Baker Hughes Inc. (BHI) Given New $62.00 Price Target at Citigroup Inc.
Baker Hughes Inc. (NYSE:BHI) had its price objective raised by Citigroup Inc. from $56.00 to $62.00 in a report issued on Tuesday morning. They currently have a buy rating on the oilfield services provider’s stock.
A number of other research analysts have also commented on the company. Nomura increased their price objective on Baker Hughes from $38.00 to $43.00 and gave the company a neutral rating in a report on Tuesday, August 16th. Vetr raised Baker Hughes from a buy rating to a strong-buy rating and set a $51.07 price objective on the stock in a report on Monday, June 27th. Scotiabank reissued a sector outperform rating and set a $56.00 price objective (up previously from $49.00) on shares of Baker Hughes in a report on Sunday, July 31st. Loop Capital started coverage on Baker Hughes in a report on Friday, September 30th. They set a hold rating and a $52.00 price objective on the stock. Finally, Atlantic Securities started coverage on Baker Hughes in a report on Monday, August 8th. They set an underweight rating and a $37.00 price objective on the stock. Two equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating, twenty have assigned a buy rating and two have issued a strong buy rating to the stock. The company currently has an average rating of Buy and an average price target of $53.24.
Shares of Baker Hughes (NYSE:BHI) traded down 0.40% during midday trading on Tuesday, hitting $52.31. The stock had a trading volume of 1,258,846 shares. Baker Hughes has a 12-month low of $37.58 and a 12-month high of $56.81. The firm’s market cap is $22.38 billion. The firm has a 50-day moving average of $50.17 and a 200 day moving average of $46.87.
Baker Hughes (NYSE:BHI) last issued its quarterly earnings data on Thursday, July 28th. The oilfield services provider reported ($0.90) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.59) by $0.31. The company had revenue of $2.40 billion for 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 business’s revenue was down 39.3% on a year-over-year basis. During the same period in the prior year, the company posted ($0.14) EPS. On average, analysts expect that Baker Hughes will post ($2.21) earnings per share for the current year.
In other Baker Hughes news, SVP Alan R. Crain, Jr. sold 1,226 shares of the company’s stock in a transaction 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 directly owns 50,159 shares in the company, valued at $2,407,632. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Alan J. Keifer sold 17,434 shares of the company’s stock in a transaction 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 owns 41,374 shares of the company’s stock, valued at $2,180,409.80. The disclosure for this sale can be found here. 0.60% of the stock is owned by corporate insiders.
A number of large investors have recently added to or reduced their stakes in the company. Creative Planning boosted its stake in Baker Hughes by 13.3% in the third quarter. Creative Planning now owns 5,242 shares of the oilfield services provider’s stock valued at $265,000 after buying an additional 615 shares during the last quarter. Searle & CO. acquired a new stake in Baker Hughes during the third quarter valued at $500,000. Addison Capital Co boosted its stake in Baker Hughes by 2.8% in the third quarter. Addison Capital Co now owns 30,349 shares of the oilfield services provider’s stock valued at $1,532,000 after buying an additional 839 shares during the last quarter. Indiana Trust & Investment Management CO boosted its stake in Baker Hughes by 88.0% in the third quarter. Indiana Trust & Investment Management CO now owns 8,470 shares of the oilfield services provider’s stock valued at $427,000 after buying an additional 3,965 shares during the last quarter. Finally, Eqis Capital Management Inc. acquired a new stake in Baker Hughes during the third quarter valued at $238,000. Hedge funds and other institutional investors own 89.30% of the company’s stock.
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 industrial products and services for other businesses, including downstream chemicals, and process and pipeline services.
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