Investors Buy Baker Hughes Inc. (BHI) on Weakness
Traders purchased shares of Baker Hughes Inc. (NYSE:BHI) on weakness during trading hours on Monday. $40.91 million flowed into the stock on the tick-up and $27.47 million flowed out of the stock on the tick-down, for a money net flow of $13.44 million into the stock. Of all companies tracked, Baker Hughes had the 20th highest net in-flow for the day. Baker Hughes traded down ($0.90) for the day and closed at $51.80
A number of equities research analysts have issued reports on BHI shares. Goldman Sachs Group Inc. reissued a “neutral” rating and set a $47.50 price target on shares of Baker Hughes in a research report on Monday, May 9th. KeyCorp reaffirmed a “buy” rating on shares of Baker Hughes in a research report on Monday, April 25th. Credit Suisse Group AG reaffirmed a “buy” rating on shares of Baker Hughes in a research report on Tuesday, May 10th. Vetr downgraded Baker Hughes from a “hold” rating to a “sell” rating and set a $44.75 target price for the company. in a research report on Tuesday, May 31st. Finally, BMO Capital Markets reaffirmed a “buy” rating and issued a $50.00 target price on shares of Baker Hughes in a research report on Friday, July 29th. Two investment analysts have rated the stock with a sell rating, twelve have given a hold rating, nineteen have issued a buy rating and two have assigned a strong buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $53.55.
The firm has a 50 day moving average of $46.89 and a 200-day moving average of $45.32. The company’s market capitalization is $22.17 billion.
Baker Hughes (NYSE:BHI) last announced its earnings results on Thursday, July 28th. The oilfield services provider reported ($0.90) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.59) by $0.31. During the same quarter in the previous year, the firm posted ($0.14) EPS. The business had revenue of $2.40 billion for the quarter, compared to analysts’ expectations of $2.34 billion. The firm’s quarterly revenue was down 39.3% on a year-over-year basis. On average, equities research analysts anticipate that Baker Hughes Inc. will post ($2.22) earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, August 19th. Investors of record on Monday, August 8th were given a dividend of $0.17 per share. The ex-dividend date of this dividend was Thursday, August 4th. This represents a $0.68 annualized dividend and a dividend yield of 1.31%.
In related news, SVP Alan R. Crain, Jr. sold 7,000 shares of the stock in a transaction that occurred on Wednesday, August 3rd. The shares were sold at an average price of $47.01, for a total transaction of $329,070.00. Following the sale, the senior vice president now owns 51,385 shares in the company, valued at approximately $2,415,608.85. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP William D. Marsh sold 1,500 shares of the stock in a transaction that occurred on Monday, June 6th. The stock was sold at an average price of $49.10, for a total transaction of $73,650.00. Following the sale, the vice president now owns 7,728 shares in the company, valued at approximately $379,444.80. The disclosure for this sale can be found here.
Other hedge funds have recently bought and sold shares of the company. Connor Clark & Lunn Investment Management Ltd. raised its stake in Baker Hughes by 36.1% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 45,450 shares of the oilfield services provider’s stock valued at $2,098,000 after buying an additional 12,050 shares in the last quarter. BlackRock Advisors LLC raised its stake in Baker Hughes by 4.0% in the fourth quarter. BlackRock Advisors LLC now owns 1,331,654 shares of the oilfield services provider’s stock valued at $61,455,000 after buying an additional 51,014 shares in the last quarter. State of Tennessee Treasury Department raised its stake in Baker Hughes by 38.2% in the fourth quarter. State of Tennessee Treasury Department now owns 666,614 shares of the oilfield services provider’s stock valued at $30,764,000 after buying an additional 184,362 shares in the last quarter. Finally, I.G. Investment Management LTD. raised its stake in Baker Hughes by 3.5% in the fourth quarter. I.G. Investment Management LTD. now owns 45,284 shares of the oilfield services provider’s stock valued at $2,090,000 after buying an additional 1,522 shares in the last quarter.
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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