Baker Hughes (NASDAQ:BKR) Stock Rating Lowered by Wall Street Zen

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

Several other research analysts have also recently weighed in on BKR. Weiss Ratings cut shares of Baker Hughes from a “buy (b)” rating to a “buy (b-)” rating in a research note on Monday, July 13th. Evercore restated an “outperform” rating and issued a $76.00 price objective on shares of Baker Hughes in a research note on Monday, April 27th. Jefferies Financial Group reaffirmed a “buy” rating on shares of Baker Hughes in a report on Thursday, July 9th. BMO Capital Markets raised their target price on Baker Hughes from $70.00 to $80.00 and gave the stock an “outperform” rating in a report on Monday, April 27th. Finally, TD Cowen lifted their target price on Baker Hughes from $75.00 to $77.00 and gave the company a “buy” rating in a research report on Thursday, July 2nd. Eighteen analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $70.00.

Baker Hughes Price Performance

Shares of NASDAQ:BKR opened at $55.95 on Monday. The company has a quick ratio of 1.77, a current ratio of 2.13 and a debt-to-equity ratio of 0.79. The stock has a market capitalization of $55.51 billion, a PE ratio of 17.88, a price-to-earnings-growth ratio of 2.32 and a beta of 0.96. The firm’s 50 day moving average price is $60.85 and its 200-day moving average price is $59.63. Baker Hughes has a twelve month low of $38.97 and a twelve month high of $70.41.

Baker Hughes (NASDAQ:BKR) last announced its earnings results on Thursday, April 23rd. The company reported $0.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.49 by $0.09. Baker Hughes had a net margin of 11.17% and a return on equity of 14.17%. The company had revenue of $6.59 billion during the quarter, compared to analyst estimates of $6.71 billion. During the same period in the previous year, the business posted $0.51 earnings per share. The firm’s quarterly revenue was up 2.5% compared to the same quarter last year. Equities research analysts expect that Baker Hughes will post 2.27 EPS for the current year.

Insider Buying and Selling

In other Baker Hughes news, CEO Lorenzo Simonelli sold 181,411 shares of the company’s stock in a transaction that occurred on Monday, June 22nd. The shares were sold at an average price of $58.43, for a total value of $10,599,844.73. Following the completion of the transaction, the chief executive officer directly owned 703,444 shares in the company, valued at $41,102,232.92. This represents a 20.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Rebecca L. Charlton sold 5,088 shares of the stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $64.22, for a total transaction of $326,751.36. Following the completion of the sale, the chief accounting officer directly owned 15,997 shares of the company’s stock, valued at approximately $1,027,327.34. This trade represents a 24.13% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 367,910 shares of company stock valued at $22,420,797. Company insiders own 0.19% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of BKR. Woodline Partners LP lifted its position in shares of Baker Hughes by 40.8% in the first quarter. Woodline Partners LP now owns 83,650 shares of the company’s stock valued at $3,676,000 after acquiring an additional 24,225 shares in the last quarter. Focus Partners Wealth grew its position in shares of Baker Hughes by 5.6% during the first quarter. Focus Partners Wealth now owns 18,481 shares of the company’s stock worth $812,000 after purchasing an additional 986 shares in the last quarter. Jump Financial LLC bought a new stake in Baker Hughes during the 2nd quarter valued at approximately $2,301,000. NewEdge Advisors LLC raised its stake in Baker Hughes by 4.0% during the 2nd quarter. NewEdge Advisors LLC now owns 46,407 shares of the company’s stock valued at $1,779,000 after purchasing an additional 1,768 shares during the period. Finally, Nebula Research & Development LLC purchased a new position in Baker Hughes in the 2nd quarter worth approximately $1,014,000. 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.