Baker Hughes’ (BHI) “Outperform” Rating Reiterated at RBC Capital Markets
Baker Hughes Inc. (NYSE:BHI)‘s stock had its “outperform” rating reissued by stock analysts at RBC Capital Markets in a research note issued on Monday. They presently have a $59.00 price objective on the oilfield services provider’s stock, up from their prior price objective of $50.00. RBC Capital Markets’ price target suggests a potential upside of 10.59% from the company’s previous close.
A number of other research firms have also weighed in on BHI. Vetr raised shares of Baker Hughes from a “sell” rating to a “buy” rating and set a $51.17 target price for the company in a report on Monday, June 13th. BMO Capital Markets reissued a “buy” rating and issued a $50.00 target price on shares of Baker Hughes in a report on Friday, July 29th. Deutsche Bank AG raised their target price on shares of Baker Hughes from $38.00 to $52.00 and gave the company a “hold” rating in a report on Monday, August 1st. Citigroup Inc. cut their target price on shares of Baker Hughes from $54.00 to $52.00 and set a “buy” rating for the company in a report on Wednesday, July 13th. Finally, GMP Securities lowered shares of Baker Hughes from a “buy” rating to a “hold” rating in a report on Monday, July 11th. Two investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating, twenty have issued a buy rating and two have assigned a strong buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $53.05.
Shares of Baker Hughes (NYSE:BHI) traded up 0.97% on Monday, reaching $53.35. 4,511,169 shares of the company’s stock were exchanged. The stock’s market cap is $22.83 billion. Baker Hughes has a one year low of $37.58 and a one year high of $56.81. The company’s 50 day moving average is $50.15 and its 200-day moving average is $46.83.
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Baker Hughes (NYSE:BHI) last announced its quarterly earnings data on Thursday, July 28th. The oilfield services provider reported ($0.90) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.59) by $0.31. Baker Hughes had a negative net margin of 25.14% and a negative return on equity of 4.46%. The company had revenue of $2.40 billion for the quarter, compared to analysts’ expectations of $2.34 billion. During the same period last year, the business earned ($0.14) earnings per share. The company’s quarterly revenue was down 39.3% compared to the same quarter last year. On average, analysts anticipate that Baker Hughes will post ($2.21) EPS for the current year.
In other news, SVP Alan R. Crain, Jr. sold 7,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 3rd. The stock was sold at an average price of $47.01, for a total transaction of $329,070.00. Following the completion of the transaction, the senior vice president now directly owns 51,385 shares of the company’s stock, valued at approximately $2,415,608.85. The sale was disclosed in a filing with the SEC, which is available at this link. Also, VP Alan J. Keifer sold 17,434 shares of the company’s stock in a transaction that occurred on Friday, August 19th. The stock was sold at an average price of $52.70, for a total value of $918,771.80. Following the transaction, the vice president now directly owns 41,374 shares of the company’s stock, valued at $2,180,409.80. The disclosure for this sale can be found here. 0.60% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Ngam Advisors L.P. increased its position in shares of Baker Hughes by 0.5% in the first quarter. Ngam Advisors L.P. now owns 24,478 shares of the oilfield services provider’s stock valued at $1,073,000 after buying an additional 126 shares during the last quarter. Prudential Financial Inc. increased its position in shares of Baker Hughes by 1.0% in the first quarter. Prudential Financial Inc. now owns 555,864 shares of the oilfield services provider’s stock valued at $24,364,000 after buying an additional 5,280 shares during the last quarter. NN Investment Partners Holdings N.V. acquired a new position in shares of Baker Hughes during the first quarter valued at $3,773,000. M&T Bank Corp increased its position in shares of Baker Hughes by 466.2% in the first quarter. M&T Bank Corp now owns 166,999 shares of the oilfield services provider’s stock valued at $7,320,000 after buying an additional 137,502 shares during the last quarter. Finally, AMF Pensionsforsakring AB increased its position in shares of Baker Hughes by 7.0% in the first quarter. AMF Pensionsforsakring AB now owns 296,563 shares of the oilfield services provider’s stock valued at $12,998,000 after buying an additional 19,390 shares during the last quarter. 89.30% of the stock is owned by institutional investors and hedge funds.
About Baker Hughes
Baker Hughes Incorporated is engaged in the oilfield services industry. The Company is a supplier of oilfield services, products, technology and systems used in the oil and natural gas industry around the world. The Company also provides industrial products and services for other businesses, including downstream chemicals, and process and pipeline services.
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