Baker Hughes Inc. (BHI) Given New $59.00 Price Target at Royal Bank Of Canada
Baker Hughes Inc. (NYSE:BHI) had its price objective hoisted by equities research analysts at Royal Bank Of Canada from $50.00 to $59.00 in a report released on Monday. The firm currently has an “outperform” rating on the oilfield services provider’s stock. Royal Bank Of Canada’s target price indicates a potential upside of 11.66% from the stock’s current price.
BHI has been the subject of several other reports. Loop Capital initiated coverage on Baker Hughes in a research report on Friday, September 30th. They set a “hold” rating and a $52.00 price target for the company. Citigroup Inc. raised their price target on Baker Hughes from $54.00 to $57.00 and gave the stock a “buy” rating in a research report on Wednesday, August 31st. Vetr upgraded Baker Hughes from a “buy” rating to a “strong-buy” rating and set a $51.07 price target for the company in a research report on Monday, June 27th. Scotiabank restated a “sector outperform” rating and set a $56.00 price target (up from $49.00) on shares of Baker Hughes in a research report on Sunday, July 31st. Finally, BMO Capital Markets restated a “buy” rating and set a $50.00 price target on shares of Baker Hughes in a research report on Friday, July 29th. Two investment analysts have rated the stock with a sell rating, thirteen have given a hold rating, nineteen have issued a buy rating and two have issued a strong buy rating to the stock. Baker Hughes has a consensus rating of “Buy” and a consensus target price of $52.85.
Baker Hughes (NYSE:BHI) opened at 52.84 on Monday. 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 $50.13 and its 200 day moving average price is $46.75. The stock’s market capitalization is $22.61 billion.
Baker Hughes (NYSE:BHI) last released its quarterly earnings results 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 firm had revenue of $2.40 billion for the quarter, compared to analysts’ expectations of $2.34 billion. During the same quarter in the prior year, the business earned ($0.14) earnings per share. The company’s quarterly revenue was down 39.3% on a year-over-year basis. Equities research analysts expect that Baker Hughes will post ($2.21) EPS for the current fiscal year.
In other Baker Hughes news, SVP Alan R. Crain, Jr. sold 1,226 shares of the business’s stock in a transaction on Monday, August 8th. The stock was 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 directly owns 50,159 shares in the company, valued at approximately $2,407,632. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Alan J. Keifer sold 17,434 shares of the business’s stock in a transaction on Friday, August 19th. The shares were sold at an average price of $52.70, for a total value of $918,771.80. Following the completion of the transaction, the vice president now owns 41,374 shares of the company’s stock, valued at $2,180,409.80. The disclosure for this sale can be found here. Corporate insiders own 0.60% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Ngam Advisors L.P. increased its position in shares of Baker Hughes by 0.5% in the first quarter. Ngam Advisors L.P. now owns 24,478 shares of the oilfield services provider’s stock valued at $1,073,000 after buying an additional 126 shares during the period. Prudential Financial Inc. increased its position in shares of Baker Hughes by 1.0% in the first quarter. Prudential Financial Inc. now owns 555,864 shares of the oilfield services provider’s stock valued at $24,364,000 after buying an additional 5,280 shares during the period. NN Investment Partners Holdings N.V. acquired a new position in shares of Baker Hughes during the first quarter valued at $3,773,000. M&T Bank Corp increased its position in shares of Baker Hughes by 466.2% in the first quarter. M&T Bank Corp now owns 166,999 shares of the oilfield services provider’s stock valued at $7,320,000 after buying an additional 137,502 shares during the period. Finally, AMF Pensionsforsakring AB boosted its stake in shares of Baker Hughes by 7.0% in the first quarter. AMF Pensionsforsakring AB now owns 296,563 shares of the oilfield services provider’s stock valued at $12,998,000 after buying an additional 19,390 shares in the last quarter. 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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