NEW YORK (TheStreet) -- Baker Hughes Inc (BHI) is moving higher on Tuesday after announcing the acquisition of Performix, an oilfield software developer. Texas-based Performix develops tech solutions to enhance oil and gas operations' performance. The company will operate as a wholly-owned subsidiary of Baker Hughes and integrated into its remote operations services unit.
"The addition of Perfomix will expand the Baker Hughes portfolio of field devices integration, real-time data management, visualization, and analytics software, thus complementing existing capabilities with a modern, elastically scalable and standards-based technology platform," Baker Hughes said in a statement.
By late afternoon, shares had added 1.5% to $64.40.
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TheStreet Ratings team rates BAKER HUGHES INC as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate BAKER HUGHES INC (BHI) a BUY. This is driven by some important positives, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, good cash flow from operations, solid stock price performance and growth in earnings per share. We feel these strengths outweigh the fact that the company has had somewhat disappointing return on equity."