Babcock (NYSE:BW) Shares Gap Up – Here’s What Happened

Babcock (NYSE:BW)’s share price gapped up before the market opened on Monday . The stock had previously closed at $11.70, but opened at $12.33. Babcock shares last traded at $11.3850, with a volume of 692,584 shares.

Wall Street Analysts Forecast Growth

Several research analysts have commented on BW shares. Northland Securities set a $23.00 target price on shares of Babcock in a research report on Tuesday, May 12th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Babcock in a research report on Monday, April 20th. Craig Hallum reissued a “buy” rating and set a $19.00 target price on shares of Babcock in a report on Tuesday, March 17th. Finally, Wall Street Zen downgraded Babcock from a “buy” rating to a “hold” rating in a research report on Saturday, May 16th. Three research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Babcock presently has a consensus rating of “Hold” and a consensus target price of $14.25.

Babcock Trading Up 1.6%

The firm’s 50-day simple moving average is $16.22 and its two-hundred day simple moving average is $13.27. The stock has a market capitalization of $1.65 billion, a PE ratio of -12.62 and a beta of 1.16.

Babcock (NYSE:BW) last issued its earnings results on Monday, May 11th. The technology company reported ($0.60) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.57). The firm had revenue of $214.41 million during the quarter, compared to the consensus estimate of $149.72 million. As a group, research analysts expect that Babcock will post 0.31 earnings per share for the current year.

Institutional Investors Weigh In On Babcock

Several hedge funds have recently modified their holdings of the business. Royal Bank of Canada lifted its stake in Babcock by 57.3% during the first quarter. Royal Bank of Canada now owns 1,785 shares of the technology company’s stock worth $26,000 after purchasing an additional 650 shares during the period. Rockefeller Capital Management L.P. bought a new stake in shares of Babcock in the 4th quarter valued at approximately $25,000. Huntington National Bank grew its stake in shares of Babcock by 400,000.0% in the 4th quarter. Huntington National Bank now owns 4,001 shares of the technology company’s stock valued at $25,000 after purchasing an additional 4,000 shares during the period. State of Wyoming raised its holdings in shares of Babcock by 88.7% in the 4th quarter. State of Wyoming now owns 10,499 shares of the technology company’s stock worth $67,000 after buying an additional 4,936 shares in the last quarter. Finally, Centiva Capital LP acquired a new position in shares of Babcock in the 3rd quarter worth approximately $31,000. 83.17% of the stock is owned by institutional investors.

About Babcock

Babcock & Wilcox Enterprises, Inc (NYSE: BW) is a specialized provider of energy and environmental technologies and services serving power generation and heavy industrial markets. The company designs, manufactures and maintains critical components and systems that support the safe and efficient operation of both fossil-fuel and renewable power facilities. Its core offerings include industrial and utility boilers, environmental control systems for emissions reduction, and aftermarket support services ranging from inspection and maintenance to spare parts management.

In addition to its boiler and emissions control portfolio, Babcock & Wilcox Enterprises delivers lifecycle solutions aimed at enhancing plant performance and compliance.