Baker Hughes Shares Plummet 13% (BHI)

Shares of Oilfield-services company Baker Hughes Incorporated BHI have fallen more than 13% to $43.30 per share on Tuesday afternoon. The day's trading range for shares of Baker Hughes Incorporated has been between $42.79 and $45.69 per share. Analysts covering the company's stock have a consensus price target of $55.83 per share. Volume of 21.2 million shares is already triple the daily average volume of 7 million shares. Baker Hughes Incorporated (BHI) released financial results on Tuesday morning that missed Wall Street estimates and the company said that a drilling moratorium in the Gulf of Mexico would further hurt its business. Baker Hughes Incorporated announced 2nd quarter adjusted earnings of 41 cents per share, on revenue of $3.37 billion. According to a poll of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 43 cents per share, on revenue of $3.48 billion. Chairman and chief executive officer Chad C. Deaton said, "In response to the Gulf of Mexico drilling moratorium, we have deployed people and equipment to US land operations and to international offshore markets where deepwater drilling continues. The drilling moratorium negatively impacted our business on the shelf and in deepwater by $0.03 per share during the quarter and has a potential negative impact per share of $0.08 to $0.11 per quarter in the second half of the year. " Read more from Benzinga's Company news.