Dahlman Rose Cuts Estimates and Price Target on Baker Hughes (BHI); Another Stunning Shortfall in N.A. Pressure Pump
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Price: $57.68 --0%
Rating Summary:
15 Buy, 20 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 11 | New: 14
Rating Summary:
15 Buy, 20 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 11 | New: 14
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Dahlman Rose maintains a 'Buy' on Baker Hughes (NYSE: BHI) price target cut from $68 to $53.
Dahlman analyst says, "In our view, the collapse in North American pressure pumping profitability in the past two quarters is more due to Baker Hughes issues than industry activity issues...BHI is expected to have a shortfall in North American pressure pumping of about $180 million in the March quarter compared with our expectations going into the quarter. This would drop margins in North American pressure pumping to an estimated 5% in the quarter. This is on top of last quarter's roughly $100 million shortfall. Primarily reflecting the collapse of North American pressure pumping margins and to a much lesser extent project delays in Latin America, we are lowering our Q1 EPS estimate to $0.82 (from $1.12) and our 2012 and 2013 EPS estimates to $3.70 and $4.75, respectively."
For an analyst ratings summary and ratings history on Baker Hughes click here. For more ratings news on Baker Hughes click here.
Shares of Baker Hughes closed at $43.22 yesterday.
Dahlman analyst says, "In our view, the collapse in North American pressure pumping profitability in the past two quarters is more due to Baker Hughes issues than industry activity issues...BHI is expected to have a shortfall in North American pressure pumping of about $180 million in the March quarter compared with our expectations going into the quarter. This would drop margins in North American pressure pumping to an estimated 5% in the quarter. This is on top of last quarter's roughly $100 million shortfall. Primarily reflecting the collapse of North American pressure pumping margins and to a much lesser extent project delays in Latin America, we are lowering our Q1 EPS estimate to $0.82 (from $1.12) and our 2012 and 2013 EPS estimates to $3.70 and $4.75, respectively."
For an analyst ratings summary and ratings history on Baker Hughes click here. For more ratings news on Baker Hughes click here.
Shares of Baker Hughes closed at $43.22 yesterday.
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