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BHI

Baker Hughes

$60.48

-0.79 (-1.29%)

, GS

Goldman Sachs

$211.75

2.05 (0.98%)

16:24
11/29/16
11/29
16:24
11/29/16
16:24

Baker Hughes, Goldman Sachs fund to form North America pressure pumping company

Baker Hughes (BHI), CSL Capital, and West Street Energy, a fund managed by the merchant banking division of Goldman Sachs (GS), announced an agreement to create a pure-play North American land pressure pumping company. The new company will provide customers with "leading hydraulic fracturing and cementing services supported by the current Baker Hughes world-class technology portfolio." Under terms of the agreement, Baker Hughes will contribute its North American land cementing and hydraulic fracturing businesses, which comprises assets in the U.S. and Canada. This includes personnel, expertise, technology and infrastructure. CSL Capital will contribute its Allied Energy Services platform, which provides hydraulic fracturing and cementing services on land in North America. Further, CSL and WSEP will together contribute $325M in cash to the new company, of which $175M will be used to strengthen its balance sheet and position it for growth, while the remaining $150M will go to Baker Hughes. CSL and WSEP together will own 53.3% of the new company, and Baker Hughes will retain a 46.7% ownership stake. The new company will operate under the BJ Services brand and will be headquartered in Tomball, Texas. Warren Zemlak, current president and CEO of Allied Energy Services, will serve as CEO of BJ Services, with the balance of the executive team to include "oilfield services veterans." Baker Hughes will provide customary support services to ensure a seamless transition. Access to current Baker Hughes' pressure pumping technology will be provided to the new company through a licensing agreement. Through a strategic collaboration, Baker Hughes will have access to BJ Services' product and service portfolio to continue to provide solutions to customers in the North American land market. The financial results of the Baker Hughes North American land pressure pumping business will continue to be reported as part of Baker Hughes' consolidated financial results through 4Q16. This agreement does not include Baker Hughes' international pressure pumping businesses or its Gulf of Mexico offshore pressure pumping operations, which Baker Hughes will continue to operate.

BHI

Baker Hughes

$60.48

-0.79 (-1.29%)

GS

Goldman Sachs

$211.75

2.05 (0.98%)

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BHI Baker Hughes
$60.48

-0.79 (-1.29%)

11/01/16
11/01/16
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Chevron (CVX) upgraded to Overweight from Equal Weight at Morgan Stanley with analyst Evan Calio saying he believes Chevron is differentiated and has the largest free cash flow inflection in 2017-2019 from project start-ups, primarily Wheatstone and Gorgon, driving production growth to 16%, has the best short-cycle opportunity globally, particularly in the Permian,and has higher oil leverage into a cyclical price recovery. 2. Baker Hughes (BHI) upgraded to Neutral from Underweight at Atlantic Equities. 3. Johnson Controls (JCI) upgraded to Conviction Buy from Buy at Goldman with analyst Joe Ritchie saying he believes Johnson's fundamentals are improving, cost savings should support EBIT growth, and valuation is inexpensive. 4. Brocade upgraded to Outperform on potential takeover at RBC Capital with analyst Mitch Steves saying he believes Brocade makes sense as a strategic asset to the right operator and would be mid-single-digit accretive to the acquirer. 5. VMware (VMW) upgraded to Buy from Hold at Summit Redstone. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
11/01/16
11/01/16
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. MasterCard (MA) downgraded to Neutral from Buy at Guggenheim. 2. L Brands (LB) downgraded to Neutral from Buy at Mizuho with analyst Betty Chen saying the company's third quarter earnings per share miss "demonstrates the severity of the challenges" it's facing, and she believes that its outlook is "cloudy." 3. GoDaddy (GDDY) downgraded to Neutral from Buy at Monness Crespi with analyst James Cakmak citing valuation and saying he sees limited upside to estimates but expects another solid quarter. 4. Baker Hughes (BHI) downgraded to Outperform from Strong Buy at Raymond James. 5. Level 3 (LVLT) downgraded to Neutral from Buy at Goldman, to Sector Perform from Outperform at RBC Capital, and to Hold from Buy at Jefferies. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
11/21/16
SUSQ
11/21/16
NO CHANGE
Target $70
SUSQ
Positive
Baker Hughes price target raised to $70 from $64 at Susquehanna
Susquehanna analyst Charles Minervino raised his price target on Baker Hughes (BHI) to $70 from $64 as he believes the share price is still not adequately reflecting the premium paid by General Electric (GE). He believes the assumptions laid out by GE in its presentation to sell the deal were conservative. Minervino reiterated his Positive rating on Baker Hughes shares.
11/29/16
WELS
11/29/16
NO CHANGE
WELS
Baker Hughes merger looking 'more favorable,' says Wells Fargo
After further analyzing the merger between Baker Hughes (BHI) and GE's (GE) Oil & Gas unit, Wells Fargo has become more upbeat about the new company's outlook. Specifically, it contends that the new company "has a higher percentage of relatively stable aftermarket service revenue than the market appreciates... along with less-volatile revenue streams and higher margins from Digital Solutions and Downstream Technology." The firm is upbeat about the combined company's longer term outlook, and it thinks that the company's cost synergies will come in above expectations. Wells raised its price target range on Baker Hughes to $69-$71 and keeps an Outperform rating on the stock.
GS Goldman Sachs
$211.75

