Traders Buy Baker Hughes Inc. (BHI) on Weakness
Investors purchased shares of Baker Hughes Inc. (NYSE:BHI) on weakness during trading on Thursday. $59.21 million flowed into the stock on the tick-up and $33.95 million flowed out of the stock on the tick-down, for a money net flow of $25.26 million into the stock. Of all stocks tracked, Baker Hughes had the 17th highest net in-flow for the day. Baker Hughes traded down ($1.22) for the day and closed at $44.49
Several brokerages have recently commented on BHI. Morgan Stanley boosted their target price on shares of Baker Hughes from $47.00 to $53.00 and gave the company an “equal weight” rating in a research note on Tuesday, April 19th. Citigroup Inc. reduced their target price on shares of Baker Hughes from $57.00 to $53.00 and set a “buy” rating on the stock in a research note on Monday, April 25th. Deutsche Bank AG downgraded shares of Baker Hughes from a “buy” rating to a “hold” rating and reduced their target price for the company from $78.00 to $43.00 in a research note on Wednesday, April 6th. Vetr upgraded shares of Baker Hughes from a “buy” rating to a “strong-buy” rating and set a $51.07 target price on the stock in a research note on Monday, June 27th. Finally, JPMorgan Chase & Co. restated a “neutral” rating and issued a $36.00 target price on shares of Baker Hughes in a research note on Wednesday, April 20th. One research analyst has rated the stock with a sell rating, thirteen have given a hold rating, sixteen have issued a buy rating and two have issued a strong buy rating to the company’s stock. Baker Hughes presently has a consensus rating of “Buy” and an average target price of $53.98.
The firm has a 50-day moving average price of $45.70 and a 200 day moving average price of $44.34. The stock’s market cap is $19.48 billion.
Baker Hughes (NYSE:BHI) last announced its earnings results on Tuesday, May 3rd. The oilfield services provider reported ($1.58) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.34) by $1.24. During the same quarter in the previous year, the firm earned ($0.07) EPS. The company earned $2.67 billion during the quarter, compared to analyst estimates of $2.85 billion. Baker Hughes’s revenue was down 41.9% compared to the same quarter last year. Analysts anticipate that Baker Hughes Inc. will post ($2.04) EPS for the current year.
In other Baker Hughes news, SVP Alan R. Crain, Jr. sold 20,000 shares of the stock in a transaction that occurred on Monday, May 23rd. The stock was sold at an average price of $44.80, for a total transaction of $896,000.00. Following the transaction, the senior vice president now directly owns 58,254 shares in the company, valued at approximately $2,609,779.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Khalid M. Nouh sold 17,000 shares of the stock in a transaction that occurred on Friday, June 3rd. The stock was sold at an average price of $46.15, for a total value of $784,550.00. Following the transaction, the vice president now owns 2,885 shares in the company, valued at $133,142.75. The disclosure for this sale can be found here.
Other institutional investors have bought and sold shares of the company. OppenheimerFunds Inc. acquired a new position in Baker Hughes during the fourth quarter worth about $1,174,000. Tredje AP fonden boosted its position in Baker Hughes by 1.6% in the fourth quarter. Tredje AP fonden now owns 27,224 shares of the oilfield services provider’s stock worth $1,256,000 after buying an additional 439 shares during the last quarter. Neuberger Berman Group LLC boosted its position in Baker Hughes by 47.6% in the fourth quarter. Neuberger Berman Group LLC now owns 33,819 shares of the oilfield services provider’s stock worth $1,561,000 after buying an additional 10,903 shares during the last quarter. Gamco Investors INC. ET AL boosted its position in Baker Hughes by 80.7% in the fourth quarter. Gamco Investors INC. ET AL now owns 37,850 shares of the oilfield services provider’s stock worth $1,747,000 after buying an additional 16,900 shares during the last quarter. Finally, Gabelli Funds LLC boosted its position in Baker Hughes by 13.1% in the fourth quarter. Gabelli Funds LLC now owns 38,775 shares of the oilfield services provider’s stock worth $1,789,000 after buying an additional 4,500 shares during 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 to the around the world oil and natural gas industry. The Company also provides industrial products and services to the downstream chemicals, and process and pipeline services.
Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.