Todays Report: The Baker Hughes Inc. (BHI) Price Target Raised to $59.00 at Royal Bank Of Canada

The Baker Hughes Inc. (BHI) Price Target Raised to $59.00 at Royal Bank Of Canada

Baker Hughes Inc. (NYSE:BHI) had its target price lifted by Royal Bank Of Canada from $50.00 to $59.00 in a research report sent to investors on Monday. Royal Bank Of Canada currently has an outperform rating on the oilfield services provider’s stock.

Several other analysts also recently weighed in on the stock. Nomura lifted their price objective on shares of Baker Hughes from $38.00 to $43.00 and gave the company a neutral rating in a research report on Tuesday, August 16th. Citigroup Inc. reiterated a buy rating on shares of Baker Hughes in a research report on Saturday, June 25th. Vetr upgraded shares of Baker Hughes from a buy rating to a strong-buy rating and set a $51.07 price objective on the stock in a research report on Monday, June 27th. Scotiabank reiterated a sector outperform rating and issued a $56.00 price objective (up from $49.00) on shares of Baker Hughes in a research report on Sunday, July 31st. Finally, Loop Capital initiated coverage on shares of Baker Hughes in a research report on Friday, September 30th. They issued a hold rating and a $52.00 price objective on the stock. Two research analysts have rated the stock with a sell rating, thirteen have issued a hold rating, twenty have given a buy rating and two have given a strong buy rating to the company’s stock. The company presently has a consensus rating of Buy and an average target price of $53.24.

Shares of Baker Hughes (NYSE:BHI) opened at 52.50 on Monday. The company’s 50-day moving average is $50.21 and its 200-day moving average is $46.95. Baker Hughes has a 12 month low of $37.58 and a 12 month high of $56.81. The firm’s market cap is $22.46 billion.

Baker Hughes (NYSE:BHI) last issued its quarterly earnings data on Thursday, July 28th. The oilfield services provider reported ($0.90) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.59) by $0.31. The firm earned $2.40 billion during the quarter, compared to the consensus estimate of $2.34 billion. Baker Hughes had a negative net margin of 25.14% and a negative return on equity of 4.46%. The company’s revenue for the quarter was down 39.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.14) earnings per share. On average, equities research 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 business’s stock in a transaction that occurred 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 transaction, the senior vice president now directly owns 50,159 shares of the company’s stock, valued at $2,407,632. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Alan R. Crain, Jr. sold 3,000 shares of the business’s stock in a transaction that occurred on Friday, October 7th. The shares were sold at an average price of $53.00, for a total transaction of $159,000.00. Following the transaction, the senior vice president now directly owns 21,160 shares in the company, valued at $1,121,480. The disclosure for this sale can be found here. Corporate insiders own 0.60% of the company’s stock.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Ngam Advisors L.P. increased its position in shares of Baker Hughes by 0.5% in the first quarter. Ngam Advisors L.P. now owns 24,478 shares of the oilfield services provider’s stock worth $1,073,000 after buying an additional 126 shares during the last quarter. Prudential Financial Inc. increased its position in shares of Baker Hughes by 1.0% in the first quarter. Prudential Financial Inc. now owns 555,864 shares of the oilfield services provider’s stock worth $24,364,000 after buying an additional 5,280 shares during the last quarter. NN Investment Partners Holdings N.V. bought a new position in shares of Baker Hughes during the first quarter worth approximately $3,773,000. M&T Bank Corp increased its position 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. Finally, AMF Pensionsforsakring AB increased its position 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. 89.30% of the stock is currently owned by hedge funds and other institutional investors.

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