2.05 (0.98%)

11/18/16
11/18/16
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. HP Enterprise (HPE) upgraded to Outperform from Market Perform at Raymond James with analyst Simon Leopold saying he believes the spinoff of its Enterprise Service and Software businesses will unlock value and said checks have been positively biased in North American enterprises and Federal verticals. 2. Exelon (EXC) upgraded to Overweight from Equal Weight at Morgan Stanley with analyst Stephen Byrd saying Exelon offers attractive growth at a compelling valuation with meaningful ROE improvement at acquired utilities. 3. Goldman Sachs (GS) upgraded to Outperform from Neutral at Macquarie with saying investors should shift exposure to names that have more leverage to capital markets and increased economic activity and away from global banks. 4. Hain Celestial (HAIN) upgraded to Neutral from Underperform at BofA/Merrill and to Neutral from Underweight at Atlantic Equities. 5. FleetCor (FLT) upgraded to Outperform from Market Perform at Wells Fargo with analyst Timothy Willi saying the 13% selloff since the company's third quarter results on November 1 is overdone and presents a buying opportunity. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
11/29/16
NOMU
11/29/16
DOWNGRADE
NOMU
Neutral
Goldman Sachs downgraded to Neutral from Buy at Nomura
11/29/16
11/29/16
DOWNGRADE
Target $201

Neutral
Goldman Sachs downgraded to Neutral on valuation at Nomura
As previously reported, Nomura downgraded Goldman Sachs to Neutral from Buy and maintained its $201 price target. Analyst Steven Chubak said risk/reward is more balanced given an already low tax rate, lower asset sensitivity, weaker excess capital, higher risk of multiple rebasing, and heavier international exposure.
11/29/16
KBWI
11/29/16
UPGRADE
Target $240
KBWI
Outperform
Goldman Sachs upgraded to Outperform from Market Perform at Keefe Bruyette
Keefe Bruyette analyst Brian Kleinhanzl upgraded Goldman Sachs to Outperform saying the company should benefit more than peers from a better trading environment. The analyst raised his price target for the shares to $240 from $185.

TODAY'S FREE FLY STORIES

DUK

Duke Energy

$85.96

-0.32 (-0.37%)

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American Electric

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Takata

$3.15

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Takata

$3.15

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Takata

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IRDM

Iridium

$10.75

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TKTDY

Takata

$3.15

1.2199 (63.21%)

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SEAS

SeaWorld

$15.65

-0.16 (-1.01%)

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FB

Facebook

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1.67 (1.09%)

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FRO

Frontline

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GNRT

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$6.12

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WMT

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GOOG

Alphabet

$965.59

8.5 (0.89%)

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$986.09

9.47 (0.97%)

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8.5 (0.89%)

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Alphabet Class A

$986.09

9.47 (0.97%)

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Nestle

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LNG

Cheniere Energy

$47.62

0.34 (0.72%)

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VIA

Viacom

$39.15

0.1 (0.26%)

, VIAB

Viacom

$34.11

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TWX

Time Warner

$99.70

0.3 (0.30%)

DIS

Disney

$104.36

0.14 (0.13%)

LGF.A

Lionsgate

$27.07

0.31 (1.16%)

LGF.B

Lionsgate

$25.38

0.34 (1.36%)

FOX

21st Century Fox

$26.93

0.3 (1.13%)

FOXA

21st Century Fox

$27.19

0.22 (0.82%)

SNE

Sony

$38.52

0.11 (0.29%)

CMCSA

Comcast

$39.50

-0.44 (-1.10%)

CMCSK

Comcast

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GSK

GlaxoSmithKline

$44.29

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BHVN

Biohaven Pharmaceutical

$25.33

-0.13 (-0.51%)

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ESALY

Eisai

$56.42

-0.075 (-0.13%)

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PTNR

Partner Communications

$5.25

0.1123 (2.19%)

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