Baker Hughes (NASDAQ:BKR) Price Target Cut to $42.00

Baker Hughes (NASDAQ:BKR) had its price target cut by research analysts at Morgan Stanley from $43.00 to $42.00 in a report released on Monday, Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Morgan Stanley’s price target indicates a potential upside of 20.93% from the company’s current price.

Other equities research analysts also recently issued reports about the company. Susquehanna increased their price objective on Baker Hughes from $40.00 to $46.00 and gave the company a “positive” rating in a report on Monday, July 29th. Evercore ISI raised their price target on Baker Hughes from $42.00 to $46.00 and gave the stock an “outperform” rating in a report on Monday, July 29th. JPMorgan Chase & Co. upped their price objective on Baker Hughes from $42.00 to $43.00 and gave the company an “overweight” rating in a research note on Monday, July 29th. Stifel Nicolaus increased their price objective on Baker Hughes from $40.00 to $45.00 and gave the stock a “buy” rating in a research report on Monday, July 29th. Finally, TD Cowen boosted their target price on Baker Hughes from $46.00 to $50.00 and gave the company a “buy” rating in a report on Monday, July 29th. Three equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $43.31.

Baker Hughes Stock Up 2.2 %

Baker Hughes stock opened at $34.73 on Monday. The company has a market capitalization of $34.66 billion, a PE ratio of 19.40, a price-to-earnings-growth ratio of 0.54 and a beta of 1.38. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.86 and a current ratio of 1.27. Baker Hughes has a fifty-two week low of $28.32 and a fifty-two week high of $39.05. The firm has a 50 day moving average price of $35.11 and a 200 day moving average price of $33.59.

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. Baker Hughes had a net margin of 7.37% and a return on equity of 12.45%. The company had revenue of $7.10 billion for the quarter, compared to analyst estimates of $6.81 billion. During the same period in the prior year, the firm earned $0.39 earnings per share. The business’s revenue for the quarter was up 12.4% compared to the same quarter last year. Research analysts expect that Baker Hughes will post 2.24 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Lorenzo Simonelli sold 114,286 shares of the company’s stock in a transaction dated 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 completion of the sale, the chief executive officer now owns 502,053 shares in the company, valued at approximately $17,571,855. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 0.25% of the company’s stock.

Hedge Funds Weigh In On Baker Hughes

A number of hedge funds have recently made changes to their positions in BKR. Spire Wealth Management grew its stake in shares of Baker Hughes by 256.7% during the first quarter. Spire Wealth Management now owns 767 shares of the company’s stock valued at $26,000 after purchasing an additional 552 shares during the last quarter. Redmont Wealth Advisors LLC acquired a new position in Baker Hughes during the 1st quarter worth $27,000. New Covenant Trust Company N.A. bought a new position in Baker Hughes in the 1st quarter valued at $34,000. Alta Advisers Ltd acquired a new stake in shares of Baker Hughes in the 2nd quarter valued at $42,000. Finally, Headlands Technologies LLC bought a new stake in shares of Baker Hughes during the second quarter worth $48,000. 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.