UBS Group Boosts Baker Hughes (NASDAQ:BKR) Price Target to $42.00

Baker Hughes (NASDAQ:BKR) had its price target upped by UBS Group from $40.00 to $42.00 in a research note released on Tuesday morning, Benzinga reports. The brokerage currently has a neutral rating on the stock.

Other analysts also recently issued reports about the stock. Susquehanna boosted their target price on shares of Baker Hughes from $40.00 to $46.00 and gave the stock a positive rating in a report on Monday, July 29th. Stifel Nicolaus lifted their price target on Baker Hughes from $40.00 to $45.00 and gave the company a buy rating in a report on Monday, July 29th. Bank of America reduced their price objective on Baker Hughes from $40.00 to $38.00 and set a buy rating for the company in a research note on Monday, July 15th. Evercore ISI raised their price objective on Baker Hughes from $42.00 to $46.00 and gave the stock an outperform rating in a research report on Monday, July 29th. Finally, Benchmark reiterated a buy rating and issued a $40.00 target price on shares of Baker Hughes in a report on Friday, July 26th. Three investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and a consensus target price of $43.38.

Baker Hughes Stock Performance

BKR stock opened at $35.22 on Tuesday. The company has a 50-day simple moving average of $34.97 and a 200 day simple moving average of $32.95. The company has a market capitalization of $35.15 billion, a P/E ratio of 19.68, a PEG ratio of 0.61 and a beta of 1.41. The company has a quick ratio of 0.86, a current ratio of 1.27 and a debt-to-equity ratio of 0.37. Baker Hughes has a fifty-two week low of $28.32 and a fifty-two week high of $39.05.

Baker Hughes (NASDAQ:BKR) last issued its quarterly earnings results on Thursday, July 25th. The company reported $0.57 earnings per share for the quarter, topping analysts’ consensus estimates of $0.49 by $0.08. Baker Hughes had a net margin of 7.37% and a return on equity of 12.45%. The company had revenue of $7.10 billion during the quarter, compared to analyst estimates of $6.81 billion. During the same period in the prior year, the business posted $0.39 EPS. The business’s revenue for the quarter was up 12.4% compared to the same quarter last year. Sell-side analysts predict that Baker Hughes will post 2.2 earnings per share for the current fiscal year.

Baker Hughes Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 16th. Stockholders of record on Tuesday, August 6th were given a $0.21 dividend. The ex-dividend date was Tuesday, August 6th. This represents a $0.84 annualized dividend and a dividend yield of 2.39%. Baker Hughes’s dividend payout ratio is 46.93%.

Insider Transactions at Baker Hughes

In other Baker Hughes news, CEO Lorenzo Simonelli sold 114,286 shares of the stock in a transaction on Thursday, August 8th. The shares were sold at an average price of $35.00, for a total value of $4,000,010.00. Following the completion of the sale, the chief executive officer now directly owns 502,053 shares of the company’s stock, valued at approximately $17,571,855. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.25% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Baker Hughes

Large investors have recently added to or reduced their stakes in the company. Spire Wealth Management boosted its stake in shares of Baker Hughes by 256.7% in the 1st quarter. Spire Wealth Management now owns 767 shares of the company’s stock valued at $26,000 after purchasing an additional 552 shares in the last quarter. Redmont Wealth Advisors LLC bought a new position in Baker Hughes during the 1st quarter worth approximately $27,000. Montag A & Associates Inc. grew its holdings in shares of Baker Hughes by 100.0% in the 4th quarter. Montag A & Associates Inc. now owns 1,000 shares of the company’s stock valued at $34,000 after buying an additional 500 shares during the period. New Covenant Trust Company N.A. acquired a new position in Baker Hughes in the first quarter valued at about $34,000. Finally, Alta Advisers Ltd acquired a new position in shares of Baker Hughes in the 2nd quarter valued at approximately $42,000. Institutional investors and hedge funds own 92.06% of the company’s stock.

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.