The Oil Field Services company is now valued at $26.15 billion and its share price closed the last trading session at $60.15. Analysts at JPMorgan Chase & Co. initiated coverage on shares of Baker Hughes in a research note on Friday, May 29th. During last 3 month period, -0.02% of total institutional ownership has changed in the company shares. Around 2% of the company’s shares, which are float, are short sold.
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The gains came after 29 consecutive weeks of declines, bringing the total rig count up to 645, the most since late May, oil services company Baker Hughes Inc said in its closely followed report.
“We view the spring rally in prices to $60 a barrel as premature and self-defeating as it will ultimately lead to higher USA production”, analysts at Goldman Sachs said in a note. The 50-day moving average is $63.73 and the 200 day moving average is recorded at $62.28. During the same quarter a year ago, the company posted $0.84 earnings per share. It also provides industrial and other products and services to the downstream refining, and the process and pipeline industries.
Over the next 12-months sell-side research firms are predicting that the stock will reach targets in the range of $64-96.
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According to data compiled by Thomson Reuters, Baker Hughes Incorporated (NYSE:BHI)’s stock is covered by 26 equity analysts across the Street, with 1 analysts giving it a Sell rating, 23 a Buy rating, while 9 consider it a Hold. Of those thirty-three, twenty-three have a Buy rating, nine have a Hold rating and one has a Sell rating. The stock now has a consensus rating of Buy and an average price target of $75.39. The shares closed down 0.94 points or 1.55% at $59.74 with 5,344,212 shares getting traded. They set a “neutral” rating and a $69.00 price target on the stock. This represents a $0.68 dividend on an annualized basis and a yield of 1.14%. The Company is a supplier of oilfield services, products, technology and systems to the around the world oil and natural gas industry. The Company operates in five segments: North America, Latin America, Europe/Africa/Russia Caspian, Middle East/Asia Pacific and Industrial Services. Its Industrial Services and Other segment includes downstream chemicals, process and pipeline services, and the reservoir development services group.
