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Market Update (NYSE:BHI): U.S. regulator sues ValueAct over Halliburton-Baker Hughes disclosures

[Reuters] – The U.S. Department of Justice on Monday sued ValueAct Capital for violating notification requirements related to Halliburton Co’s deal to buy rival Baker Hughes Inc, in a case that the activist hedge fund says it will fight. The Department of Justice alleges that ValueAct was an active investor from the time it started to build its position in both companies shortly after the November 2014 merger agreement, and that the hedge fund violated the law – known as the Hart-Scott-Rodino (HSR) Act – by waiting too long to disclose its intentions. The lawsuit said ValueAct used its access to senior Halliburton and Baker Hughes executives to formulate the merger and other strategies. Read more on this. Baker Hughes Incorporated (BHI) , valued at $18.16B, began trading this morning at $41.80. Today’s price range has been between $40.24 and $42.58 per share and has traded between $37.58 and $70.45 over the past year. BHI shares are currently priced at -47.20x this year’s forecasted earnings, which makes them relatively inexpensive compared to the industry’s 0.04x forward p/e ratio. The company pays shareholders $0.68 per share annually in dividends, yielding 1.58%. In a review of the consensus earnings estimate this quarter, 31 sell-side analysts are looking at $-0.26 per share, which would be $0.00 better than the year-ago quarter and a $0.00 sequential increase. The full-year EPS estimate is $-0.91 which would be a $0.43 worse than last year’s full-year earnings. The quarterly earnings estimate is predicated on a consensus revenue forecast of $2.93 Billion. If reported, that would be a 36.17% decrease over the year-ago quarter. Recently, DA Davidson Initiated BHI at Buy (Feb 19, 2016). Previously, Morgan Stanley downgraded BHI from Overweight to Equal-Weight. The average price target for BHI shares by the analysts covering the stock is $57.65, which is 37.92% above where the stock opened this morning. See more in (NYSE:BHI) Similar Articles: Market Update: Halliburton Company (NYSE:HAL) – U.S. sues ValueAct over Halliburton-Baker Hughes deal disclosures Market Update: Baker Hughes Incorporated (NYSE:BHI) – Baker Hughes Declares Quarterly Dividend Company Update: Baker Hughes Incorporated (NYSE:BHI) – EU opens probe into Halliburton’s planned purchase of Baker Hughes
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