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

Baker Hughes (NASDAQ:BKR) had its target price reduced by Citigroup from $44.00 to $42.00 in a research report report published on Friday morning, Benzinga reports. They currently have a buy rating on the stock.

Other equities research analysts also recently issued research reports about the company. Jefferies Financial Group lifted their target price on Baker Hughes from $46.00 to $48.00 and gave the stock a buy rating in a report on Monday, July 29th. Morgan Stanley reduced their price target on Baker Hughes from $43.00 to $42.00 and set an overweight rating for the company in a research report on Monday, September 16th. JPMorgan Chase & Co. lifted their price target on Baker Hughes from $42.00 to $43.00 and gave the company an overweight rating in a research report on Monday, July 29th. Piper Sandler reduced their price target on Baker Hughes from $45.00 to $44.00 and set an overweight rating for the company in a research report on Monday, July 15th. Finally, TD Cowen lifted their price target on Baker Hughes from $46.00 to $50.00 and gave the company a buy rating in a research report on Monday, July 29th. Two analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to data from MarketBeat.com, Baker Hughes has a consensus rating of Moderate Buy and a consensus price target of $43.38.

Baker Hughes Trading Up 4.1 %

Baker Hughes stock opened at $36.18 on Friday. The company has a quick ratio of 0.86, a current ratio of 1.27 and a debt-to-equity ratio of 0.37. Baker Hughes has a 52 week low of $28.32 and a 52 week high of $39.05. The company has a market capitalization of $36.11 billion, a price-to-earnings ratio of 20.21, a price-to-earnings-growth ratio of 0.59 and a beta of 1.38. The stock has a 50-day moving average price of $35.19 and a 200 day moving average price of $33.84.

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

Baker Hughes Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 16th. Shareholders of record on Tuesday, August 6th were paid a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a yield of 2.32%. The ex-dividend date was Tuesday, August 6th. Baker Hughes’s dividend payout ratio (DPR) is currently 46.93%.

Insiders Place Their Bets

In other Baker Hughes news, CEO Lorenzo Simonelli sold 114,286 shares of the business’s stock in a transaction 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 of the company’s stock, valued at $17,571,855. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.25% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Baker Hughes

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