Baker Hughes (NASDAQ:BKR) Stock Rating Upgraded by Wells Fargo & Company

Baker Hughes (NASDAQ:BKR) was upgraded by Wells Fargo & Company from an “equal weight” rating to an “overweight” rating in a research report issued to clients and investors on Wednesday, Marketbeat reports. The brokerage currently has a $42.00 price target on the stock, up from their previous price target of $40.00. Wells Fargo & Company‘s target price indicates a potential upside of 20.79% from the stock’s current price.

Several other research firms have also issued reports on BKR. Royal Bank of Canada lifted their price target on shares of Baker Hughes from $39.00 to $43.00 and gave the stock an “outperform” rating in a research report on Monday, July 29th. TD Cowen lifted their price target on shares of Baker Hughes from $46.00 to $50.00 and gave the stock a “buy” rating in a research report on Monday, July 29th. Stifel Nicolaus lifted their price target on shares of Baker Hughes from $40.00 to $45.00 and gave the stock a “buy” rating in a research report on Monday, July 29th. JPMorgan Chase & Co. lifted their price target on shares of Baker Hughes from $42.00 to $43.00 and gave the stock an “overweight” rating in a research report on Monday, July 29th. Finally, Benchmark restated a “buy” rating and issued a $40.00 price target on shares of Baker Hughes in a research report on Friday, July 26th. Two research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $43.31.

Baker Hughes Trading Down 3.6 %

Baker Hughes stock opened at $34.77 on Wednesday. The firm has a 50 day simple moving average of $35.21 and a 200-day simple moving average of $33.80. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.27 and a quick ratio of 0.86. The stock has a market capitalization of $34.70 billion, a PE ratio of 19.42, a price-to-earnings-growth ratio of 0.59 and a beta of 1.38. Baker Hughes has a 12-month low of $28.32 and a 12-month high of $39.05.

Baker Hughes (NASDAQ:BKR) last issued its earnings results on Thursday, July 25th. The company reported $0.57 earnings per share for the quarter, topping analysts’ consensus estimates of $0.49 by $0.08. The firm had revenue of $7.10 billion during the quarter, compared to analysts’ expectations of $6.81 billion. Baker Hughes had a net margin of 7.37% and a return on equity of 12.45%. The firm’s revenue for the quarter was up 12.4% compared to the same quarter last year. During the same period last year, the firm posted $0.39 earnings per share. As a group, equities research analysts expect that Baker Hughes will post 2.25 EPS for the current fiscal year.

Insider Buying and Selling at Baker Hughes

In other Baker Hughes news, CEO Lorenzo Simonelli sold 114,286 shares of Baker Hughes stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $38.55, for a total transaction of $4,405,725.30. Following the completion of the sale, the chief executive officer now owns 616,339 shares of the company’s stock, valued at approximately $23,759,868.45. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.25% of the company’s stock.

Institutional Investors Weigh In On Baker Hughes

Several institutional investors and hedge funds have recently modified their holdings of the business. Price T Rowe Associates Inc. MD raised its holdings in Baker Hughes by 32.0% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 17,364,995 shares of the company’s stock worth $581,729,000 after acquiring an additional 4,207,973 shares during the period. Cardano Risk Management B.V. acquired a new stake in shares of Baker Hughes during the 1st quarter valued at about $117,083,000. Goldman Sachs Group Inc. boosted its position in shares of Baker Hughes by 47.8% during the 4th quarter. Goldman Sachs Group Inc. now owns 5,635,875 shares of the company’s stock valued at $192,634,000 after acquiring an additional 1,822,487 shares in the last quarter. Legal & General Group Plc grew its stake in Baker Hughes by 8.6% during the second quarter. Legal & General Group Plc now owns 8,723,388 shares of the company’s stock worth $306,801,000 after buying an additional 692,859 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its position in Baker Hughes by 7.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 9,898,322 shares of the company’s stock worth $348,074,000 after acquiring an additional 680,621 shares during the last quarter. Institutional investors and hedge funds own 92.06% of the company’s stock.

About Baker Hughes

Baker Hughes Company provides a portfolio of technologies and services to energy and industrial value chain worldwide. The company operates through Oilfield Services & Equipment (OFSE) and Industrial & Energy Technology (IET) segments. The OFSE segment designs and manufactures products and provides related services, including exploration, appraisal, development, production, rejuvenation, and decommissioning for onshore and offshore oilfield operations.