Baker Hughes Inc. (BHI) Stock Rating Upgraded by Zacks Investment Research
Baker Hughes Inc. (NYSE:BHI) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Friday. The brokerage currently has a $59.00 price target on the oilfield services provider’s stock. Zacks Investment Research’s price objective indicates a potential upside of 14.90% from the stock’s current price.
According to Zacks, “Baker Hughes has a leading position in the North American oilfield services market and has held up well amid the decline in rig count that has hit activity levels and pricing. The equipment supplier also boasts a strong balance sheet and has been able to implement rigorous cost controls. The break up fee of $3.5 billion that the company received on termination of the merger with Halliburton, gives the companu a number of options to explore, including reinvesting in its business, returning more cash to shareholders, or to potentially make small acquisitions. These are viewed positively as they are value accretive to shareholders. Moreover, Baker Hughes’ relationships with both publicly-traded and national oil companies worldwide remains strong. Consequently, we think Baker Hughes offers substantial upside potential from the current price levels and view it as an attractive investment.”
A number of other equities research analysts have also commented on the stock. Nomura raised their price objective on shares of Baker Hughes from $38.00 to $43.00 and gave the stock a “neutral” rating in a report on Tuesday, August 16th. Citigroup Inc. reiterated a “buy” rating on shares of Baker Hughes in a research note on Saturday, June 25th. Vetr upgraded shares of Baker Hughes from a “buy” rating to a “strong-buy” rating and set a $51.07 price target on the stock in a research note on Monday, June 27th. Scotiabank reiterated a “sector outperform” rating and issued a $56.00 price target (up from $49.00) on shares of Baker Hughes in a research note on Sunday, July 31st. Finally, Loop Capital initiated coverage on shares of Baker Hughes in a research note on Friday, September 30th. They issued a “hold” rating and a $52.00 price target on the stock. Two investment analysts have rated the stock with a sell rating, eleven have given a hold rating, twenty have assigned a buy rating and two have given a strong buy rating to the company’s stock. Baker Hughes currently has an average rating of “Buy” and an average price target of $52.86.
Shares of Baker Hughes (NYSE:BHI) opened at 51.35 on Friday. The company’s market cap is $21.97 billion. Baker Hughes has a 1-year low of $37.58 and a 1-year high of $56.17. The company has a 50 day moving average of $50.23 and a 200 day moving average of $47.12.
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 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 quarter in the previous year, the business earned ($0.14) earnings per share. The company’s revenue was down 39.3% on a year-over-year basis. Equities analysts expect that Baker Hughes will post ($2.21) earnings per share for the current fiscal year.
In related news, SVP Alan R. Crain, Jr. sold 1,226 shares of the stock in a transaction on Monday, August 8th. The shares were sold at an average price of $48.00, for a total transaction of $58,848.00. Following the transaction, the senior vice president now directly owns 50,159 shares of the company’s stock, valued at $2,407,632. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, SVP Alan R. Crain, Jr. sold 7,000 shares of the stock in a transaction on Wednesday, August 3rd. The stock was sold at an average price of $47.01, for a total transaction of $329,070.00. Following the transaction, the senior vice president now directly owns 51,385 shares in the company, valued at $2,415,608.85. The disclosure for this sale can be found here. Corporate insiders own 0.60% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of BHI. American National Bank raised its position in shares of Baker Hughes by 2.1% in the third quarter. American National Bank now owns 8,469 shares of the oilfield services provider’s stock valued at $427,000 after buying an additional 176 shares in the last quarter. BTIM Corp. bought a new position in shares of Baker Hughes during the third quarter valued at about $206,000. First Financial Corp IN raised its position in shares of Baker Hughes by 23.1% in the third quarter. First Financial Corp IN now owns 21,488 shares of the oilfield services provider’s stock valued at $1,084,000 after buying an additional 4,036 shares in the last quarter. Farmers Trust Co. bought a new position in shares of Baker Hughes during the third quarter valued at about $2,232,000. Finally, National Pension Service raised its position in shares of Baker Hughes by 8.3% in the third quarter. National Pension Service now owns 358,235 shares of the oilfield services provider’s stock valued at $18,080,000 after buying an additional 27,570 shares in the last quarter. 89.28% of the stock is currently owned by institutional investors and hedge funds.
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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