The RBC Capital Markets Reaffirms Outperform Rating for Baker Hughes Inc. (BHI)

The RBC Capital Markets Reaffirms Outperform Rating for Baker Hughes Inc. (BHI)

RBC Capital Markets reissued their outperform rating on shares of Baker Hughes Inc. (NYSE:BHI) in a research report released on Monday morning. They currently have a $59.00 price objective on the oilfield services provider’s stock, up from their prior price objective of $50.00.

A number of other research analysts also recently commented on BHI. FBR & Co reaffirmed a buy rating on shares of Baker Hughes in a report on Friday, July 29th. BMO Capital Markets reaffirmed a buy rating and issued a $50.00 price target on shares of Baker Hughes in a report on Friday, July 29th. Citigroup Inc. reaffirmed a buy rating on shares of Baker Hughes in a report on Saturday, June 25th. Vetr raised shares of Baker Hughes from a sell rating to a buy rating and set a $51.17 price target for the company in a report on Monday, June 13th. Finally, Credit Suisse Group AG reaffirmed a buy rating on shares of Baker Hughes in a report on Tuesday, June 28th. Two research analysts have rated the stock with a sell rating, thirteen have issued a hold rating, twenty have issued a buy rating and two have issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of Buy and a consensus price target of $53.24.

Shares of Baker Hughes (NYSE:BHI) opened at 52.20 on Monday. Baker Hughes has a 52-week low of $37.58 and a 52-week high of $56.81. The firm’s 50-day moving average price is $50.18 and its 200 day moving average price is $46.91. The company’s market capitalization is $22.34 billion.

Baker Hughes (NYSE:BHI) last released its quarterly earnings data 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 the consensus estimate of $2.34 billion. During the same period last year, the company earned ($0.14) EPS. The firm’s revenue for the quarter was down 39.3% on a year-over-year basis. On average, equities analysts forecast that Baker Hughes will post ($2.21) earnings per share for the current year.

In other Baker Hughes news, VP Alan J. Keifer sold 17,434 shares of Baker Hughes stock in a transaction on Friday, August 19th. The shares were sold at an average price of $52.70, for a total value of $918,771.80. Following the completion of the transaction, the vice president now owns 41,374 shares of the company’s stock, valued at $2,180,409.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Alan R. Crain, Jr. sold 1,226 shares of Baker Hughes 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 completion of the transaction, the senior vice president now directly owns 50,159 shares of the company’s stock, valued at approximately $2,407,632. The disclosure for this sale can be found here. 0.60% of the stock is currently owned by company insiders.

Hedge funds have recently added to or reduced their stakes in the company. ValueAct Holdings L.P. boosted its stake in Baker Hughes by 67.3% in the second quarter. ValueAct Holdings L.P. now owns 38,886,200 shares of the oilfield services provider’s stock worth $1,754,934,000 after buying an additional 15,639,500 shares in the last quarter. FMR LLC boosted its stake in Baker Hughes by 21.0% in the second quarter. FMR LLC now owns 27,713,563 shares of the oilfield services provider’s stock worth $1,250,713,000 after buying an additional 4,812,667 shares in the last quarter. Canada Pension Plan Investment Board boosted its stake in 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 in the last quarter. Wellington Management Group LLP boosted its stake in Baker Hughes by 120.1% in the first quarter. Wellington Management Group LLP now owns 5,646,448 shares of the oilfield services provider’s stock worth $247,485,000 after buying an additional 3,081,050 shares in the last quarter. Finally, BlackRock Fund Advisors boosted its stake in Baker Hughes by 36.6% in the second quarter. BlackRock Fund Advisors now owns 7,897,965 shares of the oilfield services provider’s stock worth $356,435,000 after buying an additional 2,114,224 shares in the last quarter. 89.30% of the stock is owned by institutional investors and hedge funds.

About Baker Hughes

Related posts

Leave a Comment