Baker Hughes (NASDAQ:BKR) Price Target Raised to $69.00

Baker Hughes (NASDAQ:BKR) had its target price upped by UBS Group from $61.00 to $69.00 in a report released on Thursday morning,Benzinga reports. UBS Group currently has a neutral rating on the stock.

Other analysts also recently issued reports about the stock. Johnson Rice started coverage on shares of Baker Hughes in a research report on Wednesday, February 25th. They set a “buy” rating and a $68.00 price objective on the stock. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $57.00 target price on shares of Baker Hughes in a report on Thursday, January 15th. BMO Capital Markets increased their price target on Baker Hughes from $65.00 to $70.00 and gave the stock an “outperform” rating in a research note on Tuesday, March 3rd. Piper Sandler raised their price target on Baker Hughes from $52.00 to $61.00 and gave the company an “overweight” rating in a report on Wednesday, January 28th. Finally, TD Cowen boosted their price objective on Baker Hughes from $55.00 to $64.00 and gave the company a “buy” rating in a research report on Tuesday, January 27th. Twenty equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, Baker Hughes has an average rating of “Moderate Buy” and a consensus target price of $59.96.

Baker Hughes Stock Performance

Shares of NASDAQ:BKR opened at $60.38 on Thursday. The stock has a 50 day moving average of $60.20 and a 200 day moving average of $52.33. The company has a market cap of $59.67 billion, a PE ratio of 23.22, a price-to-earnings-growth ratio of 1.65 and a beta of 0.90. Baker Hughes has a 12-month low of $33.60 and a 12-month high of $67.00. The company has a current ratio of 1.36, a quick ratio of 1.00 and a debt-to-equity ratio of 0.28.

Baker Hughes (NASDAQ:BKR) last released its earnings results on Monday, January 26th. The company reported $0.78 EPS for the quarter, topping analysts’ consensus estimates of $0.67 by $0.11. Baker Hughes had a net margin of 9.33% and a return on equity of 14.26%. The company had revenue of $7.39 billion for the quarter, compared to analysts’ expectations of $7.09 billion. During the same quarter last year, the business earned $0.70 EPS. The firm’s revenue was up .3% compared to the same quarter last year. As a group, equities research analysts expect that Baker Hughes will post 2.59 EPS for the current year.

Baker Hughes Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, February 27th. Investors of record on Tuesday, February 17th were paid a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a yield of 1.5%. The ex-dividend date of this dividend was Tuesday, February 17th. Baker Hughes’s dividend payout ratio (DPR) is presently 35.38%.

Insider Activity at Baker Hughes

In other Baker Hughes news, CAO Rebecca L. Charlton sold 843 shares of the business’s stock in a transaction on Tuesday, February 3rd. The shares were sold at an average price of $56.34, for a total value of $47,494.62. Following the sale, the chief accounting officer owned 14,019 shares in the company, valued at $789,830.46. The trade was a 5.67% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Lorenzo Simonelli sold 272,594 shares of the 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 transaction, the chief executive officer directly owned 866,444 shares of the company’s stock, valued at $50,938,242.76. This trade represents a 23.93% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 590,251 shares of company stock valued at $35,311,023. 0.27% of the stock is currently owned by insiders.

Institutional Trading of Baker Hughes

Hedge funds have recently modified their holdings of the company. Deseret Mutual Benefit Administrators increased its position in Baker Hughes by 10.5% in the fourth quarter. Deseret Mutual Benefit Administrators now owns 1,884 shares of the company’s stock worth $86,000 after purchasing an additional 179 shares during the last quarter. Krilogy Financial LLC lifted its position in Baker Hughes by 3.2% during the fourth quarter. Krilogy Financial LLC now owns 5,722 shares of the company’s stock valued at $261,000 after purchasing an additional 180 shares during the last quarter. 3Chopt Investment Partners LLC grew its stake in shares of Baker Hughes by 0.5% in the 4th quarter. 3Chopt Investment Partners LLC now owns 42,679 shares of the company’s stock worth $1,944,000 after buying an additional 203 shares in the last quarter. Formidable Asset Management LLC grew its stake in shares of Baker Hughes by 3.2% in the 4th quarter. Formidable Asset Management LLC now owns 7,341 shares of the company’s stock worth $358,000 after buying an additional 225 shares in the last quarter. Finally, CoreCap Advisors LLC increased its holdings in shares of Baker Hughes by 16.4% in the 4th quarter. CoreCap Advisors LLC now owns 1,619 shares of the company’s stock worth $74,000 after buying an additional 228 shares during the last quarter. 92.06% of the stock is owned by hedge funds and other institutional investors.

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.