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Stock Update: Baker Hughes Incorporated (NYSE:BHI) – U.S. Justice Dept will sue to stop Halliburton, Baker Hughes merger – source

[Reuters] – The U.S. Justice Department will file a lawsuit as soon as this week to stop oilfield services provider Halliburton Co from acquiring smaller rival Baker Hughes Inc, a source familiar with the matter said on Tuesday. Since the deal to combine the No. 2 and No. 3 oil services companies was first announced in November 2014, oil prices have fallen by more than 55 percent. The combined company would overtake Schlumberger NV as the world’s largest oilfield services provider, fueling concern about higher prices for customers. Read more on this. Baker Hughes Incorporated (BHI) , currently valued at $17.23B, started the session at $40.79. Today, shares have traded between $38.16 and $41.08 per share and has traded between $37.58 and $70.45 over the past 12 months. BHI shares are currently priced at -45.08x this year’s forecasted earnings, which makes them relatively inexpensive compared to the industry’s 0.04x earnings multiple for the same period. The company pays shareholders $0.68 per share in dividend income per year, for a current yield of 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 $-0.92 which would be a $0.44 setback 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. More 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 41.33% above where the stock opened this morning. See more in (NYSE:BHI) Similar Articles: Market Update: Baker Hughes Incorporated (NYSE:BHI) – Baker Hughes Announces February 2016 Rig Counts 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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