DA Davidson Issues Positive Forecast for Babcock (NYSE:BW) Stock Price

Babcock (NYSE:BW) had its price target raised by research analysts at DA Davidson from $1.50 to $6.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “neutral” rating on the technology company’s stock. DA Davidson’s price target would indicate a potential downside of 12.02% from the stock’s previous close.

Other analysts also recently issued reports about the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Babcock in a research report on Wednesday, October 8th. Wall Street Zen raised Babcock from a “sell” rating to a “hold” rating in a research note on Saturday. Lake Street Capital reissued a “buy” rating and issued a $9.00 target price on shares of Babcock in a research note on Wednesday, November 5th. Finally, Craig Hallum upgraded Babcock from a “hold” rating to a “buy” rating and set a $7.00 price target for the company in a report on Wednesday, November 5th. Two research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $7.33.

Babcock Price Performance

Babcock stock opened at $6.82 on Wednesday. The business has a 50 day simple moving average of $3.41 and a 200 day simple moving average of $1.89. Babcock has a one year low of $0.22 and a one year high of $7.24. The company has a market capitalization of $757.70 million, a PE ratio of -4.01 and a beta of 1.91.

Babcock (NYSE:BW) last released its quarterly earnings results on Tuesday, November 4th. The technology company reported ($0.06) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.04. The business had revenue of $149.00 million during the quarter, compared to the consensus estimate of $155.57 million.

Insider Buying and Selling

In other news, CFO Cameron M. Frymyer acquired 20,000 shares of the firm’s stock in a transaction on Tuesday, August 19th. The shares were purchased at an average cost of $1.55 per share, with a total value of $31,000.00. Following the acquisition, the chief financial officer directly owned 153,805 shares in the company, valued at $238,397.75. This represents a 14.95% increase in their position. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Kenneth M. Young acquired 20,000 shares of the company’s stock in a transaction on Monday, August 18th. The stock was acquired at an average price of $1.51 per share, with a total value of $30,200.00. Following the purchase, the chief executive officer directly owned 261,745 shares in the company, valued at approximately $395,234.95. This represents a 8.27% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last 90 days, insiders have bought 59,347 shares of company stock valued at $99,803. Corporate insiders own 3.90% of the company’s stock.

Institutional Investors Weigh In On Babcock

Several hedge funds have recently added to or reduced their stakes in the business. Platform Technology Partners acquired a new stake in Babcock in the third quarter valued at $54,000. Kathmere Capital Management LLC acquired a new stake in shares of Babcock in the 3rd quarter valued at about $58,000. Russell Investments Group Ltd. increased its holdings in shares of Babcock by 1.3% during the first quarter. Russell Investments Group Ltd. now owns 1,724,713 shares of the technology company’s stock valued at $1,160,000 after acquiring an additional 22,452 shares in the last quarter. Global Retirement Partners LLC bought a new stake in shares of Babcock during the third quarter worth about $71,000. Finally, Manning & Napier Advisors LLC acquired a new position in Babcock during the 3rd quarter valued at about $96,000. 83.17% of the stock is currently owned by institutional investors and hedge funds.

Babcock Company Profile

Babcock & Wilcox Enterprises, Inc engages in the provision of fossil and renewable power generation and environmental equipment. It operates through the following segments: B&W Renewable, B&W Environmental, and B&W Thermal. The B&W Renewable segment supports a circular economy, diverting waste from landfills to use for power generation and replacing fossil fuels, while recovering metals and reducing emissions.