Jefferies Group Raises Baker Hughes Inc. (BHI) Price Target to $57.00
A number of other equities analysts also recently issued reports on the stock. DA Davidson reissued a buy rating on shares of Baker Hughes in a report on Monday. Guggenheim reissued a buy rating on shares of Baker Hughes in a report on Thursday, November 10th. Evercore ISI reissued a hold rating and issued a $60.00 price objective on shares of Baker Hughes in a report on Wednesday, November 2nd. RBC Capital Markets reissued an outperform rating and issued a $61.00 price objective on shares of Baker Hughes in a report on Wednesday, November 2nd. Finally, Argus reissued a buy rating and issued a $65.00 price objective (up previously from $56.00) on shares of Baker Hughes in a report on Tuesday, November 1st. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating, twenty-two have assigned a buy rating and one has given a strong buy rating to the stock. The company presently has a consensus rating of Buy and a consensus target price of $54.76.
Shares of Baker Hughes (NYSE:BHI) opened at 61.23 on Tuesday. The company’s 50-day moving average is $54.73 and its 200-day moving average is $49.08. The company’s market cap is $26.33 billion. Baker Hughes has a 12-month low of $37.58 and a 12-month high of $62.16.
Baker Hughes (NYSE:BHI) last released its quarterly earnings data on Tuesday, October 25th. The oilfield services provider reported ($0.15) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.44) by $0.29. The business earned $2.40 billion during the quarter, compared to analyst estimates of $2.41 billion. Baker Hughes had a negative net margin of 30.97% and a negative return on equity of 5.07%. Baker Hughes’s revenue was down 37.8% compared to the same quarter last year. During the same period last year, the business earned ($0.05) EPS. Equities research analysts predict that Baker Hughes will post ($1.61) earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, November 18th. Investors of record on Monday, November 7th will be paid a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a yield of 1.11%. The ex-dividend date is Thursday, November 3rd. Baker Hughes’s payout ratio is -8.89%.
In other Baker Hughes news, Director Gregory D. Brenneman bought 85,000 shares of the firm’s stock in a transaction that occurred on Monday, November 14th. The stock was purchased at an average price of $58.84 per share, for a total transaction of $5,001,400.00. Following the completion of the purchase, the director now directly owns 89,425 shares in the company, valued at $5,261,767. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Alan R. Crain, Jr. sold 3,000 shares of the business’s stock in a transaction that occurred on Friday, October 7th. The stock was sold at an average price of $53.00, for a total value of $159,000.00. Following the sale, 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. Corporate insiders own 0.60% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Riverhead Capital Management LLC purchased a new position in Baker Hughes during the first quarter valued at approximately $731,000. Zurich Insurance Group Ltd FI raised its position in Baker Hughes by 31.3% in the first quarter. Zurich Insurance Group Ltd FI now owns 82,903 shares of the oilfield services provider’s stock valued at $3,634,000 after buying an additional 19,760 shares during the period. Legal & General Group Plc raised its position in Baker Hughes by 5.2% in the first quarter. Legal & General Group Plc now owns 1,932,047 shares of the oilfield services provider’s stock valued at $84,683,000 after buying an additional 96,126 shares during the period. LPL Financial LLC raised its position in Baker Hughes by 3.3% in the first quarter. LPL Financial LLC now owns 25,228 shares of the oilfield services provider’s stock valued at $996,000 after buying an additional 803 shares during the period. Finally, Kovitz Investment Group Partners LLC purchased a new position in Baker Hughes during the first quarter valued at approximately $17,916,000. 92.52% of the stock is currently owned by institutional investors.
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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