Baker Hughes rig count points to growth in North America

Baker Hughes Incorporated (NYSE:BHI) last session's volume of 1.76 million shares was lower than its average volume of 2.41 million shares. The firm is scheduled to report its next earnings results before the market opens on Tuesday, April 25th. During the same quarter in the previous year, the firm posted ($0.21) earnings per share. The firm earned $2.40 billion during the quarter, compared to analyst estimates of $2.36 billion. Baker Hughes had a negative return on equity of 5.64% and a negative net margin of 27.82%. Baker Hughes's revenue was down 29.0% on a year-over-year basis.

Other equities research analysts have also recently issued reports about the company. The median estimate represents a 16.01% increase from the last price. Societe Generale cut shares of Baker Hughes from a "buy" rating to a "hold" rating and boosted their price objective for the company from $61.74 to $65.00 in a research report on Thursday, January 19th. Finally, Jefferies Group LLC lowered their target price on shares of Baker Hughes from $73.00 to $72.00 and set a hold rating for the company in a research note on Friday, January 27th. The company has a consensus rating of Buy and an average target price of $60.40. Citigroup Inc reissued a "buy" rating and issued a $70.00 price objective (down from $75.00) on shares of Baker Hughes in a research report on Saturday, March 11th. One investment analyst has rated the stock with a sell rating, eighteen have given a hold rating, sixteen have issued a buy rating and one has issued a strong buy rating to the company's stock. Also, the current price highlights a discount of 63.72% to analysts' high consensus price target. Municipal Employees Retirement System of MI increased its position in Baker Hughes by 0.3% in the third quarter. Nikko Asset Management Americas Inc. now owns 184,245 shares of the oilfield services provider's stock worth $9,297,000 after buying an additional 30,000 shares during the last quarter. FineMark National Bank & Trust increased its position in shares of Baker Hughes by 116.7% in the third quarter. Hsbc Holdings PLC now owns 337,587 shares of the oilfield services provider's stock worth $17,038,000 after buying an additional 6,668 shares during the last quarter. LLC increased its position in shares of Baker Hughes by 86.7% in the third quarter. The fund owned 955,305 shares of the oilfield services provider's stock after selling 2,012 shares during the period. Finally, Acrospire Investment Management LLC purchased a new position in shares of Baker Hughes during the third quarter valued at approximately $172,000.

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Both benchmarks were trading down on the day an hour after data release, with WTI trading down 14 cents at $52.97, and Brent trading down 23 cents at $55.63. Over the last five days, shares have faced -0.03% losses and now is up 8.18% since hitting its 200-day moving average of $59.76.

Today, BMO Capital Markets reiterated its Buy rating on Baker Hughes Incorporated (NYSE:BHI) with a price target of $69.00. The company's market capitalization is $26.34 billion. If you are accessing this story on another website, it was stolen and reposted in violation of United States & worldwide copyright & trademark legislation. If you are viewing this report on another domain, it was illegally stolen and reposted in violation of United States & global copyright & trademark legislation.

Baker Hughes Incorporated is engaged in the oilfield services industry.

The number of rigs exploring for oil and natural gas in the US rose by 8 this week to 847. The Company also provides products and services for other businesses, including downstream chemicals, and process and pipeline services.

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