Baker Hughes (BHGE) Surges: Stock Moves 8.8% Higher
Baker Hughes, a GE company BHGE was a big mover last session, as the company saw its shares rise nearly 9% on the day. The move came on solid volume too with far more shares changing hands than in a normal session. This stock, which remained volatile and traded within the range of $29.94–$34.97 in the past one-month time frame, witnessed a sharp increase yesterday.
The move came after the company announced that its board has authorized Baker Hughes, a GE company, LLC to repurchase up to $3 billion of its common units from GE and BHGE.
The company has seen five negative estimate revisions in the past few weeks, while its Zacks Consensus Estimate for the current quarter has also moved lower over the past few weeks, suggesting there may be trouble down the road. So make sure to keep an eye on this stock going forward, to see if this recent move higher can last.
Baker Hughes currently has a Zacks Rank #5 (Strong Sell) while its Earnings ESP is negative.
A better-ranked stock in the Oil and Gas – Field Services industry is Dawson Geophysical Company DWSN, holding a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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Dawson Geophysical Company (DWSN): Free Stock Analysis Report
Baker Hughes Incorporated (BHGE): Free Stock Analysis Report
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