Baker Hughes (NASDAQ:BKR) Hits New 1-Year High – Time to Buy?

Baker Hughes Company (NASDAQ:BKR)’s share price reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $53.43 and last traded at $52.9160, with a volume of 2109637 shares trading hands. The stock had previously closed at $51.26.

Analyst Ratings Changes

A number of equities analysts recently issued reports on BKR shares. Zephirin Group raised their price objective on shares of Baker Hughes from $37.00 to $40.00 and gave the stock a “hold” rating in a report on Thursday, October 2nd. Citigroup lifted their price target on shares of Baker Hughes from $55.00 to $61.00 and gave the stock a “buy” rating in a research note on Thursday, December 11th. HSBC boosted their price objective on shares of Baker Hughes from $54.00 to $56.00 and gave the company a “buy” rating in a research report on Monday, October 27th. Cowen reiterated a “buy” rating on shares of Baker Hughes in a research report on Wednesday, January 7th. Finally, Bank of America upped their price target on Baker Hughes from $52.00 to $54.00 and gave the stock a “buy” rating in a research report on Tuesday, October 14th. Twenty-three equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $54.25.

Baker Hughes Stock Performance

The firm has a market capitalization of $52.66 billion, a PE ratio of 18.40, a price-to-earnings-growth ratio of 1.64 and a beta of 0.89. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.00 and a current ratio of 1.41. The business’s fifty day simple moving average is $48.10 and its 200-day simple moving average is $46.30.

Baker Hughes (NASDAQ:BKR) last issued its earnings results on Thursday, October 23rd. The company reported $0.68 earnings per share for the quarter, topping analysts’ consensus estimates of $0.62 by $0.06. Baker Hughes had a net margin of 10.43% and a return on equity of 14.22%. The firm had revenue of $7.01 billion during the quarter, compared to analyst estimates of $6.81 billion. During the same quarter in the prior year, the business earned $0.67 earnings per share. Baker Hughes’s revenue for the quarter was up 1.5% on a year-over-year basis. As a group, equities research analysts expect that Baker Hughes Company will post 2.59 EPS for the current year.

Hedge Funds Weigh In On Baker Hughes

Institutional investors have recently added to or reduced their stakes in the company. Activest Wealth Management increased its holdings in shares of Baker Hughes by 1,242.5% in the 3rd quarter. Activest Wealth Management now owns 537 shares of the company’s stock worth $26,000 after buying an additional 497 shares during the last quarter. E Fund Management Hong Kong Co. Ltd. increased its stake in Baker Hughes by 104.0% during the third quarter. E Fund Management Hong Kong Co. Ltd. now owns 661 shares of the company’s stock worth $32,000 after acquiring an additional 337 shares during the last quarter. Harbour Investments Inc. raised its position in Baker Hughes by 61.7% during the second quarter. Harbour Investments Inc. now owns 854 shares of the company’s stock valued at $33,000 after purchasing an additional 326 shares during the period. LFA Lugano Financial Advisors SA purchased a new stake in Baker Hughes during the second quarter valued at approximately $36,000. Finally, Twin Peaks Wealth Advisors LLC bought a new stake in shares of Baker Hughes in the 2nd quarter valued at approximately $36,000. Hedge funds and other institutional investors own 92.06% of the company’s stock.

About Baker Hughes

Baker Hughes is an energy technology company that provides a broad portfolio of products, services and digital solutions for the oil and gas and industrial markets. Its offerings span oilfield services and equipment — including drilling, evaluation, completion and production technologies — as well as turbomachinery, compressors and related process equipment used in midstream and downstream operations. The company also supplies aftermarket services, field support and integrated solutions designed to improve asset performance and uptime across the energy value chain.

The firm’s roots trace back to the merger of Baker International and Hughes Tool Company, and more recently it combined with GE’s oil and gas business in 2017 to form Baker Hughes, a GE company (BHGE); subsequent changes in ownership restored Baker Hughes as an independent publicly traded company.