Baker Hughes (NASDAQ:BKR) PT Lowered to $42.00

Baker Hughes (NASDAQ:BKR) had its target price reduced by investment analysts at Citigroup from $44.00 to $42.00 in a report issued on Friday, Benzinga reports. The firm currently has a “buy” rating on the stock. Citigroup’s price target indicates a potential upside of 16.09% from the company’s previous close.

A number of other equities analysts also recently issued reports on the company. Jefferies Financial Group increased their price target on Baker Hughes from $46.00 to $48.00 and gave the stock a “buy” rating in a research report on Monday, July 29th. JPMorgan Chase & Co. increased their price target on Baker Hughes from $42.00 to $43.00 and gave the stock an “overweight” rating in a research report on Monday, July 29th. UBS Group decreased their target price on Baker Hughes from $42.00 to $40.00 and set a “neutral” rating on the stock in a research report on Wednesday, September 18th. Evercore ISI raised their target price on Baker Hughes from $42.00 to $46.00 and gave the company an “outperform” rating in a research report on Monday, July 29th. Finally, Stifel Nicolaus raised their target price on Baker Hughes from $40.00 to $45.00 and gave the company a “buy” rating in a research report on Monday, July 29th. Two investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to data from MarketBeat, Baker Hughes presently has a consensus rating of “Moderate Buy” and an average price target of $43.38.

Baker Hughes Stock Performance

Shares of BKR stock opened at $36.18 on Friday. The company has a market capitalization of $36.11 billion, a P/E ratio of 20.21, a P/E/G ratio of 0.59 and a beta of 1.38. The business’s 50 day moving average is $35.19 and its two-hundred day moving average is $33.86. The company has a current ratio of 1.27, a quick ratio of 0.86 and a debt-to-equity ratio of 0.37. 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 quarterly earnings results on Thursday, July 25th. The company reported $0.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.49 by $0.08. The company had revenue of $7.10 billion for the quarter, compared to the consensus estimate of $6.81 billion. Baker Hughes had a return on equity of 12.45% and a net margin of 7.37%. Baker Hughes’s revenue for the quarter was up 12.4% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.39 earnings per share. Analysts expect that Baker Hughes will post 2.25 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Lorenzo Simonelli sold 114,286 shares of Baker Hughes stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $35.00, for a total transaction of $4,000,010.00. Following the transaction, the chief executive officer now owns 502,053 shares in the company, valued at $17,571,855. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 0.25% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Baker Hughes

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in Baker Hughes during the second quarter worth $6,592,000. Sanctuary Advisors LLC acquired a new stake in shares of Baker Hughes in the second quarter valued at $1,505,000. Quarry LP grew its stake in shares of Baker Hughes by 81.1% in the second quarter. Quarry LP now owns 1,594 shares of the company’s stock valued at $56,000 after buying an additional 714 shares in the last quarter. Northwestern Mutual Wealth Management Co. grew its stake in shares of Baker Hughes by 39.5% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 10,227 shares of the company’s stock valued at $360,000 after buying an additional 2,898 shares in the last quarter. Finally, Creative Planning grew its stake in shares of Baker Hughes by 36.5% in the second quarter. Creative Planning now owns 61,976 shares of the company’s stock valued at $2,180,000 after buying an additional 16,582 shares in 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.