Dahlman Rose reported on Monday that they have downgraded oil services company, Baker Hughes Incorporated(BHI) to a “Hold.”
The firm has cut their rating for BHI from a “Buy” to a “Hold.” Additionally, the firm reported downgrades on eight other oil services company which have recently reported strength.
An analyst from the firm commented, “we continue to have a positive view on the performance of the oil service group,” the analyst said. “At this point, we have a clear preference for those companies strongly exposed to the multiyear upturn forecast for international exploration and production spending and those oriented toward the exceptional outlook for ultra-deepwater. Given the sluggish outlook for North American E&P spending and the outperformance recently of North America-oriented stocks, we are deemphasizing this group.”
Baker Hughes shares were down 41 cents, or -0.90% during premarket trading Monday. The stock has declined -4% in the past year.
The Bottom Line
Shares of Baker Hughes Incorporated(BHI) have a 1.31% yield, based on Friday’s closing price of $45.65.
Baker Hughes Incorporated(BHI) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.2 out of 5 stars.
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