Baker Hughes (NASDAQ:BKR) Hits New 12-Month High – What’s Next?

Baker Hughes Company (NASDAQ:BKR)’s stock price reached a new 52-week high on Wednesday . The stock traded as high as $53.43 and last traded at $52.9160, with a volume of 2109637 shares changing hands. The stock had previously closed at $51.26.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on BKR. Citigroup boosted their price objective on shares of Baker Hughes from $55.00 to $61.00 and gave the company a “buy” rating in a research report on Thursday, December 11th. TD Cowen reduced their price objective on shares of Baker Hughes from $57.00 to $55.00 and set a “buy” rating on the stock in a research report on Wednesday, January 7th. Susquehanna raised their price objective on shares of Baker Hughes from $56.00 to $58.00 and gave the stock a “positive” rating in a research note on Wednesday, January 7th. Barclays boosted their target price on Baker Hughes from $53.00 to $55.00 and gave the company an “overweight” rating in a research report on Monday, October 27th. Finally, Royal Bank Of Canada reiterated an “outperform” rating and issued a $57.00 price target on shares of Baker Hughes in a report on Thursday, January 15th. Twenty-three investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $54.25.

Baker Hughes Trading Up 4.1%

The company has a debt-to-equity ratio of 0.33, a current ratio of 1.41 and a quick ratio of 1.00. The company has a market capitalization of $52.66 billion, a PE ratio of 18.40, a price-to-earnings-growth ratio of 1.64 and a beta of 0.89. The company’s fifty day moving average is $48.10 and its 200-day moving average is $46.30.

Baker Hughes (NASDAQ:BKR) last posted its earnings results on Thursday, October 23rd. The company reported $0.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.62 by $0.06. The company had revenue of $7.01 billion for the quarter, compared to analyst estimates of $6.81 billion. Baker Hughes had a return on equity of 14.22% and a net margin of 10.43%.The firm’s quarterly revenue was up 1.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.67 earnings per share. On average, analysts anticipate that Baker Hughes Company will post 2.59 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Azzad Asset Management Inc. ADV purchased a new stake in shares of Baker Hughes during the fourth quarter worth about $318,000. Aaron Wealth Advisors LLC increased its position in shares of Baker Hughes by 50.6% in the 4th quarter. Aaron Wealth Advisors LLC now owns 12,440 shares of the company’s stock valued at $567,000 after acquiring an additional 4,179 shares during the period. Sound Income Strategies LLC lifted its position in Baker Hughes by 7.3% during the 4th quarter. Sound Income Strategies LLC now owns 97,459 shares of the company’s stock worth $4,438,000 after acquiring an additional 6,591 shares during the period. Rathbones Group PLC grew its stake in Baker Hughes by 18.2% during the 4th quarter. Rathbones Group PLC now owns 9,019 shares of the company’s stock valued at $411,000 after purchasing an additional 1,390 shares during the last quarter. Finally, Sowell Financial Services LLC increased its holdings in shares of Baker Hughes by 3.8% in the fourth quarter. Sowell Financial Services LLC now owns 28,345 shares of the company’s stock valued at $1,291,000 after purchasing an additional 1,038 shares during the period. 92.06% of the stock is owned by institutional investors and hedge funds.

About Baker Hughes

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.