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The new Baker Hughes will be in "show-me mode" for two quarters, FBR says

Sep. 13, 2017 6:57 PM ETBaker Hughes Company (BKR) StockHAL, BKR, FTI, NOV, SLBBy: Carl Surran, SA News Editor10 Comments
  • A day after Baker Hughes (NYSE:BHGE) was lauded by Evercore ISI as the new "behemoth" in the oilfield services industry that would make a worthy competitor to Schlumberger (NYSE:SLB) and Halliburton (NYSE:HAL), analysts at FBR discussed why the Baker Hughes-GE combo will "remain in 'show me' mode on integration for at least two quarters."
  • FBR notes BHGE's Turbomachinery and Process Solutions and Oilfield Equipment divisions have "entered the entity at weaker revenue and EBIT margin levels than we anticipated... [for H1 2017] Oilfield Equipment realized an operating income margin of just 3.8%, while Schlumberger's [Cameron] achieved 13.5%, TechnipFMC's (NYSE:FTI) 10.5% and National Oilwell Varco's (NYSE:NOV) Rig Systems, Rig Aftermarket and C&PS combined 8.7%."
  • Evercore ISI's James West and team looked at BHGE in a different way, saying the company's "early contract wins give credence to an underappreciated" part of bull case on the new company.

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