Bank of America Forecasts Strong Price Appreciation for Baker Hughes (NASDAQ:BKR) Stock

Baker Hughes (NASDAQ:BKR) had its price target upped by Bank of America from $42.00 to $48.00 in a research note issued to investors on Wednesday,Benzinga reports. Bank of America currently has a buy rating on the stock.

BKR has been the subject of several other reports. Wells Fargo & Company lifted their target price on shares of Baker Hughes from $42.00 to $49.00 and gave the company an “overweight” rating in a report on Tuesday. Royal Bank of Canada lifted their price objective on Baker Hughes from $43.00 to $49.00 and gave the company an “outperform” rating in a research note on Thursday, December 12th. BMO Capital Markets boosted their target price on Baker Hughes from $43.00 to $45.00 and gave the stock an “outperform” rating in a report on Thursday, October 10th. Barclays raised their price target on Baker Hughes from $41.00 to $46.00 and gave the company an “overweight” rating in a report on Thursday, October 24th. Finally, Stifel Nicolaus upped their price target on shares of Baker Hughes from $45.00 to $48.00 and gave the stock a “buy” rating in a research note on Monday, November 25th. Three investment analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $47.00.

Baker Hughes Price Performance

BKR opened at $40.32 on Wednesday. The company has a current ratio of 1.30, a quick ratio of 0.88 and a debt-to-equity ratio of 0.37. The company has a market cap of $39.90 billion, a price-to-earnings ratio of 18.08, a price-to-earnings-growth ratio of 0.72 and a beta of 1.40. The stock has a fifty day simple moving average of $40.85 and a two-hundred day simple moving average of $36.95. Baker Hughes has a 12-month low of $28.32 and a 12-month high of $45.17.

Baker Hughes (NASDAQ:BKR) last issued its quarterly earnings results on Tuesday, October 22nd. The company reported $0.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.61 by $0.06. Baker Hughes had a net margin of 8.20% and a return on equity of 13.77%. The company had revenue of $6.91 billion during the quarter, compared to analyst estimates of $7.21 billion. During the same period last year, the business earned $0.42 EPS. Baker Hughes’s quarterly revenue was up 4.0% compared to the same quarter last year. Research analysts predict that Baker Hughes will post 2.29 earnings per share for the current fiscal year.

Baker Hughes Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Shareholders of record on Monday, November 4th were paid a dividend of $0.21 per share. The ex-dividend date of this dividend was Monday, November 4th. This represents a $0.84 dividend on an annualized basis and a yield of 2.08%. Baker Hughes’s dividend payout ratio is presently 37.67%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Ashton Thomas Securities LLC bought a new position in shares of Baker Hughes in the 3rd quarter worth approximately $30,000. True Wealth Design LLC increased its holdings in Baker Hughes by 2,181.6% during the third quarter. True Wealth Design LLC now owns 867 shares of the company’s stock valued at $31,000 after buying an additional 829 shares during the last quarter. Groupama Asset Managment raised its position in Baker Hughes by 1,045.1% in the third quarter. Groupama Asset Managment now owns 889,378 shares of the company’s stock worth $32,000 after acquiring an additional 811,711 shares during the period. Continuum Advisory LLC boosted its stake in shares of Baker Hughes by 442.2% during the 3rd quarter. Continuum Advisory LLC now owns 976 shares of the company’s stock worth $35,000 after acquiring an additional 796 shares during the last quarter. Finally, Alta Advisers Ltd purchased a new position in shares of Baker Hughes during the 2nd quarter worth $42,000. 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.