BMO Capital Markets Analysts Give Baker Hughes Incorporated (BHI) a $69.00 Price Target
Baker Hughes Incorporated (NYSE:BHI) received a $69.00 price target from BMO Capital Markets in a note issued to investors on Thursday. The firm currently has a “buy” rating on the oilfield services provider’s stock. BMO Capital Markets’ target price points to a potential upside of 10.54% from the company’s previous close.
A number of other brokerages have also weighed in on BHI. Scotiabank lowered Baker Hughes to a “hold” rating and set a $71.00 price objective on the stock. in a report on Sunday, December 18th. Sanford C. Bernstein started coverage on Baker Hughes in a report on Thursday, December 1st. They issued a “market perform” rating and a $65.00 price objective on the stock. Guggenheim reissued a “buy” rating on shares of Baker Hughes in a report on Wednesday, December 7th. Evercore ISI reissued a “buy” rating and issued a $76.00 price objective on shares of Baker Hughes in a report on Wednesday, December 7th. Finally, Zacks Investment Research lowered Baker Hughes from a “buy” rating to a “hold” rating in a report on Wednesday, December 21st. One analyst has rated the stock with a sell rating, fifteen have given a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company. Baker Hughes currently has a consensus rating of “Buy” and a consensus price target of $58.62.
Baker Hughes (NYSE:BHI) traded down 1.322% on Thursday, hitting $61.595. The stock had a trading volume of 977,625 shares. The company’s 50 day moving average is $64.65 and its 200-day moving average is $54.00. The stock’s market cap is $26.49 billion. Baker Hughes has a 12 month low of $37.58 and a 12 month high of $68.59.
Baker Hughes (NYSE:BHI) last released its quarterly earnings results on Tuesday, October 25th. The oilfield services provider reported ($0.15) EPS for the quarter, beating analysts’ consensus estimates of ($0.44) by $0.29. Baker Hughes had a negative return on equity of 5.07% and a negative net margin of 30.97%. The company earned $2.40 billion during the quarter, compared to analysts’ expectations of $2.41 billion. During the same period last year, the business posted ($0.05) earnings per share. The firm’s revenue was down 37.8% compared to the same quarter last year. Analysts forecast that Baker Hughes will post ($1.76) EPS for the current year.
In other Baker Hughes news, VP Belgacem Chariag sold 15,000 shares of Baker Hughes stock in a transaction dated Wednesday, November 9th. The stock was sold at an average price of $58.09, for a total transaction of $871,350.00. Following the completion of the sale, the vice president now directly owns 76,768 shares of the company’s stock, valued at approximately $4,459,453.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Gregory D. Brenneman purchased 85,000 shares of the firm’s stock in a transaction on Monday, November 14th. The shares were acquired at an average cost of $58.84 per share, with a total value of $5,001,400.00. Following the completion of the acquisition, the director now directly owns 89,425 shares in the company, valued at $5,261,767. The disclosure for this purchase can be found here. Company insiders own 0.60% of the company’s stock.
Hedge funds have recently made changes to their positions in the company. ValueAct Holdings L.P. increased its stake in shares of Baker Hughes by 67.3% in the second quarter. ValueAct Holdings L.P. now owns 38,886,200 shares of the oilfield services provider’s stock worth $1,754,934,000 after buying an additional 15,639,500 shares during the period. FMR LLC increased its stake in shares of Baker Hughes by 21.0% in the second quarter. FMR LLC now owns 27,713,563 shares of the oilfield services provider’s stock worth $1,250,713,000 after buying an additional 4,812,667 shares during the period. Vanguard Group Inc. increased its stake in shares of Baker Hughes by 1.5% in the second quarter. Vanguard Group Inc. now owns 27,592,238 shares of the oilfield services provider’s stock worth $1,245,237,000 after buying an additional 404,395 shares during the period. BlackRock Institutional Trust Company N.A. increased its stake in shares of Baker Hughes by 6.1% in the third quarter. BlackRock Institutional Trust Company N.A. now owns 12,116,975 shares of the oilfield services provider’s stock worth $611,544,000 after buying an additional 699,440 shares during the period. Finally, Capital World Investors increased its stake in shares of Baker Hughes by 11.4% in the second quarter. Capital World Investors now owns 8,998,989 shares of the oilfield services provider’s stock worth $406,124,000 after buying an additional 921,073 shares during the period. 89.02% of the stock is owned by institutional investors.
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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