Baker Hughes (NASDAQ:BKR) Stock Price Expected to Rise, Argus Analyst Says

Baker Hughes (NASDAQ:BKR) had its price target upped by stock analysts at Argus from $67.00 to $79.00 in a research note issued to investors on Friday,MarketScreener reports. Argus’ target price would suggest a potential upside of 14.29% from the company’s previous close.

A number of other equities research analysts also recently issued reports on the stock. Stifel Nicolaus increased their price target on shares of Baker Hughes from $63.00 to $74.00 and gave the stock a “buy” rating in a report on Monday, April 27th. Piper Sandler raised their price target on Baker Hughes from $64.00 to $72.00 and gave the stock an “overweight” rating in a research note on Tuesday. TD Cowen raised their price target on Baker Hughes from $64.00 to $75.00 and gave the stock a “buy” rating in a research note on Monday, April 27th. Citigroup raised their price target on Baker Hughes from $69.00 to $80.00 and gave the stock a “buy” rating in a research note on Monday, April 27th. Finally, Jefferies Financial Group reaffirmed a “buy” rating and issued a $80.00 price target on shares of Baker Hughes in a research note on Sunday, April 26th. Nineteen investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $68.64.

Baker Hughes Stock Performance

NASDAQ BKR opened at $69.12 on Friday. Baker Hughes has a 1 year low of $35.83 and a 1 year high of $70.41. The company has a debt-to-equity ratio of 0.79, a current ratio of 2.13 and a quick ratio of 1.77. The firm has a market cap of $68.57 billion, a price-to-earnings ratio of 22.08, a PEG ratio of 2.44 and a beta of 0.97. The company has a fifty day moving average price of $61.92 and a 200-day moving average price of $54.29.

Baker Hughes (NASDAQ:BKR) last posted its quarterly earnings results on Thursday, April 23rd. The company reported $0.58 earnings per share for the quarter, beating the consensus estimate of $0.49 by $0.09. The company had revenue of $6.59 billion during the quarter, compared to analyst estimates of $6.71 billion. Baker Hughes had a net margin of 11.17% and a return on equity of 14.17%. The firm’s revenue for the quarter was up 2.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.51 earnings per share. As a group, equities research analysts predict that Baker Hughes will post 2.32 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CAO Rebecca L. Charlton sold 1,985 shares of the company’s stock in a transaction dated Monday, February 2nd. The shares were sold at an average price of $55.77, for a total transaction of $110,703.45. Following the completion of the sale, the chief accounting officer owned 12,052 shares of the company’s stock, valued at $672,140.04. This represents a 14.14% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Lorenzo Simonelli sold 272,594 shares of the company’s stock in a transaction dated Wednesday, March 11th. The shares were sold at an average price of $58.79, for a total transaction of $16,025,801.26. Following the sale, the chief executive officer directly owned 866,444 shares of the company’s stock, valued at $50,938,242.76. The trade was a 23.93% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 590,251 shares of company stock worth $35,311,023 in the last 90 days. Corporate insiders own 0.19% of the company’s stock.

Institutional Investors Weigh In On Baker Hughes

Several hedge funds and other institutional investors have recently made changes to their positions in BKR. Cardano Risk Management B.V. increased its holdings in Baker Hughes by 1,005.1% in the 4th quarter. Cardano Risk Management B.V. now owns 49,353,310 shares of the company’s stock worth $2,247,550,000 after acquiring an additional 44,887,481 shares in the last quarter. Norges Bank purchased a new stake in Baker Hughes in the fourth quarter worth $1,022,491,000. Capital International Investors purchased a new position in shares of Baker Hughes during the third quarter valued at $729,670,000. Price T Rowe Associates Inc. MD increased its stake in shares of Baker Hughes by 58.2% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 11,635,780 shares of the company’s stock valued at $529,896,000 after buying an additional 4,278,573 shares during the period. Finally, Bessemer Group Inc. increased its stake in shares of Baker Hughes by 12,983.5% during the fourth quarter. Bessemer Group Inc. now owns 3,491,322 shares of the company’s stock valued at $158,994,000 after buying an additional 3,464,637 shares during the period. Hedge funds and other institutional investors own 92.06% of the company’s stock.

Baker Hughes Company Profile

Baker Hughes is an energy technology company that provides a broad portfolio of products, services and digital solutions for the oil and gas and industrial markets. Its offerings span oilfield services and equipment — including drilling, evaluation, completion and production technologies — as well as turbomachinery, compressors and related process equipment used in midstream and downstream operations. The company also supplies aftermarket services, field support and integrated solutions designed to improve asset performance and uptime across the energy value chain.

The firm’s roots trace back to the merger of Baker International and Hughes Tool Company, and more recently it combined with GE’s oil and gas business in 2017 to form Baker Hughes, a GE company (BHGE); subsequent changes in ownership restored Baker Hughes as an independent publicly traded company.