Baker Hughes Shares Up 4% On 83% Revenue Growth (BHI)

Shares of Baker Hughes Incorporated BHI are currently up 4% at $48.26 per share during Monday afternoon trading. Today's trading range for shares of Baker Hughes Incorporated has been between $48.13 and $49.49 per share. The consensus price target of analysts covering the company's stock is $53.32 per share. Volume of 5.9 million shares is already well above the daily average volume of 5.3 million shares. Baker Hughes Incorporated (BHI) released financial results early Monday morning that beat Wall Street estimates. Baker Hughes Incorporated reported 3rd quarter adjusted earnings of 54 cents per share, on revenue of $4.08 billion. A poll of analysts conducted by Thomson Reuters showed an average Wall Street estimate of expected earnings of 47 cents per share, on revenue of $3.8 billion. Read more from Benzinga's Company news. Chairman and chief executive officer Chad C. Deaton said, "Looking ahead, we expect global economic expansion to increase demand for oil and drive continued growth in our international markets. In North America we expect increases in drilling for oil and wet gas to offset weakness in dry gas activity. While we are encouraged that the Gulf of Mexico deepwater drilling moratorium has ended, the recovery of drilling in the Gulf, both in the deepwater and on the shelf, will depend on the pace of permit approval within the new regulatory framework." Read more from Benzinga's Company news.