Loop Capital assumed coverage on shares of Baker Hughes Inc. (NYSE:BHI) in a research note issued to investors on Friday morning. The brokerage issued a hold rating and a $52.00 price objective on the oilfield services provider’s stock.
Several other research firms have also recently commented on BHI. Vetr upgraded shares of Baker Hughes from a sell rating to a buy rating and set a $51.17 price target on the stock in a report on Monday, June 13th. BMO Capital Markets restated a buy rating and set a $50.00 price target on shares of Baker Hughes in a report on Friday, July 29th. Deutsche Bank AG boosted their price target on shares of Baker Hughes from $38.00 to $52.00 and gave the company a hold rating in a report on Monday, August 1st. Citigroup Inc. lowered their price target on shares of Baker Hughes from $54.00 to $52.00 and set a buy rating on the stock in a report on Wednesday, July 13th. Finally, GMP Securities cut shares of Baker Hughes from a buy rating to a hold rating in a report on Monday, July 11th. Two research analysts have rated the stock with a sell rating, thirteen have issued a hold rating, nineteen have given a buy rating and two have given a strong buy rating to the company. The company presently has an average rating of Buy and a consensus target price of $53.09.
Shares of Baker Hughes (NYSE:BHI) opened at 51.22 on Friday. Baker Hughes has a 12 month low of $37.58 and a 12 month high of $57.87. The stock’s 50 day moving average price is $50.06 and its 200-day moving average price is $46.67. The stock’s market capitalization is $21.92 billion.
Baker Hughes (NYSE:BHI) last posted 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 net margin of 25.14% and a negative return on equity of 4.46%. The company 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 firm earned ($0.14) earnings per share. The company’s revenue was down 39.3% on a year-over-year basis. Equities analysts forecast 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 firm’s 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 sale, the senior vice president now directly owns 50,159 shares in the company, valued at $2,407,632. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Alan J. Keifer sold 17,434 shares of the firm’s 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 sale, the vice president now owns 41,374 shares in the company, valued at $2,180,409.80. The disclosure for this sale can be found here. 0.60% of the stock is currently owned by company insiders.
Several large investors have recently modified their holdings of the company. Canada Pension Plan Investment Board raised its stake in shares of Baker Hughes by 6,389.6% in the first quarter. Canada Pension Plan Investment Board now owns 4,318,139 shares of the oilfield services provider’s stock worth $189,264,000 after buying an additional 4,251,600 shares during the last quarter. AMF Pensionsforsakring AB raised its stake in shares of Baker Hughes by 7.0% in the first quarter. AMF Pensionsforsakring AB now owns 296,563 shares of the oilfield services provider’s stock worth $12,998,000 after buying an additional 19,390 shares during the last quarter. M&T Bank Corp raised its stake in shares of Baker Hughes by 466.2% in the first quarter. M&T Bank Corp now owns 166,999 shares of the oilfield services provider’s stock worth $7,320,000 after buying an additional 137,502 shares during the last quarter. NN Investment Partners Holdings N.V. bought a new stake in shares of Baker Hughes during the first quarter worth approximately $3,773,000. Finally, Holowesko Partners Ltd. bought a new stake in shares of Baker Hughes during the first quarter worth approximately $18,715,000. Institutional investors and hedge funds own 89.30% of the company’s stock.
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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