Baker Hughes (NASDAQ:BKR) Price Target Raised to $68.00

Baker Hughes (NASDAQ:BKR) had its target price boosted by Royal Bank Of Canada from $63.00 to $68.00 in a research note published on Tuesday morning,MarketScreener reports. They currently have an outperform rating on the stock.

A number of other research analysts have also recently weighed in on the company. Zephirin Group lifted their price objective on Baker Hughes from $40.00 to $45.00 and gave the company a “hold” rating in a research report on Monday, January 26th. Argus boosted their price target on Baker Hughes from $55.00 to $67.00 in a report on Tuesday, January 27th. Jefferies Financial Group boosted their price target on Baker Hughes from $59.00 to $67.00 and gave the stock a “buy” rating in a report on Saturday, January 31st. Weiss Ratings reissued a “buy (b)” rating on shares of Baker Hughes in a report on Monday, December 29th. Finally, Susquehanna boosted their price target on Baker Hughes from $65.00 to $70.00 and gave the stock a “positive” rating in a report on Tuesday, April 7th. Twenty analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $61.30.

Baker Hughes Stock Up 0.9%

BKR stock opened at $60.60 on Tuesday. Baker Hughes has a twelve month low of $34.56 and a twelve month high of $67.00. The company has a quick ratio of 1.00, a current ratio of 1.36 and a debt-to-equity ratio of 0.28. The stock has a market cap of $59.89 billion, a P/E ratio of 23.31, a PEG ratio of 1.97 and a beta of 0.90. The business’s 50-day moving average price is $61.06 and its 200-day moving average price is $53.13.

Baker Hughes (NASDAQ:BKR) last posted its quarterly earnings data on Monday, January 26th. The company reported $0.78 earnings per share for the quarter, beating analysts’ consensus estimates of $0.67 by $0.11. Baker Hughes had a return on equity of 14.26% and a net margin of 9.33%.The firm had revenue of $7.39 billion for the quarter, compared to analysts’ expectations of $7.09 billion. During the same period in the previous year, the firm earned $0.70 EPS. The business’s quarterly revenue was up .3% on a year-over-year basis. On average, equities research analysts forecast that Baker Hughes will post 2.59 EPS for the current year.

Baker Hughes Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 27th. Stockholders of record on Tuesday, February 17th were issued a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a dividend yield of 1.5%. The ex-dividend date of this dividend was Tuesday, February 17th. Baker Hughes’s dividend payout ratio is 35.38%.

Insider Transactions at Baker Hughes

In other news, CAO Rebecca L. Charlton sold 843 shares of the company’s stock in a transaction that occurred on Tuesday, February 3rd. The stock was sold at an average price of $56.34, for a total transaction of $47,494.62. Following the sale, the chief accounting officer directly owned 14,019 shares of the company’s stock, valued at $789,830.46. This represents a 5.67% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Maria Georgia Magno sold 5,063 shares of the company’s stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $59.04, for a total value of $298,919.52. Following the sale, the insider directly owned 15,555 shares in the company, valued at $918,367.20. This trade represents a 24.56% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 590,251 shares of company stock valued at $35,311,023 over the last 90 days. Insiders own 0.19% of the company’s stock.

Institutional Trading of Baker Hughes

Hedge funds have recently modified their holdings of the company. Vanguard Group Inc. increased its position in shares of Baker Hughes by 0.5% during the 3rd quarter. Vanguard Group Inc. now owns 123,890,075 shares of the company’s stock valued at $6,035,924,000 after purchasing an additional 598,159 shares during the last quarter. State Street Corp increased its position in shares of Baker Hughes by 1.6% during the 4th quarter. State Street Corp now owns 61,409,438 shares of the company’s stock valued at $2,796,586,000 after purchasing an additional 937,614 shares during the last quarter. Cardano Risk Management B.V. increased its position in shares of Baker Hughes by 1,005.1% during the 4th quarter. Cardano Risk Management B.V. now owns 49,353,310 shares of the company’s stock valued at $2,247,550,000 after purchasing an additional 44,887,481 shares during the last quarter. Capital World Investors increased its position in shares of Baker Hughes by 7.1% during the 3rd quarter. Capital World Investors now owns 47,546,388 shares of the company’s stock valued at $2,316,462,000 after purchasing an additional 3,153,709 shares during the last quarter. Finally, Geode Capital Management LLC increased its position in shares of Baker Hughes by 0.8% during the 4th quarter. Geode Capital Management LLC now owns 26,213,363 shares of the company’s stock valued at $1,189,194,000 after purchasing an additional 204,534 shares during the last quarter. 92.06% of the stock is owned by hedge funds and other institutional investors.

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.