Bank of America Forecasts Strong Price Appreciation for Baker Hughes (NASDAQ:BKR) Stock

Baker Hughes (NASDAQ:BKR) had its price target upped by stock analysts at Bank of America from $42.00 to $48.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Bank of America‘s price objective would suggest a potential upside of 20.60% from the stock’s current price.

A number of other analysts have also issued reports on the company. Stifel Nicolaus lifted their price target on Baker Hughes from $45.00 to $48.00 and gave the stock a “buy” rating in a research note on Monday, November 25th. Benchmark reaffirmed a “buy” rating and set a $42.00 target price on shares of Baker Hughes in a report on Thursday, October 24th. Argus upgraded shares of Baker Hughes from a “hold” rating to a “buy” rating in a research report on Friday, October 25th. Susquehanna boosted their price target on shares of Baker Hughes from $46.00 to $48.00 and gave the stock a “positive” rating in a research report on Thursday, October 24th. Finally, UBS Group cut their price objective on shares of Baker Hughes from $42.00 to $40.00 and set a “neutral” rating for the company in a report on Wednesday, September 18th. Three equities research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the stock. According to data from MarketBeat.com, Baker Hughes has a consensus rating of “Moderate Buy” and an average price target of $47.00.

Baker Hughes Stock Performance

NASDAQ:BKR opened at $39.80 on Wednesday. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.88 and a current ratio of 1.30. The stock has a market capitalization of $39.38 billion, a PE ratio of 17.85, a P/E/G ratio of 0.72 and a beta of 1.40. Baker Hughes has a fifty-two week low of $28.32 and a fifty-two week high of $45.17. The company has a fifty day moving average of $40.80 and a two-hundred day moving average of $36.90.

Baker Hughes (NASDAQ:BKR) last released its quarterly earnings results on Tuesday, October 22nd. The company reported $0.67 earnings per share for the quarter, topping the consensus estimate of $0.61 by $0.06. Baker Hughes had a net margin of 8.20% and a return on equity of 13.77%. The firm had revenue of $6.91 billion during the quarter, compared to the consensus estimate of $7.21 billion. During the same quarter in the prior year, the firm earned $0.42 EPS. The company’s revenue for the quarter was up 4.0% on a year-over-year basis. As a group, research analysts forecast that Baker Hughes will post 2.29 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. National Pension Service lifted its stake in Baker Hughes by 6.4% during the third quarter. National Pension Service now owns 1,362,973 shares of the company’s stock worth $49,271,000 after purchasing an additional 81,625 shares in the last quarter. Hixon Zuercher LLC purchased a new stake in shares of Baker Hughes in the 3rd quarter valued at $1,980,000. Banque Cantonale Vaudoise lifted its stake in Baker Hughes by 76.1% during the 3rd quarter. Banque Cantonale Vaudoise now owns 122,661 shares of the company’s stock worth $4,434,000 after acquiring an additional 53,006 shares in the last quarter. AQR Capital Management LLC boosted its holdings in Baker Hughes by 7.6% during the 2nd quarter. AQR Capital Management LLC now owns 6,424,915 shares of the company’s stock valued at $223,523,000 after acquiring an additional 455,307 shares during the period. Finally, National Bank of Canada FI boosted its holdings in Baker Hughes by 60.3% during the 3rd quarter. National Bank of Canada FI now owns 1,270,165 shares of the company’s stock valued at $45,916,000 after acquiring an additional 478,009 shares during the period. Institutional investors and hedge funds own 92.06% of the company’s stock.

Baker Hughes Company Profile

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.