Baker Hughes Inc. (BHI) Given Outperform Rating at RBC Capital Markets
RBC Capital Markets reissued their outperform rating on shares of Baker Hughes Inc. (NYSE:BHI) in a report released on Monday. RBC Capital Markets currently has a $59.00 price target on the oilfield services provider’s stock, up from their prior price target of $50.00.
Several other research analysts also recently commented on BHI. Vetr upgraded shares of Baker Hughes from a sell rating to a buy rating and set a $51.17 target price on the stock in a report on Monday, June 13th. Citigroup Inc. reiterated a buy rating on shares of Baker Hughes in a report on Saturday, June 25th. Credit Suisse Group AG reiterated a buy rating on shares of Baker Hughes in a report on Tuesday, June 28th. Jefferies Group upgraded shares of Baker Hughes from an underperform rating to a hold rating and lifted their target price for the stock from $38.00 to $41.00 in a report on Monday, July 11th. Finally, GMP Securities downgraded shares of Baker Hughes from a buy rating to a hold rating in a report on Monday, July 11th. Two research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, twenty have assigned a buy rating and two have issued a strong buy rating to the stock. Baker Hughes currently has a consensus rating of Buy and an average target price of $53.24.
Shares of Baker Hughes (NYSE:BHI) opened at 52.50 on Monday. The stock’s market capitalization is $22.46 billion. Baker Hughes has a 52-week low of $37.58 and a 52-week high of $56.81. The company’s 50 day moving average price is $50.21 and its 200 day moving average price is $46.95.
Baker Hughes (NYSE:BHI) last released its quarterly earnings results on Thursday, July 28th. The oilfield services provider reported ($0.90) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.59) by $0.31. The business had revenue of $2.40 billion for the quarter, compared to the consensus estimate of $2.34 billion. Baker Hughes had a negative net margin of 25.14% and a negative return on equity of 4.46%. The firm’s revenue for the quarter was down 39.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.14) EPS. On average, equities research analysts anticipate that Baker Hughes will post ($2.21) EPS for the current year.
In other news, SVP Alan R. Crain, Jr. sold 1,226 shares of the company’s stock in a transaction that occurred on Monday, August 8th. The shares were sold at an average price of $48.00, for a total value of $58,848.00. Following the completion of the transaction, the senior vice president now owns 50,159 shares in the company, valued at $2,407,632. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Alan R. Crain, Jr. sold 3,000 shares of the company’s stock in a transaction that occurred on Friday, October 7th. The shares were sold at an average price of $53.00, for a total transaction of $159,000.00. Following the completion of the transaction, the senior vice president now owns 21,160 shares of the company’s stock, valued at approximately $1,121,480. The disclosure for this sale can be found here. 0.60% of the stock is currently owned by insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in BHI. Viking Fund Management LLC boosted its position in Baker Hughes by 19.6% in the third quarter. Viking Fund Management LLC now owns 550,000 shares of the oilfield services provider’s stock valued at $27,759,000 after buying an additional 90,000 shares during the period. Fruth Investment Management bought a new position in Baker Hughes during the third quarter valued at $214,000. Genesee Valley Trust Co. bought a new position in Baker Hughes during the third quarter valued at $206,000. Capstone Asset Management Co. boosted its position in Baker Hughes by 2.5% in the third quarter. Capstone Asset Management Co. now owns 39,490 shares of the oilfield services provider’s stock valued at $1,993,000 after buying an additional 966 shares during the period. Finally, Fox Run Management L.L.C. boosted its position in Baker Hughes by 41.2% in the third quarter. Fox Run Management L.L.C. now owns 7,200 shares of the oilfield services provider’s stock valued at $363,000 after buying an additional 2,100 shares during the period. Institutional investors own 89.30% of the company’s stock.
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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