in Brazil and 2% negative impact from foreign currency translations. Of end-markets, energy, food and beverage, and manufacturing, metals, and healthcare performed well. Backlog was solid at $1.9 billion. For 2014, Praxair slightly narrowed its earnings per share and revenue forecasts. The bottom-line prediction includes the impact of 2% foreign currency headwind. Considering all these, we maintain our Neutral recommendation on Praxair.”
Praxair (NYSE:PX) traded down 0.46% during mid-day trading on Thursday, hitting $128.63. 620,691 shares of the company’s stock traded hands. Praxair has a 52-week low of $115.79 and a 52-week high of $135.24. The stock has a 50-day moving average of $131.7 and a 200-day moving average of $130.5. The company has a market cap of $37.564 billion and a price-to-earnings ratio of 20.98.
Praxair (NYSE:PX) last announced its earnings results on Wednesday, July 23rd. The company reported $1.58 EPS for the quarter, missing the Thomson Reuters consensus estimate of $1.59 by $0.01. The company had revenue of $3.11 billion for the quarter, compared to the consensus estimate of $3.16 billion. During the same quarter in the prior year, the company posted $1.49 earnings per share. The company’s quarterly revenue was up 3.3% on a year-over-year basis. Analysts expect that Praxair will post $6.40 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Monday, September 15th. Stockholders of record on Monday, September 8th will be given a dividend of $0.65 per share. This represents a $2.60 dividend on an annualized basis and a yield of 2.01%. The ex-dividend date of this dividend is Thursday, September 4th.
A number of other analysts have also recently weighed in on PX. Analysts at First Analysis upgraded shares of Praxair from an “equal weight” rating to an “overweight” rating in a research note on Thursday. They now have a $155.00 price target on the stock. Separately, analysts at JPMorgan Chase & Co. reiterated a “neutral” rating on shares of Praxair in a research note on Thursday, July 24th. They now have a $136.00 price target on the stock, up previously from $134.00. Finally, analysts at William Blair downgraded shares of Praxair from an “outperform” rating to a “market perform” rating in a research note on Thursday, July 24th. Seven research analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $142.38.
Praxair, Inc (NYSE:PX) is an industrial gases supplier.
To view Zacks’ full report, visit Zacks’ official website.
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.