Praxair (PX) Stock Rating Upgraded by Zacks Investment Research

Praxair (NYSE:PX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Wednesday. The firm currently has a $184.00 target price on the basic materials company’s stock. Zacks Investment Research‘s price target indicates a potential upside of 12.84% from the stock’s previous close.

According to Zacks, “Praxair is expected to gain from strong backlog, new order wins and recovery in the energy and industrial end markets. The company won three new onsite projects and started work on the China National Offshore Oil Corporation (CNOOC) project during second-quarter 2018. New onsite business opportunities especially in the U.S. Gulf Coast will also drive growth. Notably, Praxair’s pending merger with Linde has received conditional EU antitrust approval. Praxair and Linde also agreed to sell additional assets to a consortium of Messer Group GmbH and CVC Capital Partners in order to obtain the U.S. antitrust approval.  The companies continue to work diligently to close the merger in second-half 2018. Praxair also remains focused on disciplined capital allocation. The stock has also outperformed its industry over the past year.”

A number of other research analysts also recently issued reports on the stock. JPMorgan Chase & Co. raised their price target on shares of Praxair from $179.00 to $180.00 and gave the stock an “overweight” rating in a research report on Friday, June 15th. ValuEngine upgraded shares of Praxair from a “hold” rating to a “buy” rating in a research report on Friday, June 29th. Citigroup lifted their price objective on shares of Praxair from $177.00 to $189.00 and gave the company a “buy” rating in a research report on Wednesday, July 11th. Jefferies Financial Group reiterated a “$165.03” rating and issued a $194.00 price objective on shares of Praxair in a research report on Wednesday, July 18th. Finally, BMO Capital Markets lifted their price objective on shares of Praxair from $164.00 to $170.00 and gave the company a “market perform” rating in a research report on Monday, July 30th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and nine have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $175.38.

Praxair stock opened at $163.06 on Wednesday. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.78 and a current ratio of 0.96. Praxair has a 1 year low of $137.32 and a 1 year high of $168.54. The stock has a market capitalization of $47.16 billion, a PE ratio of 27.87, a price-to-earnings-growth ratio of 1.95 and a beta of 1.09.

Praxair (NYSE:PX) last posted its quarterly earnings results on Thursday, July 26th. The basic materials company reported $1.72 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.70 by $0.02. Praxair had a net margin of 11.68% and a return on equity of 27.84%. The company had revenue of $3.06 billion for the quarter, compared to the consensus estimate of $3.05 billion. During the same period last year, the firm posted $1.46 EPS. The company’s revenue for the quarter was up 8.0% on a year-over-year basis. research analysts expect that Praxair will post 6.77 earnings per share for the current year.

A number of large investors have recently modified their holdings of the stock. Boston Research & Management Inc. increased its stake in Praxair by 1.7% during the 2nd quarter. Boston Research & Management Inc. now owns 17,670 shares of the basic materials company’s stock valued at $2,794,000 after buying an additional 300 shares during the period. James Hambro & Partners increased its stake in Praxair by 2.6% during the 2nd quarter. James Hambro & Partners now owns 12,025 shares of the basic materials company’s stock valued at $1,902,000 after buying an additional 310 shares during the period. Bradley Foster & Sargent Inc. CT increased its stake in Praxair by 2.3% during the 2nd quarter. Bradley Foster & Sargent Inc. CT now owns 14,250 shares of the basic materials company’s stock valued at $2,254,000 after buying an additional 323 shares during the period. Catawba Capital Management VA increased its stake in Praxair by 3.5% during the 2nd quarter. Catawba Capital Management VA now owns 9,667 shares of the basic materials company’s stock valued at $1,529,000 after buying an additional 325 shares during the period. Finally, Mitchell Mcleod Pugh & Williams Inc. increased its stake in Praxair by 9.6% during the 2nd quarter. Mitchell Mcleod Pugh & Williams Inc. now owns 3,760 shares of the basic materials company’s stock valued at $595,000 after buying an additional 330 shares during the period. Hedge funds and other institutional investors own 86.23% of the company’s stock.

Praxair Company Profile

Praxair, Inc produces and distributes industrial gases. It operates through five segments: North America, Europe, South America, Asia, and Surface Technologies. The company offers atmospheric gases, including oxygen, nitrogen, argon, and rare gases; and process gases, such as carbon dioxide, helium, hydrogen, electronic gases, specialty gases, and acetylene.

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