Market Update (NYSE:PX): Praxair Surface Technologies and GE Aviation to Form Joint Venture

[Business Wire] – Praxair, Inc. today announced that GE Aviation and Praxair Surface Technologies, Inc., a wholly-owned subsidiary of Praxair, Inc., have entered into a definitive agreement to form a joint venture for the development, support and application of specialized coatings. Read more on this. Praxair Inc. (PX) , valued at $27.97B, opened at $98.48. Today, shares have traded between $96.63 and $98.60 per share with its 52-week range being $96.51 to $130.38. PX shares are currently priced at 16.79x this year’s forecasted earnings, which makes them relatively expensive compared to the industry’s 10.42x forward p/e ratio. The company pays shareholders $2.86 per share annually in dividends, yielding 2.87%. Consensus earnings for the current quarter by the 18 sell-side analysts covering the stock is an estimate of $1.47 per share, which would be $0.10 worse than the year-ago quarter and a $0.01 sequential decrease. In looking at the bigger picture, the full-year EPS estimate of $5.80 would be a $0.47 setback when compared to the previous year’s annual results. The quarterly earnings estimate is based on a consensus revenue forecast of the current quarter of $2.67 Billion. If realized, that would be a 10.70% decrease over the year-ago quarter. More recently, Seaport Global Securities upgraded PX from Neutral to Accumulate (Jan 13, 2016). Previously, Global Hunter Securities Initiated PX at to Neutral. The average price target for PX shares by the analysts covering it is $120.72, which is 22.58% above where the stock opened. See more in (NYSE:PX) Similar Articles: Market Update: Praxair Inc (NYSE:PX) – Praxair Expands Presence in South Carolina Market Update: Praxair Inc (NYSE:PX) – Praxair Combines Joint Venture Operations in Southeastern US Market Update: Praxair Inc (NYSE:PX) – Praxair Reports Second-Quarter 2015 Results