Baker Hughes (NASDAQ:BKR) Upgraded by Wells Fargo & Company to “Overweight”

Wells Fargo & Company upgraded shares of Baker Hughes (NASDAQ:BKR) from an equal weight rating to an overweight rating in a research report sent to investors on Wednesday morning, Marketbeat Ratings reports. They currently have $42.00 price target on the stock, up from their prior price target of $40.00.

A number of other brokerages also recently commented on BKR. UBS Group reduced their price objective on Baker Hughes from $42.00 to $40.00 and set a neutral rating for the company in a research report on Wednesday, September 18th. 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 note on Monday, July 29th. Susquehanna increased their price objective on shares of Baker Hughes from $40.00 to $46.00 and gave the company a positive rating in a research note on Monday, July 29th. Royal Bank of Canada raised their price objective on shares of Baker Hughes from $39.00 to $43.00 and gave the stock an outperform rating in a report on Monday, July 29th. Finally, TD Cowen upped their price objective on Baker Hughes from $46.00 to $50.00 and gave the company a buy rating in a research note on Monday, July 29th. Two analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. According to data from MarketBeat.com, Baker Hughes currently has a consensus rating of Moderate Buy and an average target price of $43.31.

Baker Hughes Stock Down 0.8 %

BKR opened at $36.05 on Wednesday. The firm has a market cap of $35.81 billion, a P/E ratio of 20.14, a price-to-earnings-growth ratio of 0.59 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. The business has a 50 day moving average price of $35.21 and a 200 day moving average price of $33.79. Baker Hughes has a twelve month low of $28.32 and a twelve month high of $39.05.

Baker Hughes (NASDAQ:BKR) last posted its quarterly earnings data on Thursday, July 25th. The company reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.49 by $0.08. The business had revenue of $7.10 billion during the quarter, compared to the consensus estimate of $6.81 billion. Baker Hughes had a net margin of 7.37% and a return on equity of 12.45%. Baker Hughes’s quarterly revenue was up 12.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.39 EPS. Research analysts forecast that Baker Hughes will post 2.25 EPS for the current year.

Baker Hughes Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 16th. Investors of record on Tuesday, August 6th were issued a $0.21 dividend. This represents a $0.84 annualized dividend and a yield of 2.33%. The ex-dividend date was Tuesday, August 6th. Baker Hughes’s dividend payout ratio is 46.93%.

Insider Buying and Selling

In other news, CEO Lorenzo Simonelli sold 114,286 shares of the firm’s stock in a transaction dated Thursday, August 8th. The shares were sold at an average price of $35.00, for a total value of $4,000,010.00. Following the transaction, the chief executive officer now owns 502,053 shares of the company’s stock, valued at approximately $17,571,855. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.25% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in BKR. Twin Tree Management LP grew its stake in shares of Baker Hughes by 183.0% during the first quarter. Twin Tree Management LP now owns 338,738 shares of the company’s stock worth $11,348,000 after purchasing an additional 219,060 shares during the period. Cibc World Markets Corp boosted its holdings in Baker Hughes by 59.4% during the fourth quarter. Cibc World Markets Corp now owns 274,046 shares of the company’s stock worth $9,367,000 after buying an additional 102,174 shares during the last quarter. Caxton Associates LP acquired a new position in shares of Baker Hughes during the 4th quarter worth about $13,672,000. KBC Group NV increased its stake in shares of Baker Hughes by 207.1% in the 4th quarter. KBC Group NV now owns 237,356 shares of the company’s stock valued at $8,113,000 after acquiring an additional 160,056 shares during the last quarter. Finally, Diversified Trust Co raised its position in shares of Baker Hughes by 98.7% in the 1st quarter. Diversified Trust Co now owns 50,029 shares of the company’s stock valued at $1,676,000 after acquiring an additional 24,850 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.