Barclays Raises Baker Hughes (NASDAQ:BKR) Price Target to $46.00

Baker Hughes (NASDAQ:BKR) had its price target increased by Barclays from $41.00 to $46.00 in a research note released on Thursday, Benzinga reports. The brokerage currently has an overweight rating on the stock.

A number of other equities research analysts have also commented on the company. TD Cowen raised their price target on Baker Hughes from $46.00 to $50.00 and gave the stock a “buy” rating in a research report on Monday, July 29th. BMO Capital Markets lifted their price target on shares of Baker Hughes from $43.00 to $45.00 and gave the company an “outperform” rating in a research note on Thursday, October 10th. Citigroup dropped their price objective on shares of Baker Hughes from $44.00 to $42.00 and set a “buy” rating on the stock in a report on Friday, September 27th. The Goldman Sachs Group boosted their price objective on shares of Baker Hughes from $39.00 to $43.00 and gave the company a “buy” rating in a research report on Monday, July 29th. Finally, Morgan Stanley increased their target price on Baker Hughes from $42.00 to $45.00 and gave the stock an “overweight” rating in a report on Thursday, October 3rd. Two equities research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. Based on data from MarketBeat.com, Baker Hughes has a consensus rating of “Moderate Buy” and a consensus target price of $44.12.

Baker Hughes Stock Up 2.0 %

Shares of NASDAQ BKR opened at $37.52 on Thursday. Baker Hughes has a 52-week low of $28.32 and a 52-week high of $39.05. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.86 and a current ratio of 1.27. The stock has a market cap of $37.44 billion, a P/E ratio of 20.96, a P/E/G ratio of 0.61 and a beta of 1.38. The firm has a 50 day moving average price of $35.70 and a 200 day moving average price of $34.39.

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

Baker Hughes Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, November 14th. Investors of record on Monday, November 4th will be paid a $0.21 dividend. The ex-dividend date is Monday, November 4th. This represents a $0.84 annualized dividend and a dividend yield of 2.24%. Baker Hughes’s dividend payout ratio is presently 46.93%.

Insider Buying and Selling

In other news, CEO Lorenzo Simonelli sold 114,286 shares of Baker Hughes stock in a transaction dated 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 transaction, the chief executive officer now owns 502,053 shares of the company’s stock, valued at $17,571,855. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.25% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Baker Hughes

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Pinnacle Associates Ltd. raised its holdings in Baker Hughes by 3.4% in the 3rd quarter. Pinnacle Associates Ltd. now owns 174,889 shares of the company’s stock valued at $5,978,000 after acquiring an additional 5,696 shares in the last quarter. First Trust Direct Indexing L.P. lifted its position in Baker Hughes by 1.4% during the third quarter. First Trust Direct Indexing L.P. now owns 29,841 shares of the company’s stock worth $1,079,000 after purchasing an additional 398 shares during the period. Adams Natural Resources Fund Inc. grew its stake in Baker Hughes by 34.5% during the third quarter. Adams Natural Resources Fund Inc. now owns 398,800 shares of the company’s stock worth $14,417,000 after buying an additional 102,400 shares in the last quarter. Adams Diversified Equity Fund Inc. bought a new position in Baker Hughes in the 3rd quarter valued at about $8,311,000. Finally, China Universal Asset Management Co. Ltd. raised its position in shares of Baker Hughes by 110.0% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 12,601 shares of the company’s stock valued at $456,000 after buying an additional 6,601 shares in the last quarter. 92.06% of the stock is owned by 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.