Baker Hughes (NASDAQ:BKR) Stock Price Expected to Rise, BMO Capital Markets Analyst Says

Baker Hughes (NASDAQ:BKR) had its price target hoisted by stock analysts at BMO Capital Markets from $65.00 to $70.00 in a research note issued on Tuesday,MarketScreener reports. The firm presently has an “outperform” rating on the stock. BMO Capital Markets’ price objective points to a potential upside of 14.98% from the stock’s previous close.

Other equities research analysts have also issued research reports about the company. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $57.00 price objective on shares of Baker Hughes in a report on Thursday, January 15th. Piper Sandler lifted their price target on Baker Hughes from $52.00 to $61.00 and gave the company an “overweight” rating in a research note on Wednesday, January 28th. Citigroup upped their price objective on Baker Hughes from $61.00 to $64.00 and gave the stock a “buy” rating in a report on Tuesday, January 27th. UBS Group raised their target price on Baker Hughes from $54.00 to $61.00 and gave the company a “neutral” rating in a report on Wednesday, January 28th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Baker Hughes in a research report on Monday, December 29th. Twenty investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $59.61.

Baker Hughes Stock Performance

Shares of BKR opened at $60.88 on Tuesday. Baker Hughes has a 1 year low of $33.60 and a 1 year high of $67.00. The stock has a market capitalization of $60.16 billion, a P/E ratio of 23.42, a P/E/G ratio of 1.69 and a beta of 0.83. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.00 and a current ratio of 1.36. The company’s fifty day moving average is $55.55 and its two-hundred day moving average is $50.08.

Baker Hughes (NASDAQ:BKR) last issued its earnings results on Monday, January 26th. The company reported $0.78 earnings per share for the quarter, beating the consensus estimate of $0.67 by $0.11. Baker Hughes had a net margin of 9.33% and a return on equity of 14.26%. The business had revenue of $7.39 billion for the quarter, compared to the consensus estimate of $7.09 billion. During the same quarter in the previous year, the firm earned $0.70 earnings per share. The business’s quarterly revenue was up .3% compared to the same quarter last year. On average, sell-side analysts predict that Baker Hughes will post 2.59 earnings per share for the current year.

Insider Buying and Selling

In related news, Director William G. Beattie sold 18,023 shares of the company’s stock in a transaction that occurred on Tuesday, February 3rd. The stock was sold at an average price of $57.29, for a total value of $1,032,537.67. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Maria Georgia Magno sold 19,150 shares of the firm’s stock in a transaction on Monday, February 9th. The stock was sold at an average price of $59.11, for a total value of $1,131,956.50. Following the transaction, the insider directly owned 14,588 shares of the company’s stock, valued at $862,296.68. The trade was a 56.76% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 40,001 shares of company stock worth $2,322,692 in the last ninety days. Insiders own 0.27% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in BKR. Brandywine Global Investment Management LLC boosted its holdings in Baker Hughes by 8.2% in the second quarter. Brandywine Global Investment Management LLC now owns 648,149 shares of the company’s stock valued at $24,850,000 after purchasing an additional 49,108 shares during the last quarter. Synergy Asset Management LLC acquired a new position in shares of Baker Hughes in the 3rd quarter valued at approximately $1,920,000. Cibc World Market Inc. boosted its stake in shares of Baker Hughes by 13.6% during the 3rd quarter. Cibc World Market Inc. now owns 829,816 shares of the company’s stock valued at $40,429,000 after buying an additional 99,314 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of Baker Hughes by 0.5% during the 3rd quarter. Vanguard Group Inc. now owns 123,890,075 shares of the company’s stock valued at $6,035,924,000 after buying an additional 598,159 shares during the last quarter. Finally, Johnson Investment Counsel Inc. grew its position in shares of Baker Hughes by 10,225.3% during the third quarter. Johnson Investment Counsel Inc. now owns 849,566 shares of the company’s stock worth $41,391,000 after buying an additional 841,338 shares in the last quarter. Institutional investors and hedge funds own 92.06% of the company’s stock.

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.