Baker Hughes (NASDAQ:BKR) Receives “Outperform” Rating from Royal Bank of Canada

Royal Bank of Canada reissued their outperform rating on shares of Baker Hughes (NASDAQ:BKR) in a report published on Thursday morning, Benzinga reports. Royal Bank of Canada currently has a $43.00 target price on the stock.

BKR has been the topic of a number of other research reports. UBS Group lowered their price target on Baker Hughes from $42.00 to $40.00 and set a “neutral” rating on the stock in a research report on Wednesday, September 18th. The Goldman Sachs Group raised their price objective on Baker Hughes from $39.00 to $43.00 and gave the company a “buy” rating in a report on Monday, July 29th. Morgan Stanley boosted their target price on Baker Hughes from $42.00 to $45.00 and gave the stock an “overweight” rating in a research report on Thursday, October 3rd. Benchmark reiterated a “buy” rating and set a $42.00 price target on shares of Baker Hughes in a research report on Thursday. Finally, Wells Fargo & Company upgraded shares of Baker Hughes from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $40.00 to $42.00 in a report on Wednesday, September 25th. Two equities research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $44.12.

Baker Hughes Trading Down 0.6 %

Shares of BKR opened at $36.78 on Thursday. Baker Hughes has a 1-year low of $28.32 and a 1-year high of $39.05. The company has a market capitalization of $36.71 billion, a P/E ratio of 20.55, a P/E/G ratio of 0.61 and a beta of 1.38. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.27 and a quick ratio of 0.86. The firm’s 50 day simple moving average is $35.61 and its 200 day simple moving average is $34.35.

Baker Hughes (NASDAQ:BKR) last issued its quarterly earnings results on Tuesday, October 22nd. The company reported $0.67 EPS for the quarter, topping analysts’ consensus estimates of $0.61 by $0.06. Baker Hughes had a net margin of 7.37% and a return on equity of 12.45%. The firm had revenue of $6.91 billion for the quarter, compared to analyst estimates of $7.21 billion. During the same quarter in the prior year, the firm earned $0.42 EPS. The business’s revenue for the quarter was up 4.0% compared to the same quarter last year. Sell-side analysts forecast that Baker Hughes will post 2.25 earnings per share for the current fiscal year.

Baker Hughes Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, November 14th. Stockholders of record on Monday, November 4th will be issued a dividend of $0.21 per share. The ex-dividend date is Monday, November 4th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 2.28%. Baker Hughes’s dividend payout ratio is currently 46.93%.

Insider Activity at Baker Hughes

In other news, CEO Lorenzo Simonelli sold 114,286 shares of Baker Hughes stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $38.55, for a total value of $4,405,725.30. Following the sale, the chief executive officer now directly owns 616,339 shares in the company, valued at approximately $23,759,868.45. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.25% of the stock is owned by company insiders.

Institutional Investors Weigh In On Baker Hughes

Several institutional investors and hedge funds have recently modified their holdings of BKR. UMB Bank n.a. raised its stake in Baker Hughes by 18.4% in the second quarter. UMB Bank n.a. now owns 1,873 shares of the company’s stock worth $66,000 after buying an additional 291 shares in the last quarter. Guinness Atkinson Asset Management Inc raised its position in shares of Baker Hughes by 6.9% in the 2nd quarter. Guinness Atkinson Asset Management Inc now owns 7,205 shares of the company’s stock worth $253,000 after acquiring an additional 467 shares in the last quarter. Lake Street Advisors Group LLC lifted its stake in shares of Baker Hughes by 8.6% in the 3rd quarter. Lake Street Advisors Group LLC now owns 6,502 shares of the company’s stock valued at $235,000 after purchasing an additional 515 shares during the period. Meeder Advisory Services Inc. boosted its position in shares of Baker Hughes by 5.2% during the first quarter. Meeder Advisory Services Inc. now owns 10,438 shares of the company’s stock valued at $350,000 after purchasing an additional 520 shares in the last quarter. Finally, Signaturefd LLC boosted its position in shares of Baker Hughes by 8.7% during the second quarter. Signaturefd LLC now owns 6,890 shares of the company’s stock valued at $242,000 after purchasing an additional 553 shares in the last quarter. 92.06% of the stock is owned by hedge funds and other institutional investors.

Baker Hughes Company Profile

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.