Baker Hughes (NASDAQ:BKR) Price Target Raised to $72.00

Baker Hughes (NASDAQ:BKR) had its price objective lifted by Susquehanna from $70.00 to $72.00 in a research report report published on Tuesday, MarketBeat.com reports. Susquehanna currently has a positive rating on the stock.

BKR has been the topic of several other reports. Weiss Ratings downgraded Baker Hughes from a “buy (b)” rating to a “buy (b-)” rating in a report on Monday, July 13th. TD Cowen raised their price target on Baker Hughes from $75.00 to $77.00 and gave the company a “buy” rating in a report on Thursday, July 2nd. JPMorgan Chase & Co. lifted their price objective on Baker Hughes from $60.00 to $74.00 and gave the company an “overweight” rating in a research report on Monday, April 27th. Wall Street Zen raised Baker Hughes from a “hold” rating to a “buy” rating in a research note on Tuesday. Finally, Zacks Research upgraded Baker Hughes from a “strong sell” rating to a “hold” rating in a report on Monday, June 15th. Seventeen research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $69.95.

Baker Hughes Price Performance

NASDAQ:BKR opened at $59.90 on Tuesday. The firm has a market cap of $59.42 billion, a PE ratio of 19.32, a price-to-earnings-growth ratio of 2.30 and a beta of 0.96. Baker Hughes has a 12 month low of $41.96 and a 12 month high of $70.41. The company has a quick ratio of 1.77, a current ratio of 2.09 and a debt-to-equity ratio of 0.77. The company’s 50-day moving average price is $59.47 and its two-hundred day moving average price is $60.25.

Baker Hughes (NASDAQ:BKR) last posted its quarterly earnings data on Sunday, July 26th. The company reported $0.64 earnings per share for the quarter, topping the consensus estimate of $0.51 by $0.13. The company had revenue of $6.74 billion during the quarter, compared to analyst estimates of $6.54 billion. Baker Hughes had a net margin of 11.17% and a return on equity of 13.85%. The company’s revenue was up 2.4% on a year-over-year basis. During the same quarter last year, the business posted $0.63 earnings per share. On average, equities analysts anticipate that Baker Hughes will post 2.4 EPS for the current fiscal year.

Baker Hughes Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, August 17th. Investors of record on Friday, August 7th will be issued a $0.23 dividend. The ex-dividend date of this dividend is Friday, August 7th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 1.5%. Baker Hughes’s dividend payout ratio (DPR) is currently 29.68%.

Insider Activity at Baker Hughes

In related news, CAO Rebecca L. Charlton sold 5,088 shares of the business’s stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $64.22, for a total value of $326,751.36. Following the completion of the transaction, the chief accounting officer owned 15,997 shares in the company, valued at $1,027,327.34. The trade was a 24.13% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Lorenzo Simonelli sold 181,411 shares of the company’s stock in a transaction on Monday, June 22nd. The stock was sold at an average price of $58.43, for a total value of $10,599,844.73. Following the transaction, the chief executive officer directly owned 703,444 shares in the company, valued at approximately $41,102,232.92. This represents a 20.50% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 367,910 shares of company stock valued at $22,420,797 in the last 90 days. 0.19% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Baker Hughes

Large investors have recently made changes to their positions in the company. Insight Wealth Strategies LLC increased its position in Baker Hughes by 5.0% in the second quarter. Insight Wealth Strategies LLC now owns 100,692 shares of the company’s stock worth $5,419,000 after purchasing an additional 4,804 shares during the period. Tema ETFs LLC lifted its position in Baker Hughes by 10.7% during the 2nd quarter. Tema ETFs LLC now owns 25,450 shares of the company’s stock valued at $1,412,000 after purchasing an additional 2,465 shares during the period. GoalVest Advisory LLC lifted its position in Baker Hughes by 7.2% during the 2nd quarter. GoalVest Advisory LLC now owns 40,643 shares of the company’s stock valued at $2,256,000 after purchasing an additional 2,729 shares during the period. Oliver Luxxe Assets LLC boosted its stake in shares of Baker Hughes by 0.8% in the 2nd quarter. Oliver Luxxe Assets LLC now owns 156,744 shares of the company’s stock valued at $8,699,000 after purchasing an additional 1,273 shares during the last quarter. Finally, Legacy Wealth Management LLC MS grew its position in shares of Baker Hughes by 15.3% during the 2nd quarter. Legacy Wealth Management LLC MS now owns 6,484 shares of the company’s stock worth $360,000 after buying an additional 858 shares during the period. Institutional investors and hedge funds 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.