Baker Hughes Inc. (NYSE:BHI)‘s stock had its “hold” rating reissued by Jefferies Group in a report released on Wednesday. They currently have a $48.00 price objective on the oilfield services provider’s stock. Jefferies Group’s price target would indicate a potential downside of 6.98% from the company’s current price.
Other research analysts have also issued reports about the company. Zacks Investment Research upgraded Baker Hughes from a “hold” rating to a “buy” rating and set a $59.00 target price for the company in a report on Friday, October 14th. Citigroup Inc. lifted their target price on Baker Hughes from $56.00 to $62.00 and gave the company a “buy” rating in a report on Tuesday, October 11th. RBC Capital Markets reiterated an “outperform” rating and issued a $59.00 target price (up from $50.00) on shares of Baker Hughes in a report on Monday, October 10th. Royal Bank Of Canada lifted their target price on Baker Hughes from $50.00 to $59.00 and gave the company an “outperform” rating in a report on Monday, October 10th. Finally, Loop Capital initiated coverage on Baker Hughes in a report on Friday, September 30th. They issued a “hold” rating and a $52.00 target price for the company. Two research analysts have rated the stock with a sell rating, eleven have issued a hold rating, twenty have issued a buy rating and two have given a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $52.99.
Baker Hughes (NYSE:BHI) opened at 51.60 on Wednesday. The firm’s market capitalization is $22.08 billion. The company’s 50-day moving average price is $50.26 and its 200 day moving average price is $47.18. Baker Hughes has a 12 month low of $37.58 and a 12 month high of $56.17.
Baker Hughes (NYSE:BHI) last released its quarterly earnings results on Thursday, July 28th. The oilfield services provider reported ($0.90) EPS for the quarter, missing the consensus estimate 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 firm had revenue of $2.40 billion for the quarter, compared to analysts’ expectations of $2.34 billion. During the same quarter in the prior year, the business earned ($0.14) earnings per share. The company’s quarterly revenue was down 39.3% on a year-over-year basis. Analysts predict that Baker Hughes will post ($2.21) EPS for the current year.
In other Baker Hughes news, VP Alan J. Keifer sold 17,434 shares of Baker Hughes stock in a transaction on Friday, August 19th. The stock was sold at an average price of $52.70, for a total transaction of $918,771.80. Following the completion of the sale, the vice president now directly owns 41,374 shares of the company’s stock, valued at approximately $2,180,409.80. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP Alan R. Crain, Jr. sold 3,000 shares of Baker Hughes 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 sale, the senior vice president now directly owns 21,160 shares of the company’s stock, valued at $1,121,480. The disclosure for this sale can be found here. Corporate insiders own 0.60% of the company’s stock.
A number of large investors have recently modified their holdings of the stock. ValueAct Holdings L.P. raised its stake in shares of Baker Hughes by 67.3% in the second quarter. ValueAct Holdings L.P. now owns 38,886,200 shares of the oilfield services provider’s stock worth $1,754,934,000 after buying an additional 15,639,500 shares during the period. FMR LLC raised its position in Baker Hughes by 21.0% in the second quarter. FMR LLC now owns 27,713,563 shares of the oilfield services provider’s stock valued at $1,250,713,000 after buying an additional 4,812,667 shares during the last quarter. Wellington Management Group LLP raised its position in Baker Hughes by 120.1% in the first quarter. Wellington Management Group LLP now owns 5,646,448 shares of the oilfield services provider’s stock valued at $247,485,000 after buying an additional 3,081,050 shares during the last quarter. BlackRock Fund Advisors raised its position in Baker Hughes by 36.6% in the second quarter. BlackRock Fund Advisors now owns 7,897,965 shares of the oilfield services provider’s stock valued at $356,435,000 after buying an additional 2,114,224 shares during the last quarter. Finally, Capital Research Global Investors raised its position in Baker Hughes by 300.9% in the second quarter. Capital Research Global Investors now owns 2,636,240 shares of the oilfield services provider’s stock valued at $118,974,000 after buying an additional 1,978,640 shares during the last quarter. 89.28% of the stock is 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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