Baker Hughes Inc. (BHI) Receives “Outperform” Rating from RBC Capital Markets
RBC Capital Markets reaffirmed their outperform rating on shares of Baker Hughes Inc. (NYSE:BHI) in a research note released on Monday morning. The firm currently has a $59.00 price target on the oilfield services provider’s stock, up from their prior price target of $50.00.
Other analysts have also issued research reports about the company. Jefferies Group raised Baker Hughes from an underperform rating to a hold rating in a research note on Sunday, July 10th. Royal Bank Of Canada increased their price objective on Baker Hughes from $50.00 to $59.00 and gave the company an outperform rating in a research note on Monday. Citigroup Inc. decreased their price objective on Baker Hughes from $54.00 to $52.00 and set a buy rating on the stock in a research note on Wednesday, July 13th. Deutsche Bank AG increased their price objective on Baker Hughes from $38.00 to $52.00 and gave the company a hold rating in a research note on Monday, August 1st. Finally, Nomura increased their price objective on Baker Hughes from $38.00 to $43.00 and gave the company a neutral rating in a research note on Tuesday, August 16th. Two investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, twenty have issued a buy rating and two have given a strong buy rating to the stock. Baker Hughes has an average rating of Buy and an average target price of $53.05.
Shares of Baker Hughes (NYSE:BHI) traded down 0.88% during mid-day trading on Monday, reaching $52.88. 265,209 shares of the company’s stock were exchanged. The stock’s market cap is $22.63 billion. The stock has a 50 day moving average price of $50.15 and a 200 day moving average price of $46.83. Baker Hughes has a 52 week low of $37.58 and a 52 week high of $56.81.
Baker Hughes (NYSE:BHI) last posted its earnings results on Thursday, July 28th. The oilfield services provider reported ($0.90) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.59) by $0.31. The firm earned $2.40 billion during the quarter, compared to analyst estimates of $2.34 billion. Baker Hughes had a negative net margin of 25.14% and a negative return on equity of 4.46%. The firm’s revenue for the quarter was down 39.3% on a year-over-year basis. During the same period last year, the company posted ($0.14) EPS. Equities research analysts predict that Baker Hughes will post ($2.21) EPS for the current year.
In other news, VP Alan J. Keifer sold 17,434 shares of the company’s stock in a transaction that occurred on Friday, August 19th. The stock was sold at an average price of $52.70, for a total value of $918,771.80. Following the sale, the vice president now directly owns 41,374 shares in the company, valued at approximately $2,180,409.80. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP Alan R. Crain, Jr. sold 7,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 3rd. The shares were sold at an average price of $47.01, for a total value of $329,070.00. Following the completion of the sale, the senior vice president now owns 51,385 shares in the company, valued at $2,415,608.85. The disclosure for this sale can be found here. 0.60% of the stock is owned by company insiders.
Several large investors have recently added to or reduced their stakes in the stock. MCF Advisors LLC raised 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 valued at $108,000 after buying an additional 2,149 shares in the last quarter. Citizens Financial Group Inc RI raised 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 valued at $125,000 after buying an additional 360 shares in the last quarter. Partners Capital Investment Group LLC bought a new stake in Baker Hughes during the second quarter valued at $144,000. Cypress Capital Management LLC WY bought a new stake in Baker Hughes during the second quarter valued at $168,000. Finally, LVM Capital Management Ltd. MI bought a new stake in Baker Hughes during the third quarter valued at $201,000. 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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