Babcock (NYSE:BW) Trading Down 6.3% on Analyst Downgrade

Babcock (NYSE:BW) shares fell 6.3% on Friday after Credit Suisse Group lowered their price target on the stock from $10.00 to $3.70. Credit Suisse Group currently has an underperform rating on the stock. Babcock traded as low as $2.61 and last traded at $2.87, with a volume of 6,180,276 shares. The stock had previously closed at $2.70.

Other analysts have also issued research reports about the stock. BidaskClub lowered shares of Babcock from a “sell” rating to a “strong sell” rating in a research report on Wednesday. Zacks Investment Research lowered shares of Babcock from a “buy” rating to a “hold” rating in a research report on Tuesday, July 11th. Finally, Sidoti reduced their price target on shares of Babcock from $13.00 to $9.00 and set a “neutral” rating on the stock in a research report on Thursday, May 25th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $12.34.

Several hedge funds have recently added to or reduced their stakes in the stock. ETRADE Capital Management LLC raised its stake in Babcock by 0.7% in the second quarter. ETRADE Capital Management LLC now owns 13,288 shares of the technology company’s stock valued at $156,000 after buying an additional 95 shares during the last quarter. Virginia Retirement Systems ET AL raised its stake in Babcock by 0.6% in the first quarter. Virginia Retirement Systems ET AL now owns 83,200 shares of the technology company’s stock valued at $777,000 after buying an additional 500 shares during the last quarter. Victory Capital Management Inc. raised its stake in Babcock by 2.3% in the first quarter. Victory Capital Management Inc. now owns 66,800 shares of the technology company’s stock valued at $624,000 after buying an additional 1,525 shares during the last quarter. American International Group Inc. raised its stake in Babcock by 7.1% in the first quarter. American International Group Inc. now owns 28,154 shares of the technology company’s stock valued at $263,000 after buying an additional 1,859 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. increased its stake in Babcock by 0.9% in the first quarter. Schwab Charles Investment Management Inc. now owns 282,251 shares of the technology company’s stock valued at $2,637,000 after buying an additional 2,430 shares during the period. 92.45% of the stock is currently owned by hedge funds and other institutional investors.

The company’s market capitalization is $125.42 million. The firm’s 50 day moving average is $10.35 and its 200-day moving average is $11.29.

Babcock (NYSE:BW) last announced its quarterly earnings data on Wednesday, August 9th. The technology company reported ($2.63) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.05 by $2.68. The firm had revenue of $349.80 million for the quarter, compared to analysts’ expectations of $434.34 million. Babcock had a negative net margin of 14.41% and a negative return on equity of 35.95%. The business’s quarterly revenue was down 8.7% on a year-over-year basis. During the same period in the previous year, the company posted ($0.20) EPS. Analysts expect that Babcock will post ($1.18) earnings per share for the current fiscal year.

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About Babcock

Babcock & Wilcox Enterprises, Inc is a technology-based provider of fossil and renewable power generation and environmental equipment that includes a suite of boiler products and environmental systems, and services for power and industrial uses. The Company operates in three segments: Power, Renewable and Industrial.

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