Evercore ISI Forecasts Strong Price Appreciation for Baker Hughes (NASDAQ:BKR) Stock

Baker Hughes (NASDAQ:BKR) had its target price lifted by Evercore ISI from $46.00 to $52.00 in a report issued on Wednesday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Evercore ISI’s target price points to a potential upside of 12.24% from the company’s previous close.

Other analysts have also recently issued research reports about the stock. Bank of America raised their target price on shares of Baker Hughes from $42.00 to $48.00 and gave the company a “buy” rating in a report on Wednesday, December 18th. BMO Capital Markets lifted their price objective on shares of Baker Hughes from $43.00 to $45.00 and gave the stock an “outperform” rating in a research report on Thursday, October 10th. Citigroup increased their target price on Baker Hughes from $42.00 to $50.00 and gave the company a “buy” rating in a report on Thursday, November 14th. Argus raised Baker Hughes from a “hold” rating to a “buy” rating in a report on Friday, October 25th. Finally, Morgan Stanley increased their price objective on Baker Hughes from $42.00 to $45.00 and gave the company an “overweight” rating in a report on Thursday, October 3rd. Three investment analysts have rated the stock with a hold rating and seventeen have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $47.53.

Baker Hughes Stock Performance

NASDAQ:BKR opened at $46.33 on Wednesday. Baker Hughes has a 52 week low of $28.32 and a 52 week high of $46.75. The company has a fifty day simple moving average of $42.60 and a two-hundred day simple moving average of $38.19. The company has a quick ratio of 0.88, a current ratio of 1.30 and a debt-to-equity ratio of 0.37. The company has a market cap of $45.84 billion, a price-to-earnings ratio of 20.78, a price-to-earnings-growth ratio of 0.79 and a beta of 1.39.

Baker Hughes (NASDAQ:BKR) last released its earnings results on Tuesday, October 22nd. The company reported $0.67 EPS for the quarter, topping the consensus estimate of $0.61 by $0.06. The firm had revenue of $6.91 billion during the quarter, compared to analysts’ expectations of $7.21 billion. Baker Hughes had a return on equity of 13.77% and a net margin of 8.20%. Baker Hughes’s revenue for the quarter was up 4.0% on a year-over-year basis. During the same period in the previous year, the firm posted $0.42 EPS. As a group, equities analysts anticipate that Baker Hughes will post 2.29 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Baker Hughes

Institutional investors and hedge funds have recently made changes to their positions in the business. Hotchkis & Wiley Capital Management LLC increased its position in Baker Hughes by 34.7% in the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 10,920,478 shares of the company’s stock valued at $394,775,000 after acquiring an additional 2,811,940 shares during the period. Yaupon Capital Management LP acquired a new position in shares of Baker Hughes in the third quarter valued at approximately $47,296,000. Eagle Asset Management Inc. raised its stake in shares of Baker Hughes by 18.6% during the third quarter. Eagle Asset Management Inc. now owns 5,486,207 shares of the company’s stock worth $198,326,000 after purchasing an additional 860,219 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund lifted its holdings in shares of Baker Hughes by 436.0% during the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,004,647 shares of the company’s stock worth $36,318,000 after purchasing an additional 817,227 shares during the period. Finally, Groupama Asset Managment grew its position in Baker Hughes by 1,045.1% in the 3rd quarter. Groupama Asset Managment now owns 889,378 shares of the company’s stock valued at $32,000 after buying an additional 811,711 shares during the last quarter. 92.06% of the stock is owned by hedge funds and other institutional investors.

About Baker Hughes

Baker Hughes Company provides a portfolio of technologies and services to energy and industrial value chain worldwide. The company operates through Oilfield Services & Equipment (OFSE) and Industrial & Energy Technology (IET) segments. The OFSE segment designs and manufactures products and provides related services, including exploration, appraisal, development, production, rejuvenation, and decommissioning for onshore and offshore oilfield operations.