Stock Update: Baker Hughes Incorporated (NYSE:BHI) – Baker Hughes expects U.S. rig count to stabilize later in 2016

[Reuters] – Oilfield services provider Baker Hughes Inc said on Wednesday it expects U.S. rig count will begin to stabilize in the second half of this year, while the rig count globally will drop steadily through the end of the year. Baker Hughes said it expects the current-quarter rig count in North American to fall 30 percent from the previous quarter, while the count globally would be limited by fewer new projects. Read more on this. Baker Hughes Incorporated (BHI) , valued at $20.77B, started the session at $44.23. Looking at today’s trading action, the company’s one day range from $44.05 to $47.61 with a one year range of $37.58 to $70.45. BHI shares are currently priced at -38.49x this year’s forecasted earnings, which makes them relatively inexpensive compared to the industry’s -4.01x forward p/e ratio. And for passive income investors, the company pays shareholders $0.68 per share annually in dividends, yielding 1.46%. In a review of the consensus earnings estimate this quarter, 32 sell-side analysts are looking at $-0.34 per share, which would be $0.00 better than the year-ago quarter and a $0.00 sequential increase. What we find to be interesting is that the full-year EPS estimate of $-1.19 is a $0.71 setback when compared to the previous year’s annual results. The quarterly earnings estimate is predicated on a consensus revenue forecast of $2.85 Billion. If reported, that would be a 37.91% decrease over the year-ago quarter. Recently, Jefferies downgraded BHI from Buy to Underperform (Apr 8, 2016). Previously, Nomura Initiated BHI at to Neutral. With the above information in mind, readers should note that the average price target is $52.41, which is 18.49% above where the stock opened this morning. See more in (NYSE:BHI) Similar Articles: Stock Update: Baker Hughes Incorporated (NYSE:BHI) – Baker Hughes Announces March 2016 Rig Counts Market Update: Baker Hughes Incorporated (NYSE:BHI) – Baker Hughes Announces February 2016 Rig Counts Market Update: Baker Hughes Incorporated (NYSE:BHI) – Baker Hughes Announces January 2016 Rig Counts
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