According to Zacks, “We believe that benefit arising from Praxair's solid product portfolio, end-markets diversification and growth strategies are more than offset by exposure to near-term headwinds. For 2016, the company revised its earnings guidance to $5.45-$5.60 per share range versus $5.35-$5.70 expected earlier, keeping its mid-point constant. The company predicts adverse foreign currency movements to negatively impact earnings by 3%. Moreover, the company's exposure to risks arising from higher production costs, stiff competition, and high debt levels might adversely impact its financials in the near term. Over the last 60 days, the Zacks Consensus Estimate on the stock has decreased for 2017, but remained stable for 2016.”
A number of other research firms have also recently issued reports on PX. Jefferies Group reissued a buy rating on shares of Praxair in a research note on Wednesday, July 6th. Barclays PLC lifted their price target on shares of Praxair from $120.00 to $125.00 and gave the company an equal weight rating in a research note on Friday, July 29th. Morgan Stanley started coverage on shares of Praxair in a research note on Tuesday, September 13th. They issued an equal weight rating and a $125.00 price target on the stock. Citigroup Inc. lifted their price target on shares of Praxair from $120.00 to $123.00 and gave the company a neutral rating in a research note on Friday, July 15th. Finally, TheStreet cut shares of Praxair from a buy rating to a hold rating in a research note on Monday, July 25th. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and four have issued a buy rating to the company’s stock. The company currently has an average rating of Hold and an average target price of $118.57.
Praxair (NYSE:PX) opened at 120.36 on Monday. The company has a market cap of $34.33 billion, a PE ratio of 21.92 and a beta of 0.93. The firm’s 50-day moving average is $120.10 and its 200-day moving average is $115.83. Praxair has a 52-week low of $95.60 and a 52-week high of $125.00.
Praxair (NYSE:PX) last released its quarterly earnings results on Thursday, July 28th. The company reported $1.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.36 by $0.03. Praxair had a net margin of 15.09% and a return on equity of 31.66%. The firm had revenue of $2.70 billion for the quarter, compared to analysts’ expectations of $2.60 billion. During the same quarter last year, the company earned $1.45 EPS. The firm’s revenue for the quarter was down 2.7% compared to the same quarter last year. On average, equities research analysts anticipate that Praxair will post $5.51 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 15th. Investors of record on Thursday, September 8th were issued a $0.75 dividend. The ex-dividend date was Tuesday, September 6th. This represents a $3.00 annualized dividend and a yield of 2.49%. Praxair’s dividend payout ratio (DPR) is currently 54.55%.
A number of hedge funds have recently modified their holdings of the stock. Capital World Investors raised its stake in shares of Praxair by 1.4% in the second quarter. Capital World Investors now owns 29,776,847 shares of the company’s stock valued at $3,346,620,000 after buying an additional 408,372 shares during the period. Vanguard Group Inc. raised its stake in shares of Praxair by 2.0% in the second quarter. Vanguard Group Inc. now owns 19,864,576 shares of the company’s stock valued at $2,232,580,000 after buying an additional 383,804 shares during the period. State Street Corp increased its position in Praxair by 2.4% in the first quarter. State Street Corp now owns 12,545,803 shares of the company’s stock valued at $1,435,875,000 after buying an additional 289,196 shares in the last quarter. Bank of New York Mellon Corp increased its position in Praxair by 1.7% in the second quarter. Bank of New York Mellon Corp now owns 10,859,992 shares of the company’s stock valued at $1,220,555,000 after buying an additional 180,461 shares in the last quarter. Finally, BlackRock Institutional Trust Company N.A. increased its position in Praxair by 1.9% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 7,448,047 shares of the company’s stock valued at $837,086,000 after buying an additional 136,896 shares in the last quarter. Hedge funds and other institutional investors own 83.78% of the company’s stock.
Praxair Company Profile
Praxair, Inc is an industrial gas supplier in North and South America, Asia and Europe. The Company’s operations are organized into five segments, four of which have been determined on a geographic basis of segmentation: North America, Europe, South America and Asia. In addition, the Company operates its surface technologies business through its subsidiary, Praxair Surface Technologies, Inc, which represents the fifth segment.
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