Seaport Global Securities Comments on Baker Hughes Inc.’s Q3 2016 Earnings (BHI)
Baker Hughes Inc. (NYSE:BHI) – Analysts at Seaport Global Securities boosted their Q3 2016 earnings per share (EPS) estimates for Baker Hughes in a research note issued on Wednesday. Seaport Global Securities analyst K. Sill now forecasts that the firm will post earnings of ($0.39) per share for the quarter, up from their prior forecast of ($0.54). Seaport Global Securities also issued estimates for Baker Hughes’ Q4 2016 earnings at ($0.29) EPS, FY2016 earnings at ($2.03) EPS, Q1 2017 earnings at ($0.20) EPS, Q2 2017 earnings at ($0.05) EPS, Q4 2017 earnings at $0.17 EPS and FY2017 earnings at $0.01 EPS.
Baker Hughes (NYSE:BHI) last released its quarterly earnings data on Thursday, July 28th. The oilfield services provider reported ($0.90) earnings per share for the quarter, missing analysts’ consensus estimates 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 company had revenue of $2.40 billion for the quarter, compared to analyst estimates of $2.34 billion. During the same period in the previous year, the business posted ($0.14) EPS. The firm’s revenue for the quarter was down 39.3% compared to the same quarter last year.
BHI has been the subject of a number of other research reports. Loop Capital began coverage on shares of Baker Hughes in a research note on Friday, September 30th. They set a “hold” rating and a $52.00 price objective for the company. Credit Suisse Group AG reaffirmed a “buy” rating on shares of Baker Hughes in a research note on Tuesday, June 28th. Jefferies Group raised shares of Baker Hughes from an “underperform” rating to a “hold” rating and upped their price objective for the company from $38.00 to $41.00 in a research note on Monday, July 11th. Citigroup Inc. reiterated a “buy” rating on shares of Baker Hughes in a report on Saturday, June 25th. Finally, Atlantic Securities assumed coverage on Baker Hughes in a report on Monday, August 8th. They set an “underweight” rating and a $37.00 target price for the company. Two equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, twenty-one have issued a buy rating and two have issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $53.42.
Baker Hughes (NYSE:BHI) traded down 1.09% during mid-day trading on Friday, reaching $51.93. 2,190,794 shares of the company’s stock were exchanged. Baker Hughes has a 52 week low of $37.58 and a 52 week high of $56.81. The company’s market capitalization is $22.22 billion. The company’s 50 day moving average price is $50.21 and its 200-day moving average price is $46.95.
Institutional investors have recently added to or reduced their stakes in the stock. Riverhead Capital Management LLC acquired a new stake in shares of Baker Hughes during the first quarter valued at about $731,000. AXA increased its stake in shares of Baker Hughes by 1.2% in the first quarter. AXA now owns 107,300 shares of the oilfield services provider’s stock valued at $4,703,000 after buying an additional 1,260 shares in the last quarter. BP Capital Fund Advisors LLC increased its stake in shares of Baker Hughes by 2.4% in the first quarter. BP Capital Fund Advisors LLC now owns 98,298 shares of the oilfield services provider’s stock valued at $4,308,000 after buying an additional 2,262 shares in the last quarter. Edmond DE Rothschild Holding S.A. increased its stake in shares of Baker Hughes by 6.3% in the first quarter. Edmond DE Rothschild Holding S.A. now owns 11,800 shares of the oilfield services provider’s stock valued at $517,000 after buying an additional 700 shares in the last quarter. Finally, State Street Corp increased its stake in shares of Baker Hughes by 5.8% in the first quarter. State Street Corp now owns 21,955,686 shares of the oilfield services provider’s stock valued at $962,312,000 after buying an additional 1,206,147 shares in the last quarter. Institutional investors and hedge funds own 89.30% of the company’s stock.
In related news, SVP Alan R. Crain, Jr. sold 25,999 shares of the stock in a transaction on Tuesday, August 16th. The stock was sold at an average price of $50.93, for a total value of $1,324,129.07. Following the completion of the transaction, the senior vice president now owns 24,160 shares in the company, valued at approximately $1,230,468.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Alan R. Crain, Jr. sold 3,000 shares of the stock in a transaction on Friday, October 7th. The shares were sold at an average price of $53.00, for a total value of $159,000.00. Following the completion of the transaction, the senior vice president now owns 21,160 shares of the company’s stock, valued at approximately $1,121,480. The disclosure for this sale can be found here. 0.60% of the stock is owned by corporate insiders.
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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