Babcock (NYSE:BW) Issues Earnings Results

Babcock (NYSE:BW) announced its quarterly earnings results on Monday. The technology company reported ($0.60) earnings per share for the quarter, missing the consensus estimate of ($0.03) by ($0.57), FiscalAI reports. The firm had revenue of $214.41 million during the quarter, compared to the consensus estimate of $149.72 million.

Babcock Stock Performance

Shares of Babcock stock traded up $3.14 during trading hours on Monday, hitting $17.68. The company’s stock had a trading volume of 4,996,355 shares, compared to its average volume of 3,812,999. The business has a 50 day moving average price of $14.62 and a two-hundred day moving average price of $9.57. Babcock has a 12-month low of $0.52 and a 12-month high of $18.80. The company has a market cap of $2.40 billion, a PE ratio of -32.88 and a beta of 1.08.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on BW shares. Northland Securities began coverage on shares of Babcock in a report on Thursday, January 22nd. They set an “outperform” rating and a $10.00 price objective for the company. Craig Hallum reiterated a “buy” rating and set a $19.00 target price on shares of Babcock in a research note on Tuesday, March 17th. Wall Street Zen upgraded Babcock from a “hold” rating to a “buy” rating in a research note on Saturday, March 21st. Zacks Research upgraded Babcock to a “hold” rating in a research report on Friday, January 23rd. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Babcock in a report on Monday, April 20th. Three investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $11.00.

Insider Activity

In related news, major shareholder Brc Group Holdings, Inc. sold 1,155,382 shares of Babcock stock in a transaction that occurred on Wednesday, February 11th. The stock was sold at an average price of $9.00, for a total transaction of $10,398,438.00. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Kenneth M. Young purchased 7,000 shares of the company’s stock in a transaction on Wednesday, March 18th. The stock was acquired at an average price of $15.14 per share, with a total value of $105,980.00. Following the completion of the purchase, the chief executive officer directly owned 1,656,512 shares in the company, valued at $25,079,591.68. This trade represents a 0.42% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Company insiders own 2.80% of the company’s stock.

Institutional Trading of Babcock

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. XTX Topco Ltd boosted its holdings in shares of Babcock by 231.3% during the 4th quarter. XTX Topco Ltd now owns 260,360 shares of the technology company’s stock valued at $1,651,000 after purchasing an additional 181,768 shares during the last quarter. SummitTX Capital L.P. purchased a new position in Babcock during the 4th quarter valued at approximately $84,000. Saba Capital Management L.P. bought a new stake in Babcock in the 4th quarter worth approximately $4,318,000. Engineers Gate Manager LP purchased a new stake in shares of Babcock during the 4th quarter worth approximately $165,000. Finally, Cinctive Capital Management LP bought a new position in shares of Babcock during the 4th quarter valued at approximately $183,000. 83.17% of the stock is currently owned by institutional investors.

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.