Oilfield services company Baker Hughes Inc. says the number of rigs exploring for oil and natural gas internationally is down by over one-third since June of past year. The average Canadian rig count for June 2015 was 129, up 49 from the 80 counted in May 2015, and down 111 from the 240 counted in June 2014. (BHI) Wednesday said worldwide rig count for the month of June was 2,136, down from the 3,445 counted a year ago.
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In an analyst note released by Citigroup on Friday morning, Baker Hughes Incorporated (NYSE:BHI) had its price target downgraded to $77.00. The stock was sold at an average price of $65.75, for a total transaction of $1,794,580.50. The company has a market cap of $25,968 million and the number of outstanding shares has been calculated to be 434,676,000 shares. S&P 500 has rallied 5.01% during the last 52-weeks. A total of shares of the company’s stock traded hands. The stock has a 50-day moving average of $63.19 and a 200-day moving average of $62.47. Analysts at Susquehanna reiterated a “positive” rating on shares of Baker Hughes in a research note on Friday, June 26th.
Energy Opportunities Capital Management Llc had the most significant stake with ownership of 610,929 shares as of q1 2015 for 9.14% of the U.S. long stock exposure. The company had revenue of $4.60 billion for the quarter, compared to the consensus estimate of $5.46 billion.
Over the last six months, Baker Hughes Incorporated NYSE:BHI has seen 0 insider purchases, and 10 insider selling transactions. The oilfield services provider reported ($0.07) earnings per share for the quarter, missing the analysts’ consensus estimate of $0.52 by $0.59. Long Oar Global Investors Llc is another quite bullish active investment manager who is having 50 shares of Baker Hughes Incorporated or 8.39% of their United States long stock exposure.
Is this a Buying Opportunity? One analyst has rated the stock with a sell rating, nine have issued a hold rating and eighteen have issued a buy rating to the company’s stock. On a consensus basis this yields to an Overweight rating. The stock now has a consensus rating of Buy and an average price target of $75.39.
A recent analyst activity consisted of Citigroup reiterating their Buy stance on July 8.
The target decrease is noticed by equity trades, as NYSE:BHI is at the moment trading -1.55% lower at $59.74 as of 06:13 New York time. This corresponds to a 28.01% upside from the last closing price.
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Over the next 12-months sell-side research firms are predicting that the stock will reach targets in the range of $64-96.
