Baker Hughes (NASDAQ:BKR) Cut to “Hold” at Wall Street Zen

Baker Hughes (NASDAQ:BKR) was downgraded by analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a report released on Saturday.

Several other equities research analysts also recently weighed in on BKR. UBS Group raised their price objective on Baker Hughes from $54.00 to $61.00 and gave the company a “neutral” rating in a report on Wednesday, January 28th. Piper Sandler increased their target price on Baker Hughes from $52.00 to $61.00 and gave the company an “overweight” rating in a research report on Wednesday, January 28th. JPMorgan Chase & Co. lifted their price target on Baker Hughes from $53.00 to $60.00 and gave the company an “overweight” rating in a research note on Tuesday, January 27th. TD Cowen boosted their price target on Baker Hughes from $55.00 to $64.00 and gave the stock a “buy” rating in a report on Tuesday, January 27th. Finally, Barclays upped their price objective on Baker Hughes from $55.00 to $57.00 and gave the company an “overweight” rating in a research note on Tuesday, January 27th. Twenty equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $59.61.

Baker Hughes Price Performance

Shares of NASDAQ:BKR opened at $63.22 on Friday. The company has a market cap of $62.48 billion, a price-to-earnings ratio of 24.32, a PEG ratio of 1.69 and a beta of 0.83. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.36 and a quick ratio of 1.00. The firm has a 50 day simple moving average of $59.44 and a 200 day simple moving average of $51.81. Baker Hughes has a one year low of $33.60 and a one year high of $67.00.

Baker Hughes (NASDAQ:BKR) last posted its earnings results on Monday, January 26th. The company reported $0.78 earnings per share for the quarter, topping analysts’ consensus estimates of $0.67 by $0.11. The firm had revenue of $7.39 billion for the quarter, compared to analysts’ expectations of $7.09 billion. Baker Hughes had a net margin of 9.33% and a return on equity of 14.26%. The company’s revenue was up .3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.70 earnings per share. Research analysts predict that Baker Hughes will post 2.59 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Baker Hughes news, Director William G. Beattie sold 18,023 shares of the company’s stock in a transaction dated 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 available at the SEC website. Also, insider Maria Georgia Magno sold 5,063 shares of the stock in a transaction dated Wednesday, March 11th. The shares were sold at an average price of $59.04, for a total value of $298,919.52. Following the completion of the sale, the insider directly owned 15,555 shares of the company’s stock, valued at approximately $918,367.20. The trade was a 24.56% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 590,251 shares of company stock worth $35,311,023. Corporate insiders own 0.27% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in BKR. Hsbc Holdings PLC boosted its stake in shares of Baker Hughes by 2.0% in the 4th quarter. Hsbc Holdings PLC now owns 1,892,101 shares of the company’s stock valued at $86,230,000 after purchasing an additional 37,473 shares during the last quarter. Rockefeller Capital Management L.P. lifted its holdings in Baker Hughes by 60.0% in the fourth quarter. Rockefeller Capital Management L.P. now owns 83,059 shares of the company’s stock valued at $3,783,000 after buying an additional 31,161 shares during the period. DUTCH ASSET Corp acquired a new position in Baker Hughes in the fourth quarter valued at $1,049,000. Larry Mathis Financial Planning LLC bought a new stake in Baker Hughes during the fourth quarter valued at $262,000. Finally, Corient Private Wealth LLC boosted its position in Baker Hughes by 10.2% during the fourth quarter. Corient Private Wealth LLC now owns 97,388 shares of the company’s stock valued at $4,439,000 after acquiring an additional 8,989 shares during the last quarter. Institutional investors 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.