Baker Hughes Inc. (BHI) Given New $62.00 Price Target at Citigroup Inc.
Baker Hughes Inc. (NYSE:BHI) had its target price upped by Citigroup Inc. from $56.00 to $62.00 in a research report sent to investors on Tuesday morning. The firm currently has a buy rating on the oilfield services provider’s stock.
Other equities research analysts have also issued research reports about the stock. Jefferies Group upgraded shares of Baker Hughes from an underperform rating to a hold rating in a research note on Sunday, July 10th. Deutsche Bank AG raised their price target on shares of Baker Hughes from $38.00 to $52.00 and gave the stock a hold rating in a research note on Monday, August 1st. Nomura raised their price target on shares of Baker Hughes from $38.00 to $43.00 and gave the stock a neutral rating in a research note on Tuesday, August 16th. FBR & Co restated a buy rating on shares of Baker Hughes in a research note on Friday, July 29th. Finally, Credit Suisse Group AG restated a buy rating on shares of Baker Hughes in a research note on Tuesday, June 28th. Two research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, twenty have given a buy rating and two have assigned a strong buy rating to the stock. The company has a consensus rating of Buy and an average target price of $53.24.
Baker Hughes (NYSE:BHI) traded down 0.40% during midday trading on Tuesday, reaching $52.31. The company’s stock had a trading volume of 1,258,846 shares. The company’s market cap is $22.38 billion. Baker Hughes has a 12 month low of $37.58 and a 12 month high of $56.81. The stock has a 50-day moving average price of $50.17 and a 200 day moving average price of $46.87.
Baker Hughes (NYSE:BHI) last posted its earnings results on Thursday, July 28th. The oilfield services provider reported ($0.90) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.59) by $0.31. Baker Hughes had a negative return on equity of 4.46% and a negative net margin of 25.14%. 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) EPS. Baker Hughes’s quarterly revenue was down 39.3% compared to the same quarter last year. Analysts expect that Baker Hughes will post ($2.21) earnings per share for the current fiscal year.
In related news, SVP Alan R. Crain, Jr. sold 3,000 shares of the stock in a transaction dated Friday, October 7th. The shares were sold at an average price of $53.00, for a total value of $159,000.00. Following the completion of the transaction, the senior vice president now directly owns 21,160 shares of the company’s stock, valued at $1,121,480. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Alan J. Keifer sold 17,434 shares of the stock in a transaction dated Friday, August 19th. The stock was sold at an average price of $52.70, for a total transaction of $918,771.80. Following the completion of 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 currently owned by corporate insiders.
A number of institutional investors have recently added to or reduced their stakes in the company. Ngam Advisors L.P. increased its position in 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 worth $1,073,000 after buying an additional 126 shares during the last quarter. Prudential Financial Inc. boosted its stake 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 worth $24,364,000 after buying an additional 5,280 shares during the period. NN Investment Partners Holdings N.V. acquired a new stake in shares of Baker Hughes during the first quarter worth $3,773,000. M&T Bank Corp boosted its stake 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 worth $7,320,000 after buying an additional 137,502 shares during the period. Finally, AMF Pensionsforsakring AB boosted its stake 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 worth $12,998,000 after buying an additional 19,390 shares during the period. 89.30% of the stock is owned by institutional investors.
Baker Hughes Company Profile
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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