TD Cowen Forecasts Strong Price Appreciation for Baker Hughes (NASDAQ:BKR) Stock

Baker Hughes (NASDAQ:BKR) had its target price raised by equities researchers at TD Cowen from $55.00 to $64.00 in a research report issued on Tuesday, Marketbeat Ratings reports. The firm currently has a “buy” rating on the stock. TD Cowen’s target price points to a potential upside of 13.01% from the stock’s previous close.

A number of other research firms have also recently commented on BKR. HSBC upped their price target on shares of Baker Hughes from $54.00 to $56.00 and gave the stock a “buy” rating in a report on Monday, October 27th. JPMorgan Chase & Co. upped their target price on shares of Baker Hughes from $53.00 to $60.00 and gave the stock an “overweight” rating in a research note on Tuesday. Stifel Nicolaus raised their target price on shares of Baker Hughes from $57.00 to $58.00 and gave the stock a “buy” rating in a research report on Tuesday. Evercore ISI set a $54.00 price target on Baker Hughes in a report on Monday, October 27th. Finally, Jefferies Financial Group raised their price objective on Baker Hughes from $58.00 to $59.00 and gave the stock a “buy” rating in a report on Thursday, November 20th. Twenty-one analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, Baker Hughes has a consensus rating of “Moderate Buy” and a consensus price target of $57.21.

Baker Hughes Trading Up 0.2%

BKR opened at $56.63 on Tuesday. Baker Hughes has a one year low of $33.60 and a one year high of $57.58. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.00 and a current ratio of 1.41. The stock has a market cap of $55.88 billion, a price-to-earnings ratio of 21.78, a P/E/G ratio of 1.78 and a beta of 0.89. The stock’s 50 day moving average price is $48.96 and its 200-day moving average price is $46.91.

Baker Hughes (NASDAQ:BKR) last posted its quarterly earnings data on Sunday, January 25th. The company reported $0.78 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.67 by $0.11. The company had revenue of $7.39 billion during the quarter, compared to analysts’ expectations of $7.09 billion. Baker Hughes had a return on equity of 14.51% and a net margin of 9.33%.Baker Hughes’s revenue was up .3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.70 EPS. On average, equities analysts forecast that Baker Hughes will post 2.59 EPS for the current year.

Institutional Investors Weigh In On Baker Hughes

A number of hedge funds have recently made changes to their positions in BKR. Krilogy Financial LLC grew its stake in Baker Hughes by 3.2% in 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. Formidable Asset Management LLC boosted its holdings 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 valued at $358,000 after buying an additional 225 shares in the last quarter. CoreCap Advisors LLC grew its position 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. Forum Financial Management LP raised its stake in shares of Baker Hughes by 1.4% during the 2nd quarter. Forum Financial Management LP now owns 17,255 shares of the company’s stock worth $662,000 after acquiring an additional 233 shares in the last quarter. Finally, AMG National Trust Bank lifted its position in Baker Hughes by 3.7% during the third quarter. AMG National Trust Bank now owns 6,831 shares of the company’s stock valued at $333,000 after acquiring an additional 246 shares during the last quarter. 92.06% of the stock is currently owned by hedge funds and other institutional investors.

Key Stories Impacting Baker Hughes

Here are the key news stories impacting Baker Hughes this week:

• Positive Sentiment: Q4 results beat consensus — Baker Hughes reported stronger-than-expected Q4 results (EPS and revenue ahead of estimates), which analysts cited when raising forecasts; this underpins the recent analyst upgrades. Read More.
• Positive Sentiment: Argus raised its price target to $67 (largest upside noted), signaling stronger fundamental conviction and giving BKR notable upside potential vs. the current price. Read More.
• Positive Sentiment: BMO, TD Cowen and other firms lifted targets (BMO to $65, TD Cowen to $64), adding buy/outperform views that support demand into the shares.
• Positive Sentiment: Major banks raised ratings/targets — JPMorgan to $60 (overweight), Capital One to $59 (overweight) and UBS to $61 (neutral but higher target) — broad-based analyst support reduces near-term downside risk and can attract flows from model/quant funds. Read More. Read More.
• Positive Sentiment: Independent forecasters (Zephirin Group/AmericanBankingNews) are projecting strong price appreciation, which may fuel retail interest and momentum buying. Read More.
• Neutral Sentiment: Short-interest reports show anomalous values (0 shares / NaN change and 0.0 days-to-cover) for late January — appears to be data/reporting noise rather than a meaningful change in short positioning. (No clear short squeeze signal.)
• Neutral Sentiment: Supplementary coverage and the Q4 earnings call transcript provide color on outlook/margins but contain no single new catalyst beyond the earnings beat; see transcript and fair-value discussion for detail. Read More. Read More.

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.