Baker Hughes Incorporated (BHI) Downgraded to “Hold” at Zacks Investment Research
Baker Hughes Incorporated (NYSE:BHI) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Tuesday.
According to Zacks, “Baker Hughes has a leading position in the North American oilfield services market with a strong portfolio of products and services. The company’s price chart shows significant strength over the past 6-month period. The deal between Baker Hughes and General Electric is a huge positive. This is because the complementary products of the companies are anticipated to provide more integrated solutions to customers. However, with the volatility in the oil prices, Baker Hughes' orders have dried up considerably. Moreover, the company expects below-par business from North America in 2017 due to a slowdown in drilling activity and lingering weakness in its pressure pumping business. Therefore, investors should gain more visibility and wait for a better entry point before buying shares of the company.”
BHI has been the topic of several other reports. BMO Capital Markets set a $69.00 price objective on Baker Hughes and gave the company a “buy” rating in a research report on Thursday, January 12th. Jefferies Group LLC dropped their target price on Baker Hughes from $73.00 to $72.00 and set a “hold” rating on the stock in a research report on Friday, January 27th. SunTrust Banks, Inc. initiated coverage on Baker Hughes in a research report on Wednesday, January 18th. They issued a “hold” rating and a $66.00 target price on the stock. Citigroup Inc reissued a “buy” rating and issued a $70.00 target price (down from $75.00) on shares of Baker Hughes in a research report on Saturday, March 11th. Finally, Societe Generale cut Baker Hughes from a “buy” rating to a “hold” rating and raised their target price for the stock from $61.74 to $65.00 in a research report on Thursday, January 19th. One investment analyst has rated the stock with a sell rating, seventeen have assigned a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the stock. Baker Hughes presently has a consensus rating of “Hold” and an average target price of $60.40.
Shares of Baker Hughes (NYSE:BHI) traded up 0.59% on Tuesday, hitting $59.97. The stock had a trading volume of 843,866 shares. The firm has a 50-day moving average price of $59.48 and a 200-day moving average price of $60.07. Baker Hughes has a 52 week low of $41.18 and a 52 week high of $68.59. The stock’s market capitalization is $25.51 billion.
Baker Hughes (NYSE:BHI) last released its quarterly earnings data on Thursday, January 26th. The oilfield services provider reported ($0.30) EPS for the quarter, missing the consensus estimate of ($0.11) by $0.19. Baker Hughes had a negative net margin of 27.82% and a negative return on equity of 5.64%. The business had revenue of $2.40 billion for the quarter, compared to analysts’ expectations of $2.36 billion. During the same period last year, the business earned ($0.21) earnings per share. The company’s quarterly revenue was down 29.0% on a year-over-year basis. Equities analysts expect that Baker Hughes will post $0.28 earnings per share for the current fiscal year.
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A number of hedge funds have recently added to or reduced their stakes in BHI. Eastern Bank purchased a new stake in Baker Hughes during the first quarter worth about $501,000. Arvest Bank Trust Division purchased a new stake in Baker Hughes during the first quarter worth about $4,978,000. American National Bank increased its stake in Baker Hughes by 0.8% in the first quarter. American National Bank now owns 8,614 shares of the oilfield services provider’s stock worth $516,000 after buying an additional 66 shares during the last quarter. Alpha Windward LLC increased its stake in Baker Hughes by 2.7% in the first quarter. Alpha Windward LLC now owns 12,198 shares of the oilfield services provider’s stock worth $730,000 after buying an additional 316 shares during the last quarter. Finally, Edge Wealth Management LLC increased its stake in Baker Hughes by 7.0% in the first quarter. Edge Wealth Management LLC now owns 86,372 shares of the oilfield services provider’s stock worth $5,162,000 after buying an additional 5,639 shares during the last quarter. 91.03% of the stock is currently owned by institutional investors and hedge funds.
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 products and services for other businesses, including downstream chemicals, and process and pipeline services.
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