Baker Hughes (NYSE:BHI)‘s stock had its “neutral” rating reiterated by research analysts at Citigroup Inc. in a report released on Monday, Stock Ratings Network reports. They currently have a $48.00 price target on the stock, up from their previous price target of $46.00. Citigroup Inc.’s target price suggests a potential upside of 0.42% from the stock’s previous close.
The analysts wrote, “BHI came in below expectations (adjusted EPS of $0.61 vs. our $0.63 estimate and the $0.65 consensus) due to a contract extension that went awry in Brazil, and we are reiterating our Neutral rating. BHI reported on a day that Schlumberger reported strong international earnings (including Latin America). For good reasons investors sold BHI and bought SLB. BHI made a decision to keep resources in Brazil that delayed its transition to a reduced presence following the loss of a major drilling services contract late last year. A contract extension was not granted as BHI expected, and the company was therefore unable to demobilize in an orderly fashion. The number of deepwater rigs employing BHI services fell rapidly in 2Q13, and its remaining business in Brazil shifted to lower-margin onshore activities.”
Shares of Baker Hughes (NYSE: BHI) traded down 0.13% during mid-day trading on Monday, hitting $47.74. Baker Hughes has a 52 week low of $39.44 and a 52 week high of $50.97. The stock’s 50-day moving average is currently $46.78. The company has a market cap of $21.149 billion and a P/E ratio of 21.23.
Baker Hughes (NYSE:BHI) last announced its earnings results on Friday, July 19th. The company reported $0.54 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.65 by $0.11. The company had revenue of $5.49 billion for the quarter, compared to the consensus estimate of $5.26 billion. During the same quarter in the previous year, the company posted $1.00 earnings per share. The company’s revenue for the quarter was up 3.0% on a year-over-year basis. On average, analysts predict that Baker Hughes will post $3.06 earnings per share for the current fiscal year.
A number of other firms have also recently commented on BHI. Analysts at Jefferies Group cut their EPS estimates on shares of Baker Hughes in a research note on Monday. They now have a “buy” rating and a $56.00 price target on the stock. They previously had a $54.00 price target on the stock. Separately, analysts at Sanford C. Bernstein upgraded shares of Baker Hughes to a “top pick” rating in a research note to investors on Friday, July 12th. Finally, analysts at Howard Weil reiterated a “hold” rating on shares of Baker Hughes in a research note to investors on Thursday, July 11th. They now have a $51.00 price target on the stock.
One investment analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, eight have given a buy rating and two have issued a strong buy rating to the company’s stock. Baker Hughes currently has an average rating of “Hold” and an average target price of $51.33.
Baker Hughes Incorporated (NYSE: BHI) is engaged in the oilfield services industry.