Baker Hughes Incorporated (NYSE:BHI) Chairman and Chief Executive Officer Martin S. Craighead announced today that the Baker Hughes Board of Directors announced the regular quarterly cash dividend of $0.17 per share of common stock payable December 24, 2015 to holders of record on December 3, 2015.
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U.S. oil services company Halliburton said it was offering five tranches of senior notes, using the proceeds to help finance the acquisition of Baker Hughes.
Shares of Baker Hughes (NYSE:BHI) opened at 51.56 on Thursday.
Other analysts have also recently issued reports about the company. The company has a 52-week high of $70.45. When considering if perhaps the stock is under or overvalued, the average price target is $44.00 which is 14.6% above where the stock closed yesterday. After surveying 15 different analysts, we established an average estimate of $ -0.15 earnings per share (EPS) for NYSE:BHI. The adverse impact of foreign exchange rates and the absence of revenues from Shine in the current quarter each impacted adjusted revenue growth by approximately $200 million, or 6% in total. The stock’s 50-day moving average is $38.02 and its 200-day moving average is $41.48.
The target decrease is probably noticed by equity traders, as NYSE:BHI is now trading -4.65% lower at $51.92 as of 06:33 New York time.
The analysts lowered Baker Hughes’ price target to $62 from $68 as it will likely be more affected if the deal falls through. Following the completion of the transaction, the vice president now directly owns 4,668 shares in the company, valued at $260,100.96.
In case of the Halliburton-Baker Hughes deal, the former had agreed to pay a substantial premium to shareholders of the latter.
Baker Hughes is a leading supplier of oilfield services, products, technology and systems to the worldwide oil and natural gas industry. It runs its operations through affiliates, subsidiaries, ventures and alliances.
A few oilfield service companies have said they expect the slowdown in drilling to continue into the first quarter of next year. The Company operates in five segments: North America, Latin America, Europe/Africa/Russia Caspian, Middle East/Asia Pacific and Industrial Services.
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The world’s second- and third-largest oilfield service companies have been seeking to complete the deal by either December 15, or 30 days after both certify compliance with U.S. Justice Department requests, whichever is later. The Organization also has an Industrial Services section, including the downstream compounds company as well as the procedure and pipeline services business.
