Babcock (NYSE:BW) Shares Gap Up – Here’s Why

Babcock (NYSE:BW)’s stock price gapped up before the market opened on Thursday . The stock had previously closed at $5.92, but opened at $6.17. Babcock shares last traded at $7.0280, with a volume of 3,150,456 shares.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the company. Craig Hallum raised Babcock from a “hold” rating to a “buy” rating and set a $7.00 price target on the stock in a research note on Wednesday, November 5th. DA Davidson lifted their target price 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. Weiss Ratings reiterated a “sell (d-)” rating on shares of Babcock in a research report on Wednesday, October 8th. Lake Street Capital restated a “buy” rating and set a $9.00 price target on shares of Babcock in a research report on Wednesday, November 5th. Finally, Wall Street Zen raised shares of Babcock from a “sell” rating to a “hold” rating in a research note on Saturday, November 8th. Two investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $7.33.

Babcock Trading Up 20.7%

The firm’s fifty day simple moving average is $5.77 and its two-hundred day simple moving average is $3.36. The company has a market capitalization of $793.81 million, a price-to-earnings ratio of -5.49 and a beta of 1.43.

Babcock (NYSE:BW) last released its quarterly earnings results on Tuesday, November 4th. The technology company reported ($0.06) EPS for the quarter, beating the consensus estimate of ($0.10) by $0.04. The firm had revenue of $149.00 million for the quarter, compared to analysts’ expectations of $155.57 million.

Institutional Trading of Babcock

A number of hedge funds and other institutional investors have recently modified their holdings of BW. Sender Co & Partners Inc. purchased a new stake in Babcock in the 3rd quarter valued at about $50,000. Qube Research & Technologies Ltd acquired a new stake in shares of Babcock during the third quarter valued at about $69,000. Centiva Capital LP purchased a new stake in shares of Babcock in the 3rd quarter valued at approximately $31,000. Bank of America Corp DE lifted its holdings in shares of Babcock by 3,605.8% in the 3rd quarter. Bank of America Corp DE now owns 25,496 shares of the technology company’s stock worth $74,000 after acquiring an additional 24,808 shares during the last quarter. Finally, Algert Global LLC purchased a new position in shares of Babcock during the 3rd quarter worth approximately $102,000. 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.