Baker Hughes Inc. (BHI) Coverage Initiated by Analysts at Loop Capital
Analysts at Loop Capital assumed coverage on shares of Baker Hughes Inc. (NYSE:BHI) in a note issued to investors on Friday. The firm set a “hold” rating on the oilfield services provider’s stock.
Several other brokerages also recently issued reports 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 research note on Monday, June 13th. BMO Capital Markets reiterated a “buy” rating and issued a $50.00 target price on shares of Baker Hughes in a research note on Friday, July 29th. Deutsche Bank AG upped their target price 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. Citigroup Inc. dropped their target price on shares of Baker Hughes from $54.00 to $52.00 and set a “buy” rating on the stock in a research note on Wednesday, July 13th. Finally, GMP Securities downgraded shares of Baker Hughes from a “buy” rating to a “hold” rating in a research note on Monday, July 11th. Two research analysts have rated the stock with a sell rating, thirteen have issued a hold rating, nineteen have issued a buy rating and two have issued a strong buy rating to the company. Baker Hughes presently has an average rating of “Buy” and a consensus target price of $53.12.
Baker Hughes (NYSE:BHI) opened at 50.21 on Friday. Baker Hughes has a 12-month low of $37.58 and a 12-month high of $58.23. The company has a 50-day moving average of $50.02 and a 200 day moving average of $46.53. The company’s market capitalization is $21.48 billion.
Baker Hughes (NYSE:BHI) last posted its quarterly earnings data on Thursday, July 28th. The oilfield services provider reported ($0.90) EPS for the quarter, missing the 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 business had revenue of $2.40 billion for the quarter, compared to the consensus estimate of $2.34 billion. During the same period in the previous year, the firm earned ($0.14) EPS. The company’s revenue was down 39.3% on a year-over-year basis. Equities research analysts forecast that Baker Hughes will post ($2.21) earnings per share for the current fiscal year.
In related news, SVP Alan R. Crain, Jr. sold 25,999 shares of Baker Hughes stock in a transaction that occurred on Tuesday, August 16th. The shares were sold at an average price of $50.93, for a total value of $1,324,129.07. Following the completion of the sale, the senior vice president now directly owns 24,160 shares in the company, valued at approximately $1,230,468.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Alan R. Crain, Jr. sold 1,226 shares of Baker Hughes stock in a transaction that occurred on Monday, August 8th. The stock was sold at an average price of $48.00, for a total transaction of $58,848.00. Following the completion of the sale, the senior vice president now owns 50,159 shares of the company’s stock, valued at $2,407,632. The disclosure for this sale can be found here. 0.60% of the stock is currently owned by insiders.
A number of hedge funds have recently added to or reduced their stakes in BHI. MCF Advisors LLC boosted its stake in Baker Hughes by 859.6% in the second quarter. MCF Advisors LLC now owns 2,399 shares of the oilfield services provider’s stock worth $108,000 after buying an additional 2,149 shares during the period. Citizens Financial Group Inc RI boosted its stake in Baker Hughes by 14.5% in the first quarter. Citizens Financial Group Inc RI now owns 2,837 shares of the oilfield services provider’s stock worth $125,000 after buying an additional 360 shares during the period. Partners Capital Investment Group LLC bought a new stake in Baker Hughes during the second quarter worth approximately $144,000. Cypress Capital Management LLC WY bought a new stake in Baker Hughes during the second quarter worth approximately $168,000. Finally, Indiana Trust & Investment Management CO bought a new stake in Baker Hughes during the second quarter worth approximately $203,000. Institutional investors own 89.30% of the company’s stock.
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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