The S&P 500 was rising 6.59 points, or 0.48%, to 1,373.53.
Shares of Baker Hughes rose 5.84% Tuesday to $43.47. The oil and natural gas services company reported first-quarter earnings Tuesday that topped analysts' estimates.
First-quarter earnings were $379 million, or 86 cents a share, down from year-earlier earnings of $381 million, or 87 cents. Analysts, on average, expected earnings of 80 cents a share.Baker Hughes trades at an estimated price-to-earnings ratio for next year of 9.27 times; the average for oil equipment and services companies is 12.23. For comparison, Halliburton (HAL) has a lower forward P/E of 8.34. Twenty-one of the 32 analysts who cover Baker Hughes rated it buy; 11 analysts gave the stock a hold rating. TheStreet Ratings gives Baker Hughes a B- grade with a buy rating and $47.38 price target. The stock has fallen 10.77% year to date.
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