Baker Hughes Inc. (BHI) Given New $59.00 Price Target at Royal Bank Of Canada
Baker Hughes Inc. (NYSE:BHI) had its price target hoisted by analysts at Royal Bank Of Canada from $50.00 to $59.00 in a report released on Monday. The firm presently has an “outperform” rating on the oilfield services provider’s stock. Royal Bank Of Canada’s price target would suggest a potential upside of 11.66% from the stock’s current price.
Other equities analysts also recently issued reports about the stock. FBR & Co reaffirmed a “buy” rating on shares of Baker Hughes in a research note on Friday, July 29th. BMO Capital Markets reaffirmed a “buy” rating and issued a $50.00 target price on shares of Baker Hughes in a research note on Friday, July 29th. Citigroup Inc. reaffirmed a “buy” rating on shares of Baker Hughes in a research note on Saturday, June 25th. 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 research note on Monday, June 13th. Finally, Credit Suisse Group AG reaffirmed a “buy” rating on shares of Baker Hughes in a research note on Tuesday, June 28th. Two investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating, nineteen have issued a buy rating and two have given a strong buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $52.85.
Shares of Baker Hughes (NYSE:BHI) opened at 52.84 on Monday. The company’s 50-day moving average is $50.13 and its 200-day moving average is $46.75. The company’s market capitalization is $22.61 billion. Baker Hughes has a one year low of $37.58 and a one year high of $56.81.
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Baker Hughes (NYSE:BHI) last announced its quarterly earnings results on Thursday, July 28th. The oilfield services provider reported ($0.90) earnings per share (EPS) for the quarter, missing the consensus estimate 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 firm had revenue of $2.40 billion for the quarter, compared to the consensus estimate of $2.34 billion. During the same period in the prior year, the business earned ($0.14) earnings per share. The company’s revenue for the quarter was down 39.3% on a year-over-year basis. Equities analysts predict that Baker Hughes will post ($2.21) earnings per share for the current year.
In related news, VP Alan J. Keifer sold 17,434 shares of the company’s stock in a transaction dated Friday, August 19th. The shares were 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 in the company, valued at $2,180,409.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Alan R. Crain, Jr. sold 7,000 shares of the company’s stock in a transaction dated Wednesday, August 3rd. The shares were 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 owns 51,385 shares in the company, valued at $2,415,608.85. The disclosure for this sale can be found here. 0.60% of the stock is currently owned by corporate insiders.
A number of large investors have recently made changes to their positions in BHI. MCF Advisors LLC increased its stake in shares of Baker Hughes by 859.6% in the second quarter. MCF Advisors LLC now owns 2,399 shares of the oilfield services provider’s stock worth $108,000 after buying an additional 2,149 shares during the last quarter. Citizens Financial Group Inc RI increased its stake in shares of Baker Hughes by 14.5% in the first quarter. Citizens Financial Group Inc RI now owns 2,837 shares of the oilfield services provider’s stock worth $125,000 after buying an additional 360 shares during the last quarter. Partners Capital Investment Group LLC purchased a new stake in shares of Baker Hughes during the second quarter worth about $144,000. Cypress Capital Management LLC WY purchased a new stake in shares of Baker Hughes during the second quarter worth about $168,000. Finally, LVM Capital Management Ltd. MI purchased a new stake in shares of Baker Hughes during the third quarter worth about $201,000. Hedge funds and other institutional investors own 89.30% of the company’s stock.
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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