Babcock (NYSE:BW) Reaches New 52-Week High – Here’s Why

Babcock (NYSE:BW)’s stock price hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $10.87 and last traded at $10.5230, with a volume of 4422796 shares changing hands. The stock had previously closed at $10.07.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. DA Davidson raised their price target on shares of Babcock from $1.50 to $6.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 12th. Northland Securities began coverage on shares of Babcock in a research note on Thursday, January 22nd. They issued an “outperform” rating and a $10.00 target price for the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Babcock in a research report on Wednesday, January 21st. Wall Street Zen upgraded Babcock from a “sell” rating to a “hold” rating in a research report on Saturday, November 8th. Finally, Zacks Research upgraded Babcock to a “hold” rating in a report on Friday, January 23rd. Three equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $8.00.

Babcock Stock Up 4.5%

The firm’s 50 day simple moving average is $6.65 and its 200-day simple moving average is $4.13. The company has a market capitalization of $1.17 billion, a PE ratio of -8.09 and a beta of 1.43.

Babcock (NYSE:BW) last posted its earnings results on Tuesday, November 4th. The technology company reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.10) by $0.04. The business had revenue of $149.00 million for the quarter, compared to analyst estimates of $155.57 million.

Hedge Funds Weigh In On Babcock

Several hedge funds and other institutional investors have recently bought and sold shares of BW. Citizens Financial Group Inc. RI acquired a new stake in Babcock in the third quarter valued at approximately $1,160,000. Thames Capital Management LLC acquired a new stake in Babcock during the 3rd quarter valued at $4,033,000. AMH Equity Ltd purchased a new stake in Babcock during the 3rd quarter worth $2,042,000. Gendell Jeffrey L lifted its holdings in Babcock by 49.2% in the 2nd quarter. Gendell Jeffrey L now owns 2,574,848 shares of the technology company’s stock worth $2,477,000 after buying an additional 849,602 shares in the last quarter. Finally, Covestor Ltd acquired a new stake in shares of Babcock during the third quarter valued at about $406,000. 83.17% of the stock is owned by institutional investors and hedge funds.

About Babcock

Babcock & Wilcox Enterprises, Inc (NYSE: BW) is a specialized provider of energy and environmental technologies and services serving power generation and heavy industrial markets. The company designs, manufactures and maintains critical components and systems that support the safe and efficient operation of both fossil-fuel and renewable power facilities. Its core offerings include industrial and utility boilers, environmental control systems for emissions reduction, and aftermarket support services ranging from inspection and maintenance to spare parts management.

In addition to its boiler and emissions control portfolio, Babcock & Wilcox Enterprises delivers lifecycle solutions aimed at enhancing plant performance and compliance.